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Are Liaoning Dingjide Petrochemical Co., Ltd.'s (SHSE:603255) Mixed Financials Driving The Negative Sentiment?

Are Liaoning Dingjide Petrochemical Co., Ltd.'s (SHSE:603255) Mixed Financials Driving The Negative Sentiment?

是辽宁鼎基德石化有限公司吗s (SHSE: 603255) 财务状况喜忧参半推动负面情绪?
Simply Wall St ·  03/26 21:51

It is hard to get excited after looking at Liaoning Dingjide Petrochemical's (SHSE:603255) recent performance, when its stock has declined 9.0% over the past week. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study Liaoning Dingjide Petrochemical's ROE in this article.

看了辽宁鼎基德石化(SHSE: 603255)的近期表现,很难感到兴奋,当时其股价在过去一周下跌了9.0%。但是,我们决定研究公司的财务状况,以确定它们是否与价格下跌有关。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。具体而言,我们决定在本文中研究辽宁鼎基德石化的投资回报率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.

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,它揭示了公司成功地将股东投资转化为利润。

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 Liaoning Dingjide Petrochemical is:

因此,根据上述公式,辽宁鼎基德石化的投资回报率为:

4.6% = CN¥72m ÷ CN¥1.6b (Based on the trailing twelve months to September 2023).

4.6% = 7200万元人民币 ÷ 16亿元人民币(基于截至2023年9月的过去十二个月)。

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.

“回报” 是指公司去年的收益。因此,这意味着其股东每投资1元人民币,公司就会产生0.05元人民币的利润。

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. 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. 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。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。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。

Liaoning Dingjide Petrochemical's Earnings Growth And 4.6% ROE

辽宁鼎基德石化的收益增长和4.6%的投资回报率

It is hard to argue that Liaoning Dingjide Petrochemical's ROE is much good in and of itself. Even compared to the average industry ROE of 7.1%, the company's ROE is quite dismal. Therefore, the disappointing ROE therefore provides a background to Liaoning Dingjide Petrochemical's very little net income growth of 2.1% over the past five years.

很难说辽宁鼎基德石化的投资回报率本身就很不错。即使与7.1%的行业平均投资回报率相比,该公司的投资回报率也相当惨淡。因此,令人失望的投资回报率为辽宁鼎基德石化在过去五年中净收入增长微乎其微,仅为2.1%提供了背景。

As a next step, we compared Liaoning Dingjide Petrochemical's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 12% in the same period.

下一步,我们将辽宁鼎基德石化的净收入增长与该行业进行了比较,并失望地看到该公司的增长低于同期12%的行业平均增长。

past-earnings-growth
SHSE:603255 Past Earnings Growth March 27th 2024
SHSE: 603255 过去的收益增长 2024 年 3 月 27 日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is Liaoning Dingjide Petrochemical fairly valued compared to other companies? These 3 valuation measures might help you decide.

为公司附加价值的基础在很大程度上与其收益增长息息相关。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。与其他公司相比,辽宁鼎基德石化的估值是否合理?这3种估值指标可能会帮助您做出决定。

Is Liaoning Dingjide Petrochemical Efficiently Re-investing Its Profits?

辽宁鼎基德石化是否有效地将利润再投资?

A low three-year median payout ratio of 11% (implying that the company retains the remaining 89% of its income) suggests that Liaoning Dingjide Petrochemical is retaining most of its profits. However, the low earnings growth number doesn't reflect this as high growth usually follows high profit retention. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

三年中位数派息率较低,为11%(这意味着该公司保留了剩余的89%的收入),这表明辽宁鼎基德石化保留了大部分利润。但是,低收益增长数字并不能反映出这一点,因为高增长通常伴随着高利润保留率。因此,可能还有其他一些原因可以解释这方面的不足。例如,业务可能会下滑。

Additionally, Liaoning Dingjide Petrochemical started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.

此外,辽宁鼎基德石化直到最近才开始派息。因此,看来管理层一定已经意识到股东偏爱股息而不是收益增长。

Conclusion

结论

Overall, we have mixed feelings about Liaoning Dingjide Petrochemical. 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. To know the 1 risk we have identified for Liaoning Dingjide Petrochemical visit our risks dashboard for free.

总的来说,我们对辽宁鼎基德石化喜忧参半。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。要了解我们为辽宁鼎基德石化确定的1种风险,请免费访问我们的风险仪表板。

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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。

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