Has Jiangsu Xiuqiang Glasswork Co., Ltd.'s (SZSE:300160) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Has Jiangsu Xiuqiang Glasswork Co., Ltd.'s (SZSE:300160) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Most readers would already be aware that Jiangsu Xiuqiang Glasswork's (SZSE:300160) stock increased significantly by 34% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Particularly, we will be paying attention to Jiangsu Xiuqiang Glasswork's ROE today.
大多數讀者可能已經知道,秀強股份(SZSE:300160)的股票在過去三個月裏顯著上漲了34%。鑑於股票價格通常與公司長期的財務表現保持一致,我們決定更仔細地研究它的財務指標,以了解它們在最近的價格波動中是否發揮了作用。特別是,我們今天將關注秀強股份的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
ROE或權益回報率是一個有用的工具,用於評估公司如何有效地利用從股東那裏獲得的投資來產生回報。簡而言之,ROE顯示每一美元投資生成的利潤與其股東投資的關係。
How Is ROE Calculated?
淨資產收益率怎麼計算?
The formula for ROE is:
ROE的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for Jiangsu Xiuqiang Glasswork is:
因此,基於上述公式,秀強股份的ROE爲:
8.5% = CN¥212m ÷ CN¥2.5b (Based on the trailing twelve months to September 2024).
8.5% = CN¥21200萬 ÷ CN¥25億(基於截至2024年9月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.09.
「回報」是過去十二個月扣稅後的收益。 這意味着每投資CN¥1,公司就能產生CN¥0.09的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有何關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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,我們已經知道ROE測量公司如何高效地生成利潤。基於公司選擇重新投資或「保留」其利潤的比例,我們能夠評估公司未來生成利潤的能力。假設其他所有因素保持不變,則ROE和利潤保留率越高,公司的增長率也越高,與不一定具備這些特徵的公司相比。
Jiangsu Xiuqiang Glasswork's Earnings Growth And 8.5% ROE
秀強股份的盈利增長和8.5%的ROE
On the face of it, Jiangsu Xiuqiang Glasswork's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 9.3%. Particularly, the exceptional 25% net income growth seen by Jiangsu Xiuqiang Glasswork over the past five years is pretty remarkable. Given the slightly low ROE, it is likely that there could be some other aspects that are driving this growth. For instance, the company has a low payout ratio or is being managed efficiently.
表面上看,秀強股份的ROE並沒有太多可談之處。然而,深入研究顯示,公司ROE與行業平均水平9.3%相似。特別是,秀強股份在過去五年中實現了25%的凈利潤增長,這非常顯著。考慮到稍低的ROE,可能還有其他因素在推動這一增長。例如,該公司有較低的分紅派息比率或管理效率較高。
As a next step, we compared Jiangsu Xiuqiang Glasswork's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 8.1%.
作爲下一步,我們將秀強股份的凈利潤增長與行業進行了比較,令人欣慰的是,我們發現該公司的增長高於行業平均增長8.1%。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Jiangsu Xiuqiang Glasswork fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是股票估值的一個重要因素。投資者了解市場是否已經考慮了公司預期的盈利增長(或下降)非常重要。這有助於他們判斷股票是處於光明還是黯淡的未來。秀強股份與其他公司相比估值合理嗎?這三個估值指標可能會幫助您做出決定。
Is Jiangsu Xiuqiang Glasswork Using Its Retained Earnings Effectively?
秀強股份是否有效利用了其留存收益?
Jiangsu Xiuqiang Glasswork has a three-year median payout ratio of 36% (where it is retaining 64% of its income) which is not too low or not too high. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Jiangsu Xiuqiang Glasswork is reinvesting its earnings efficiently.
秀強股份的三年中位派息比率爲36%(其中保留了64%的凈利潤),這個比例既不太低也不太高。這表明其分紅得到了很好的支持,並且考慮到我們上面討論的高增長,秀強股份似乎正在高效地投資其收益。
Besides, Jiangsu Xiuqiang Glasswork has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders.
此外,秀強股份已經至少支付了十年或更長時間的分紅。這表明公司致力於與其股東分享利潤。
Conclusion
結論
In total, it does look like Jiangsu Xiuqiang Glasswork has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard will have the 1 risk we have identified for Jiangsu Xiuqiang Glasswork.
總體來說,秀強股份在其業務上確實有一些積極的方面。儘管ROE較低,但憑藉高比例的再投資,公司成功實現了可觀的盈利增長。雖然我們不會完全否定這家公司,但我們會嘗試判斷這項業務的風險,以便在公司周圍做出更明智的決策。我們的風險儀表將包含我們識別出的秀強股份的一個風險。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。