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Are Keystone Electrical (Zhejiang) Co.,Ltd.'s (SZSE:301448) Mixed Financials Driving The Negative Sentiment?

Are Keystone Electrical (Zhejiang) Co.,Ltd.'s (SZSE:301448) Mixed Financials Driving The Negative Sentiment?

是凯斯通电气(浙江)有限公司, Ltd. 's (SZSE: 301448) 金融业喜忧参半推动负面情绪?
Simply Wall St ·  01/12 16:01

Keystone Electrical (Zhejiang)Ltd (SZSE:301448) has had a rough week with its share price down 13%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Keystone Electrical (Zhejiang)Ltd's ROE.

基石电气(浙江)有限公司(深圳证券交易所代码:301448)经历了艰难的一周,其股价下跌了13%。市场可能忽视了该公司不同的财务状况,决定倾向于负面情绪。基本面通常决定市场业绩,因此研究公司的财务状况是有意义的。在本文中,我们决定重点关注凯斯通电气(浙江)有限公司的投资回报率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说,它是衡量公司股东提供的资本回报率的盈利比率。

See our latest analysis for Keystone Electrical (Zhejiang)Ltd

查看我们对基斯通电气(浙江)有限公司的最新分析

How Is ROE Calculated?

ROE 是如何计算的?

Return on equity can be calculated by using the formula:

股本回报率可以使用以下公式计算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回报率 = 净利润(来自持续经营业务)÷ 股东权益

So, based on the above formula, the ROE for Keystone Electrical (Zhejiang)Ltd is:

因此,根据上述公式,凯斯通电气(浙江)有限公司的投资回报率为:

8.0% = CN¥52m ÷ CN¥647m (Based on the trailing twelve months to September 2023).

8.0% = 5200万元人民币 ÷ 6.47亿元人民币(基于截至2023年9月的过去十二个月)。

The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.08.

“回报” 是每年的利润。因此,这意味着该公司每投资1元人民币,就会产生0.08元人民币的利润。

What Has ROE Got To Do With Earnings Growth?

投资回报率与收益增长有什么关系?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.

我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。

Keystone Electrical (Zhejiang)Ltd's Earnings Growth And 8.0% ROE

鼎石电气(浙江)有限公司的收益增长和8.0%的投资回报率

On the face of it, Keystone Electrical (Zhejiang)Ltd's ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 10%. Thus, the low net income growth of 2.6% seen by Keystone Electrical (Zhejiang)Ltd over the past five years could probably be the result of the low ROE.

从表面上看,鼎石电气(浙江)有限公司的投资回报率没什么好说的。然后,我们将该公司的投资回报率与整个行业进行了比较,但对投资回报率低于行业平均水平的10%感到失望。因此,在过去五年中,基斯通电气(浙江)有限公司的2.6%的低净收入增长可能是投资回报率低的结果。

Next, on comparing with the industry net income growth, we found that Keystone Electrical (Zhejiang)Ltd's reported growth was lower than the industry growth of 7.8% over the last few years, which is not something we like to see.

接下来,与行业净收入增长相比,我们发现基斯通电气(浙江)有限公司报告的增长低于过去几年7.8%的行业增长,这不是我们希望看到的。

past-earnings-growth
SZSE:301448 Past Earnings Growth January 12th 2024
SZSE: 301448 过去的收益增长 2024 年 1 月 12 日

Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Keystone Electrical (Zhejiang)Ltd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

收益增长是股票估值的重要因素。投资者接下来需要确定的是,预期的收益增长或缺乏收益是否已经包含在股价中。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。如果你想知道基斯通电气(浙江)有限公司的估值,可以看看这个衡量其市盈率与行业相比的指标。

Is Keystone Electrical (Zhejiang)Ltd Using Its Retained Earnings Effectively?

鼎石电气(浙江)有限公司是否在有效使用其留存收益?

Keystone Electrical (Zhejiang)Ltd's low three-year median payout ratio of 19% (or a retention ratio of 81%) should mean that the company is retaining most of its earnings to fuel its growth. This should be reflected in its earnings growth number, but that's not the case. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.

Keystone Electrical(浙江)有限公司三年来最低的派息率中位数为19%(或81%的留存率),这意味着该公司将保留大部分收益来推动其增长。这应该反映在其收益增长数字上,但事实并非如此。因此,在这方面可能还有其他解释。例如,该公司的业务可能正在恶化。

Conclusion

结论

On the whole, we feel that the performance shown by Keystone Electrical (Zhejiang)Ltd 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. You can see the 3 risks we have identified for Keystone Electrical (Zhejiang)Ltd by visiting our risks dashboard for free on our platform here.

总的来说,我们认为凯斯通电气(浙江)有限公司表现出的表现可以有多种解释。尽管该公司的再投资率确实很高,但低投资回报率意味着所有这些再投资都没有给投资者带来任何好处,而且还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,其中一种方法是研究该业务的风险状况。您可以访问我们的 3 种风险来查看我们为凯斯通电气(浙江)有限公司确定的三种风险 风险仪表板 在我们的平台上免费使用。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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