Declining Stock and Solid Fundamentals: Is The Market Wrong About Jinduicheng Molybdenum Co., Ltd. (SHSE:601958)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Jinduicheng Molybdenum Co., Ltd. (SHSE:601958)?
With its stock down 11% over the past month, it is easy to disregard Jinduicheng Molybdenum (SHSE:601958). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Jinduicheng Molybdenum's ROE today.
过去一个月，金堆城钼业的股价下跌了11%，人们很容易忽视它(上交所：601958)。然而，股价通常是由一家公司的长期财务表现推动的，在这种情况下，这看起来相当有希望。特别是今天我们将关注金堆城钼业的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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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，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。
See our latest analysis for Jinduicheng Molybdenum
查看我们对金堆城钼的最新分析
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 Jinduicheng Molybdenum is:
因此，根据上述公式，金堆城钼的净资产收益率为：
16% = CN¥2.4b ÷ CN¥15b (Based on the trailing twelve months to June 2023).
16%=24亿元×150亿元(以截至2023年6月的12个月为基础)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.16 in profit.
“回报”就是年度利润。这意味着，每增加价值1元的股东权益，公司就会产生0.16元的利润。
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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。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。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Jinduicheng Molybdenum's Earnings Growth And 16% ROE
金堆城钼业盈利增长及净资产收益率16%
At first glance, Jinduicheng Molybdenum seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 7.1%. This probably laid the ground for Jinduicheng Molybdenum's significant 38% net income growth seen over the past five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. 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，金堆城钼业的净资产收益率似乎还不错。此外，该公司的净资产收益率(ROE)与行业平均水平7.1%相比相当有利。这可能为金堆城钼业过去五年净利润大幅增长38%奠定了基础。我们认为，可能还有其他方面正在积极影响公司的收益增长。例如，公司管理层可能做出了一些良好的战略决策，或者公司的派息率较低。
Next, on comparing with the industry net income growth, we found that Jinduicheng Molybdenum's growth is quite high when compared to the industry average growth of 16% in the same period, which is great to see.
接下来，对比行业净收入增长，我们发现金堆城钼业的增长与同期16%的行业平均增长相比相当高，这是令人欣喜的。
Earnings growth is a huge factor in stock valuation. 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. Is Jinduicheng Molybdenum fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的一个重要因素。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。与其他公司相比，金堆城钼业的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Jinduicheng Molybdenum Making Efficient Use Of Its Profits?
金堆城钼业是否在高效利用利润？
Jinduicheng Molybdenum has a significant three-year median payout ratio of 73%, meaning the company only retains 27% of its income. This implies that the company has been able to achieve high earnings growth despite returning most of its profits to shareholders.
金堆城钼业的三年中值派息率高达73%，这意味着该公司只保留了27%的收入。这意味着，尽管该公司将大部分利润返还给股东，但仍能够实现高收益增长。
Besides, Jinduicheng Molybdenum 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，金堆城钼业至少在十年甚至更长时间里一直在分红。这表明该公司致力于与股东分享利润。
Summary
摘要
On the whole, we feel that Jinduicheng Molybdenum's performance has been quite good. We are particularly impressed by the considerable earnings growth posted by the company, which was likely backed by its high ROE. While the company is paying out most of its earnings as dividends, it has been able to grow its earnings in spite of it, so that's probably a good sign. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
整体而言，我们感觉金堆城钼业的表现已经相当不错。该公司公布的可观收益增长给我们留下了特别深刻的印象，这可能是由其高ROE支持的。虽然该公司将大部分收益作为股息支付，但它仍然能够实现收益增长，因此这可能是一个好迹象。在这种情况下，根据最新的行业分析师预测，该公司未来的收益预计将缩水。这些分析师的预期是基于对该行业的广泛预期，还是基于该公司的基本面？点击此处进入我们分析师对该公司的预测页面。
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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。