Jinzhou Port Co., Ltd.'s (SHSE:600190) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Jinzhou Port Co., Ltd.'s (SHSE:600190) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Jinzhou Port's (SHSE:600190) stock is up by a considerable 9.8% over the past month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. In this article, we decided to focus on Jinzhou Port's ROE.
锦州港(上海证券交易所股票代码：600190)的股票在过去一个月里大幅上涨了9.8%。但该公司的关键财务指标似乎在所有方面都不同，这让我们质疑该公司目前的股价势头能否保持下去。在本文中，我们决定关注锦州港的净资产收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
View our latest analysis for Jinzhou Port
查看我们对锦州港的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Jinzhou Port is:
因此，根据上述公式，锦州港的净资产收益率为：
1.6% = CN¥106m ÷ CN¥6.8b (Based on the trailing twelve months to March 2023).
1.6%=1.06亿元×68亿元(以截至2023年3月的12个月为基础)。
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¥0.02.
“报税表”是过去12个月的税后收入。因此，这意味着股东每投资1元人民币，公司就会产生0.02元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
So far, we've learned that ROE is a measure of a company's profitability. 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. 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.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Jinzhou Port's Earnings Growth And 1.6% ROE
锦州港盈利增长与1.6%净资产收益率的并列比较
As you can see, Jinzhou Port's ROE looks pretty weak. Not just that, even compared to the industry average of 5.4%, the company's ROE is entirely unremarkable. Therefore, it might not be wrong to say that the five year net income decline of 13% seen by Jinzhou Port was possibly a result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. Such as - low earnings retention or poor allocation of capital.
如你所见，锦州港的净资产收益率看起来相当疲软。不仅如此，即使与5.4%的行业平均水平相比，该公司的净资产收益率也完全不起眼。因此，锦州港五年净收入下降13%可能是由于其净资产收益率较低所致，这可能是没有错的。然而，也可能有其他因素导致收益下降。例如-低收益留存或资本分配不佳。
That being said, we compared Jinzhou Port'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 4.1% in the same 5-year period.
话虽如此，我们将锦州港的业绩与行业进行了比较，当我们发现虽然该公司的收益有所萎缩，但该行业在同一个5年期间的收益以4.1%的速度增长时，我们感到担忧。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Jinzhou Port's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是评估一只股票时需要考虑的一个重要指标。投资者应该尝试确定预期的收益增长或下降是否已计入价格，无论是哪种情况。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。如果你想知道锦州港的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Jinzhou Port Efficiently Re-investing Its Profits?
锦州港是否有效地将利润进行了再投资？
While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.
虽然该公司过去确实支付了一部分股息，但目前它不支付股息。这意味着，它的所有利润可能都将再投资于该业务。
Conclusion
结论
On the whole, we feel that the performance shown by Jinzhou Port can be open to many interpretations. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 3 risks we have identified for Jinzhou Port.
总体来说，我们觉得锦州港的表现可以有多种解读。虽然该公司的再投资率确实很高，但低ROE意味着所有的再投资都没有给投资者带来任何好处，而且对收益增长产生了负面影响。总而言之，我们将谨慎对待这家公司，其中一种方法是查看业务的风险概况。我们的风险仪表板将包含我们为锦州港确定的3个风险。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。