Yanpai Filtration Technology Co., Ltd.'s (SZSE:301081) Dismal Stock Performance Reflects Weak Fundamentals
Yanpai Filtration Technology Co., Ltd.'s (SZSE:301081) Dismal Stock Performance Reflects Weak Fundamentals
Yanpai Filtration Technology (SZSE:301081) has had a rough month with its share price down 29%. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study Yanpai Filtration Technology's ROE in this article.
燕牌过滤科技(深圳证券交易所代码:301081)经历了艰难的一个月,其股价下跌了29%。为了决定这种趋势能否持续下去,我们决定研究其疲软的基本面,因为它们塑造了长期市场趋势。具体而言,我们决定在本文中研究燕牌过滤技术的投资回报率。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。简而言之,它衡量公司相对于股东权益的盈利能力。
How To Calculate Return On Equity?
如何计算股本回报率?
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算:
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 Yanpai Filtration Technology is:
因此,根据上述公式,燕牌过滤技术的投资回报率为:
6.1% = CN¥59m ÷ CN¥967m (Based on the trailing twelve months to September 2023).
6.1% = 5900万元人民币 ÷ 9.67亿元人民币(基于截至2023年9月的过去十二个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回报” 是每年的利润。将其概念化的一种方法是,公司每拥有1元人民币的股东资本,就会获得0.06元的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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,我们已经了解到,投资回报率是衡量公司盈利能力的指标。然后,我们能够评估公司的收益增长潜力,具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他一切保持不变,那么与不一定具有这些特征的公司相比,投资回报率和利润保留率越高,公司的增长率就越高。
Yanpai Filtration Technology's Earnings Growth And 6.1% ROE
燕牌过滤技术的收益增长和6.1%的投资回报率
At first glance, Yanpai Filtration Technology's ROE doesn't look very promising. However, its ROE is similar to the industry average of 6.2%, so we won't completely dismiss the company. But Yanpai Filtration Technology saw a five year net income decline of 3.7% over the past five years. Bear in mind, the company does have a slightly low ROE. So that's what might be causing earnings growth to shrink.
乍一看,燕牌过滤技术的投资回报率看起来并不十分乐观。但是,其投资回报率与行业平均水平的6.2%相似,因此我们不会完全解散该公司。但是燕牌过滤技术在过去五年中五年的净收入下降了3.7%。请记住,该公司的投资回报率确实略低。因此,这可能导致收益增长萎缩。
So, as a next step, we compared Yanpai Filtration Technology's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 2.8% over the last few years.
因此,下一步,我们将燕牌过滤技术的业绩与行业进行了比较,失望地发现,尽管该公司一直在缩减收益,但该行业在过去几年中一直以2.8%的速度增长收益。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240203/0-dd58c251ff17df567b4d9809049628b2-0-02469b0a316c8ea1ee7516a66df36b30.png/big)
Earnings growth is an important metric to consider when valuing a stock. 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 Yanpai Filtration Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是对股票进行估值时要考虑的重要指标。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。这样做将帮助他们确定股票的未来是乐观还是不祥的。如果你想知道燕派过滤技术的估值,可以看看这个衡量其市盈率与行业相比的指标。
Is Yanpai Filtration Technology Making Efficient Use Of Its Profits?
燕牌过滤技术能否有效利用其利润?
Yanpai Filtration Technology's declining earnings is not surprising given how the company is spending most of its profits in paying dividends, judging by its three-year median payout ratio of 89% (or a retention ratio of 11%). The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run. Our risks dashboard should have the 3 risks we have identified for Yanpai Filtration Technology.
鉴于燕派过滤技术将大部分利润用于支付股息,其三年派息率中位数为89%(或11%的留存率)来看,其收益下降并不奇怪。该企业只剩下少量资金可供再投资——从长远来看,这种恶性循环对公司没有好处。我们的风险仪表板应包含我们为燕派过滤技术确定的三种风险。
In addition, Yanpai Filtration Technology only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外,燕牌过滤技术直到最近才开始派发股息,因此,尽管收益一直在萎缩,但管理层可能还是决定股东更喜欢分红。
Summary
摘要
On the whole, Yanpai Filtration Technology's performance is quite a big let-down. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into Yanpai Filtration Technology's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总体而言,燕牌过滤技术的表现相当令人失望。由于该公司对业务的再投资不多,而且鉴于投资回报率低,其收益缺乏或没有增长也就不足为奇了。到目前为止,我们只是通过研究公司的基本面来摸清公司过去业绩的表面。要进一步了解燕牌过滤技术过去的利润增长,请查看这份过去收益、收入和现金流的可视化图表。
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