Are Robust Financials Driving The Recent Rally In Shede Spirits Co., Ltd.'s (SHSE:600702) Stock?
Are Robust Financials Driving The Recent Rally In Shede Spirits Co., Ltd.'s (SHSE:600702) Stock?
Most readers would already be aware that Shede Spirits' (SHSE:600702) stock increased significantly by 78% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Shede Spirits' ROE.
大多數讀者可能已經意識到,捨得酒業(SHSE:600702)的股價在過去三個月內大幅上漲了78%。鑑於公司出色的表現,我們決定更仔細地研究其財務指標,因爲公司長期的財務狀況通常決定了市場的結果。在本文中,我們決定關注捨得酒業的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 Shede Spirits is:
因此,根據以上公式,捨得酒業的roe爲:
15% = CN¥1.1b ÷ CN¥7.4b (Based on the trailing twelve months to September 2024).
15% = 中國元11億 ÷ 中國元74億(截至2024年9月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.15.
『回報』是指公司在過去一年內的盈利。這意味着,對於每1元人民幣的股東投資,公司創造了0.15元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前爲止,我們已經了解到ROE是衡量公司盈利能力的指標。根據公司重新投資或「保留」的利潤數量及其有效性,我們能夠估計公司盈利增長潛力。假設其他一切保持不變,ROE和利潤保留率越高,相對於不一定擁有這些特徵的公司而言,公司的增長率就越高。
A Side By Side comparison of Shede Spirits' Earnings Growth And 15% ROE
捨得酒業盈利增長和15%的roe的橫向比較
At first glance, Shede Spirits seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 16%. This certainly adds some context to Shede Spirits' exceptional 24% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看,捨得酒業的roe似乎還不錯。與行業相比,我們發現行業平均roe也爲16%左右。這確實爲捨得酒業過去五年中出色的24%淨利潤增長增添了一些背景。我們認爲這裏也可能存在其他因素。例如,公司的管理團隊可能做出了一些明智的戰略決策,或者公司的紅利支付比率較低。
Next, on comparing with the industry net income growth, we found that Shede Spirits' growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.
接下來,與行業淨利潤增長相比,我們發現捨得酒業的增長率比同期行業平均增長15%要高,這是一個令人振奮的情況。

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Shede Spirits fairly valued compared to other companies? These 3 valuation measures might help you decide.
將價值附加給一家公司的基礎在很大程度上與其盈利增長相關。投資者應該嘗試確定預期盈利增長或下降是否已經定價。這樣做,他們就能知道股票是朝着明朗的藍色水域前進,還是等待着泥濘的水域。捨得酒業與其他公司相比是公平價值嗎?這3個估值指標可能會幫助您做出決定。
Is Shede Spirits Efficiently Re-investing Its Profits?
捨得酒業是否高效地重新投資其利潤?
Shede Spirits' three-year median payout ratio is a pretty moderate 28%, meaning the company retains 72% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Shede Spirits is reinvesting its earnings efficiently.
捨得酒業的三年中位數分紅比率相當適中,爲28%,意味着公司保留了其收入的72%。這表明其股息得到了很好的覆蓋,並且考慮到我們上面討論的高增長,捨得酒業似乎在有效地再投資其盈利。
Moreover, Shede Spirits is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 23%. Accordingly, forecasts suggest that Shede Spirits' future ROE will be 13% which is again, similar to the current ROE.
此外,從捨得酒業至少連續十年支付股息的悠久歷史中,我們推斷捨得酒業決心與股東分享其利潤。根據最新的分析師預測,我們發現公司未來三年的股息比率預計將穩定在23%。因此,預測表明捨得酒業未來的roe將達到13%,這與當前roe相似。
Summary
總結
In total, we are pretty happy with Shede Spirits' performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說,我們對捨得酒業的表現感到非常滿意。 具體來說,我們喜歡公司以高回報率對其利潤進行再投資。 當然,這導致公司的收益出現了實質性增長。 鑑於此,對最新分析師預測的研究顯示,預計公司未來的收益增長將放緩。 要了解更多關於公司最新分析師預測的信息,請查看此次對公司的分析師預測的可視化。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。