Do Its Financials Have Any Role To Play In Driving GEM Co., Ltd.'s (SZSE:002340) Stock Up Recently?
Do Its Financials Have Any Role To Play In Driving GEM Co., Ltd.'s (SZSE:002340) Stock Up Recently?
GEM's (SZSE:002340) stock is up by a considerable 26% over the past month. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Particularly, we will be paying attention to GEM's ROE today.
創業板(深圳證券交易所:002340)的股票在過去一個月中上漲了26%。我們想知道公司的財務狀況在價格變動中是否起着什麼作用,因爲公司的長期基本面通常決定市場業績。特別是,我們今天將關注創業板的投資回報率。
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.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
The formula for ROE is:
ROE 的公式是:
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 GEM is:
因此,根據上述公式,創業板的投資回報率爲:
4.8% = CN¥1.0b ÷ CN¥22b (Based on the trailing twelve months to September 2023).
4.8% = 1.0億元人民幣 ÷ 22億元人民幣(基於截至2023年9月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.05.
“回報” 是指公司去年的收益。因此,這意味着其股東每投資1元人民幣,公司就會產生0.05元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係?
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. 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.
到目前爲止,我們已經了解到,投資回報率衡量的是公司創造利潤的效率。現在,我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,從而使我們對公司的增長潛力有所了解。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
GEM's Earnings Growth And 4.8% ROE
創業板的收益增長和4.8%的投資回報率
It is hard to argue that GEM's ROE is much good in and of itself. Even compared to the average industry ROE of 7.2%, the company's ROE is quite dismal. However, the moderate 12% net income growth seen by GEM over the past five years is definitely a positive. We believe that there might 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.
很難說創業板的投資回報率本身就非常好。即使與7.2%的行業平均投資回報率相比,該公司的投資回報率也相當慘淡。但是,創業板在過去五年中實現了12%的溫和淨收入增長,這絕對是積極的。我們認爲,可能還有其他方面對公司的收益增長產生積極影響。例如,公司的管理層可能做出了一些良好的戰略決策,或者公司的派息率很低。
We then performed a comparison between GEM's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 12% in the same 5-year period.
然後,我們將創業板的淨收入增長與該行業進行了比較,結果顯示該公司的增長與同期5年的12%的行業平均增長率相似。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240322/0-7fc55cf8f6b42096f744da339656d2aa-0-4150d9e1f00186a2760327629eff6ec8.png/big)
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 002340 worth today? The intrinsic value infographic in our free research report helps visualize whether 002340 is currently mispriced by the market.
收益增長是對股票進行估值時要考慮的重要指標。無論如何,投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做,他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。今天的002340值多少錢?我們的免費研究報告中的內在價值信息圖有助於可視化002340目前是否被市場錯誤定價。
Is GEM Making Efficient Use Of Its Profits?
創業板是否在有效利用其利潤?
In GEM's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 15% (or a retention ratio of 85%), which suggests that the company is investing most of its profits to grow its business.
就創業板而言,其可觀的收益增長可以用其三年低的15%(或留存率爲85%)來解釋,這表明該公司正在將大部分利潤投資於發展業務。
Moreover, GEM is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 18%. Regardless, the future ROE for GEM is predicted to rise to 11% despite there being not much change expected in its payout ratio.
此外,創業板決心繼續與股東分享利潤,這是我們從其支付股息至少十年的悠久歷史中推斷出來的。我們最新的分析師數據顯示,公司未來三年的派息率預計約爲18%。無論如何,儘管預計創業板的派息率沒有太大變化,但其未來的投資回報率預計將升至11%。
Summary
摘要
Overall, we feel that GEM certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言,我們認爲創業板確實有一些積極因素需要考慮。儘管回報率很低,但該公司將其利潤的很大一部分再投資於其業務這一事實無疑促進了其高收益增長。既然如此,分析師的最新預測顯示,該公司的收益將繼續擴大。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。
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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。