Are Jintuo Technology Co., Ltd.'s (SHSE:603211) Mixed Financials Driving The Negative Sentiment?
Are Jintuo Technology Co., Ltd.'s (SHSE:603211) Mixed Financials Driving The Negative Sentiment?
With its stock down 16% over the past three months, it is easy to disregard Jintuo Technology (SHSE:603211). It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on Jintuo Technology's ROE.
在过去的三个月里，金拓的股价下跌了16%，人们很容易忽视金拓科技(上交所：603211)。市场可能忽视了该公司不同的财务状况，决定向负面情绪倾斜。长期基本面通常是推动市场结果的因素，因此值得密切关注。在本文中，我们决定将重点放在金拓科技的ROE上。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for Jintuo Technology
查看我们对金拓科技的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
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 Jintuo Technology is:
因此，根据上述公式，金拓科技的ROE为：
4.5% = CN¥51m ÷ CN¥1.1b (Based on the trailing twelve months to June 2023).
4.5%=CN元5100万×CN元11亿元(基于截至2023年6月的12个月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.05 in profit.
“报税表”是过去12个月的税后收入。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.05元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
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 Jintuo Technology's Earnings Growth And 4.5% ROE
金拓科技盈利增长与净资产收益率4.5%的并列比较
It is quite clear that Jintuo Technology's ROE is rather low. Even when compared to the industry average of 7.1%, the ROE figure is pretty disappointing. Therefore, the disappointing ROE therefore provides a background to Jintuo Technology's very little net income growth of 2.8% over the past five years.
很明显，金拓科技的ROE相当低。即使与7.1%的行业平均水平相比，净资产收益率也是相当令人失望的。因此，令人失望的ROE因此为金拓科技过去五年2.8%的微不足道的净收入增长提供了背景。
We then compared Jintuo Technology's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 17% in the same 5-year period, which is a bit concerning.
然后我们将金拓科技的净收入增长与行业进行了比较，发现该公司的增长数字低于同期行业平均17%的增长率，这有点令人担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Jintuo Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。如果你想知道金拓科技的估值，请看看这个衡量其市盈率的指标，与其行业相比。
Is Jintuo Technology Using Its Retained Earnings Effectively?
金拓科技是否有效利用其留存收益？
While Jintuo Technology has a decent three-year median payout ratio of 30% (or a retention ratio of 70%), it has seen very little growth in earnings. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
虽然金拓科技的三年中值派息率为30%(或留存率为70%)，但它的收益增长很小。因此，在这方面可能有一些其他的解释。例如，该公司的业务可能正在恶化。
Summary
摘要
On the whole, we feel that the performance shown by Jintuo Technology 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. To know the 2 risks we have identified for Jintuo Technology visit our risks dashboard for free.
总体来说，我们觉得金拓科技展示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。要了解我们为金拓科技确定的两个风险，请免费访问我们的风险仪表板。
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