Sunshine Global Circuits Co.,Ltd.'s (SZSE:300739) Dismal Stock Performance Reflects Weak Fundamentals
Sunshine Global Circuits Co.,Ltd.'s (SZSE:300739) Dismal Stock Performance Reflects Weak Fundamentals
Sunshine Global CircuitsLtd (SZSE:300739) has had a rough three months with its share price down 28%. We decided to study the company's financials to determine if the downtrend will continue as the long-term performance of a company usually dictates market outcomes. In this article, we decided to focus on Sunshine Global CircuitsLtd's ROE.
陽光環球電路有限公司(深圳證券交易所代碼:300739)經歷了艱難的三個月,其股價下跌了28%。我們決定研究公司的財務狀況,以確定下跌趨勢是否會繼續,因爲公司的長期表現通常決定市場業績。在本文中,我們決定重點關注陽光環球電路有限公司的投資回報率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
ROE或股本回報率是評估公司如何有效地從股東那裏獲得的投資中獲得回報的有用工具。簡而言之,它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算:
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 Sunshine Global CircuitsLtd is:
因此,根據上述公式,陽光環球電路有限公司的投資回報率爲:
6.1% = CN¥115m ÷ CN¥1.9b (Based on the trailing twelve months to September 2023).
6.1% = 1.15億元人民幣 ÷ 19億元人民幣(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。
Sunshine Global CircuitsLtd's Earnings Growth And 6.1% ROE
陽光環球電路有限公司的收益增長和6.1%的投資回報率
On the face of it, Sunshine Global CircuitsLtd's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.7%. We can see that Sunshine Global CircuitsLtd has grown at a five year net income growth average rate of 3.3%, which is a bit on the lower side. Remember, the company's ROE is not particularly great to begin with. So this could also be one of the reasons behind the company's low growth in earnings.
從表面上看,陽光環球電路有限公司的投資回報率沒什麼好談的。然而,一項更仔細的研究表明,該公司的投資回報率與6.7%的行業平均水平相似。我們可以看到,陽光環球電路有限公司的五年淨收入平均增長率爲3.3%,略遜一籌。請記住,公司的投資回報率一開始並不是特別好。因此,這也可能是該公司收益增長緩慢的原因之一。
Next, on comparing with the industry net income growth, we found that Sunshine Global CircuitsLtd's reported growth was lower than the industry growth of 11% over the last few years, which is not something we like to see.
接下來,與行業淨收入增長相比,我們發現Sunshine Global CircuitsLtd報告的增長低於過去幾年11%的行業增長,這不是我們希望看到的。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240227/0-8622be0c80179005d4f8f1a16cce675e-0-10235da584a745bf8e1defd3c9d495d9.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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Sunshine Global CircuitsLtd is trading on a high P/E or a low P/E, relative 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。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,你可能需要檢查一下Sunshine Global CircuitsLtd相對於其行業來說是高市盈率還是低市盈率。
Is Sunshine Global CircuitsLtd Using Its Retained Earnings Effectively?
陽光環球電路有限公司是否在有效使用其留存收益?
Sunshine Global CircuitsLtd has a three-year median payout ratio of 65% (implying that it keeps only 35% of its profits), meaning that it pays out most of its profits to shareholders as dividends, and as a result, the company has seen low earnings growth.
Sunshine Global CircuitsLtd的三年派息率中位數爲65%(這意味着它僅保留了35%的利潤),這意味着它將大部分利潤作爲股息支付給股東,因此,該公司的收益增長緩慢。
Moreover, Sunshine Global CircuitsLtd has been paying dividends for six years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外,Sunshine Global CircuitsLtd支付股息已有六年了,這是相當長的時間,這表明管理層一定已經意識到股東更喜歡分紅而不是收益增長。
Conclusion
結論
Overall, we would be extremely cautious before making any decision on Sunshine Global CircuitsLtd. 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. In brief, we think the company is risky and investors should think twice before making any final judgement on this company. To know the 2 risks we have identified for Sunshine Global CircuitsLtd visit our risks dashboard for free.
總體而言,在就Sunshine Global CircuitsLtd做出任何決定之前,我們將非常謹慎。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。簡而言之,我們認爲該公司存在風險,投資者在對該公司做出最終判斷之前應三思而後行。要了解我們爲陽光環球電路有限公司確定的兩種風險,請免費訪問我們的風險儀表板。
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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。