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.
燕牌過濾科技(深圳證券交易所代碼:301081)經歷了艱難的一個月,其股價下跌了29%。爲了決定這種趨勢能否持續下去,我們決定研究其疲軟的基本面,因爲它們塑造了長期市場趨勢。具體而言,我們決定在本文中研究燕牌過濾技術的投資回報率。
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.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之,它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率?
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益
So, based on the above formula, the ROE for Yanpai Filtration Technology is:
因此,根據上述公式,燕牌過濾技術的投資回報率爲:
6.1% = CN¥59m ÷ CN¥967m (Based on the trailing twelve months to September 2023).
6.1% = 5900萬元人民幣 ÷ 9.67億元人民幣(基於截至2023年9月的過去十二個月)。
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.
“回報” 是每年的利潤。將其概念化的一種方法是,公司每擁有1元人民幣的股東資本,就會獲得0.06元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係?
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.
到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。然後,我們能夠評估公司的收益增長潛力,具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他一切保持不變,那麼與不一定具有這些特徵的公司相比,投資回報率和利潤保留率越高,公司的增長率就越高。
Yanpai Filtration Technology's Earnings Growth And 6.1% ROE
燕牌過濾技術的收益增長和6.1%的投資回報率
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,燕牌過濾技術的投資回報率看起來並不十分樂觀。但是,其投資回報率與行業平均水平的6.2%相似,因此我們不會完全解散該公司。但是燕牌過濾技術在過去五年中五年的淨收入下降了3.7%。請記住,該公司的投資回報率確實略低。因此,這可能導致收益增長萎縮。
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,我們將燕牌過濾技術的業績與行業進行了比較,失望地發現,儘管該公司一直在縮減收益,但該行業在過去幾年中一直以2.8%的速度增長收益。
![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.
收益增長是對股票進行估值時要考慮的重要指標。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道燕派過濾技術的估值,可以看看這個衡量其市盈率與行業相比的指標。
Is Yanpai Filtration Technology Making Efficient Use Of Its Profits?
燕牌過濾技術能否有效利用其利潤?
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.
鑑於燕派過濾技術將大部分利潤用於支付股息,其三年派息率中位數爲89%(或11%的留存率)來看,其收益下降並不奇怪。該企業只剩下少量資金可供再投資——從長遠來看,這種惡性循環對公司沒有好處。我們的風險儀表板應包含我們爲燕派過濾技術確定的三種風險。
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,燕牌過濾技術直到最近才開始派發股息,因此,儘管收益一直在萎縮,但管理層可能還是決定股東更喜歡分紅。
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.
總體而言,燕牌過濾技術的表現相當令人失望。由於該公司對業務的再投資不多,而且鑑於投資回報率低,其收益缺乏或沒有增長也就不足爲奇了。到目前爲止,我們只是通過研究公司的基本面來摸清公司過去業績的表面。要進一步了解燕牌過濾技術過去的利潤增長,請查看這份過去收益、收入和現金流的可視化圖表。
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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。