Does Jiangsu Jiangnan High Polymer Fiber Co.,Ltd's (SHSE:600527) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
Does Jiangsu Jiangnan High Polymer Fiber Co.,Ltd's (SHSE:600527) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
Jiangsu Jiangnan High Polymer FiberLtd (SHSE:600527) has had a great run on the share market with its stock up by a significant 37% over the last three months. However, in this article, we decided to focus on its weak fundamentals, as long-term financial performance of a business is what ultimately dictates market outcomes. Specifically, we decided to study Jiangsu Jiangnan High Polymer FiberLtd's ROE in this article.
江蘇江南高分子纖維有限公司 (SHSE:600527) 在股市上表現出色,股票在過去三個月上漲了37%。然而,在本文中,我們決定關注其薄弱的基本面,因爲企業的長期財務表現最終決定了市場結果。具體來說,我們決定在本文中研究江蘇江南高分子纖維有限公司的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之,它用於評估公司相對於其股本資本的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
The formula for ROE is:
roe的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(來自持續經營) ÷ 股東權益
So, based on the above formula, the ROE for Jiangsu Jiangnan High Polymer FiberLtd is:
因此,根據上述公式,江蘇江南高分子纖維有限公司的roe爲:
2.0% = CN¥44m ÷ CN¥2.2b (Based on the trailing twelve months to June 2024).
2.0% = CN¥4400萬 ÷ CN¥22億(基於截至2024年6月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.02 in profit.
「回報」是稅後收益,在過去的十二個月內獲得。另一種思考方式是,對於每一元人民幣的股權價值,公司能夠賺取0.02元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我們已經確定,ROE是公司未來賺錢能力的有效衡量標準。現在我們需要評估公司爲未來增長而再投資或「保留」的利潤。這樣,我們就能了解公司的增長潛力。一般而言,在其他條件相等的情況下,具有高淨資產收益率和利潤保留率的公司,比那些不具備這些特點的公司有更高的增長率。
Jiangsu Jiangnan High Polymer FiberLtd's Earnings Growth And 2.0% ROE
江蘇江南高分子纖維有限公司的盈利增長和2.0%的roe
As you can see, Jiangsu Jiangnan High Polymer FiberLtd's ROE looks pretty weak. Not just that, even compared to the industry average of 6.3%, the company's ROE is entirely unremarkable. For this reason, Jiangsu Jiangnan High Polymer FiberLtd's five year net income decline of 19% is not surprising given its lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. Such as - low earnings retention or poor allocation of capital.
正如你所見,江蘇江南高分子纖維有限公司的roe顯得相當疲弱。不僅如此,甚至與行業平均水平6.3%相比,該公司的roe都顯得毫無特色。因此,考慮到其較低的roe,江蘇江南高分子纖維有限公司五年的淨利潤下降19%也就不足爲奇了。我們相信,可能還有其他方面對公司的盈利前景產生了負面影響,比如——低盈利留存或資本配置不當。
That being said, we compared Jiangsu Jiangnan High Polymer FiberLtd's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 5.4% in the same 5-year period.
話雖如此,我們將江蘇江南高分子纖維有限公司的表現與行業進行了比較,當我們發現公司在縮減盈利的同時,行業在同五年內以5.4%的速度增長盈利時,我們感到擔憂。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Jiangsu Jiangnan High Polymer FiberLtd is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是評估股票時一個重要的指標。投資者需要知道市場是否已經考慮了公司預期的盈利增長(或下降)。這樣做將有助於他們判斷這隻股票的未來是看起來充滿希望還是前景黯淡。預期盈利增長的一個良好指標是市盈率,它決定了市場願意爲一隻股票基於其盈利前景支付的價格。因此,你可能需要查看江蘇江南高分子纖維有限公司是高市盈率還是低市盈率,這與其行業相關。
Is Jiangsu Jiangnan High Polymer FiberLtd Efficiently Re-investing Its Profits?
江蘇江南高分子纖維有限公司是否有效地再投資其利潤?
With a three-year median payout ratio as high as 185%,Jiangsu Jiangnan High Polymer FiberLtd's shrinking earnings don't come as a surprise as the company is paying a dividend which is beyond its means. Its usually very hard to sustain dividend payments that are higher than reported profits. Our risks dashboard should have the 3 risks we have identified for Jiangsu Jiangnan High Polymer FiberLtd.
江蘇江南高分子纖維有限公司的中位派息比率高達185%,因此公司盈利的縮減並不令人驚訝,因爲公司支付的分紅超出了其能力範圍。通常來說,維持高於報告盈利的分紅支付是非常困難的。我們的風險特斯拉-儀表應該包含我們爲江蘇江南高分子纖維有限公司識別的三個風險。
Moreover, Jiangsu Jiangnan High Polymer FiberLtd has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外,江蘇江南高分子纖維有限公司已連續支付分紅至少十年或更長時間,這表明管理層必須認爲股東更喜歡分紅而非盈利增長。
Conclusion
結論
On the whole, Jiangsu Jiangnan High Polymer FiberLtd's performance is quite a big let-down. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. So far, we've only made a quick discussion around the company's earnings growth. So it may be worth checking this free detailed graph of Jiangsu Jiangnan High Polymer FiberLtd's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.
總的來說,江蘇江南高分子纖維有限公司的業績令人失望。低roe,加上公司幾乎將所有利潤都作爲分紅派息支付,導致其盈利缺乏增長。到目前爲止,我們只對公司的盈利增長進行了簡要討論。因此,查看這張關於江蘇江南高分子纖維有限公司過去盈利、營業收入和現金流的免費詳細圖表,可能會對了解公司的業績更深入。
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