Ganzhou Tengyuan Cobalt New Material Co., Ltd.'s (SZSE:301219) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Ganzhou Tengyuan Cobalt New Material Co., Ltd.'s (SZSE:301219) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Ganzhou Tengyuan Cobalt New Material (SZSE:301219) has had a great run on the share market with its stock up by a significant 29% over the last three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Ganzhou Tengyuan Cobalt New Material's ROE today.
赣州腾源钴业新材料(深圳证券交易所代码:301219)在股市上表现良好,其股票在过去三个月中大幅上涨了29%。但是该公司的关键财务指标似乎各不相同,这使我们质疑该公司目前的股价势头是否可以维持。特别是,我们今天将关注赣州腾源钴业新材料的投资回报率。
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 Do You Calculate Return On Equity?
你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 Ganzhou Tengyuan Cobalt New Material is:
因此,根据上述公式,赣州腾源钴业新材料的投资回报率为:
5.9% = CN¥514m ÷ CN¥8.7b (Based on the trailing twelve months to March 2024).
5.9% = 5.14亿元人民币 ÷ 87亿元人民币(基于截至2024年3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¥0.06.
“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0.06CN的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
Ganzhou Tengyuan Cobalt New Material's Earnings Growth And 5.9% ROE
赣州腾源钴业新材料的收益增长和5.9%的投资回报率
At first glance, Ganzhou Tengyuan Cobalt New Material's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.7%. But then again, Ganzhou Tengyuan Cobalt New Material's five year net income shrunk at a rate of 18%. Bear in mind, the company does have a slightly low ROE. Hence, this goes some way in explaining the shrinking earnings.
乍一看,赣州腾源钴业新材料的投资回报率看起来并不十分乐观。然而,一项更仔细的研究表明,该公司的投资回报率与6.7%的行业平均水平相似。但话又说回来,赣州腾源钴业新材料的五年净收入以18%的速度萎缩。请记住,该公司的投资回报率确实略低。因此,这在某种程度上解释了收益的萎缩。
That being said, we compared Ganzhou Tengyuan Cobalt New Material's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 11% in the same 5-year period.
话虽如此,我们将赣州腾源钴业新材料的表现与行业进行了比较,当我们发现尽管该公司缩减了收益,但该行业在同期5年内以11%的速度增长了收益时,我们对此感到担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240425/0-e9b537cc4344c3171eba2ca42ee738b6-0-a07b9a62ca0ec0d495d18ea2306066c1.png/big)
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Ganzhou Tengyuan Cobalt New Material is trading on a high P/E or a low P/E, relative to its industry.
收益增长是对股票进行估值时要考虑的重要指标。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。通过这样做,他们将知道股票是走向清澈的蓝色海水,还是沼泽的水域在等着你。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查赣州腾源钴业新材料相对于其行业的市盈率是高还是低。
Is Ganzhou Tengyuan Cobalt New Material Efficiently Re-investing Its Profits?
赣州腾源钴业新材料是否有效地将利润再投资?
Looking at its three-year median payout ratio of 44% (or a retention ratio of 56%) which is pretty normal, Ganzhou Tengyuan Cobalt New Material's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
从其三年中位数派息率44%(或56%的留存率)来看,这是很正常的,赣州腾源钴业新材料的收益下降相当令人困惑,因为当一家公司保留很大一部分利润时,人们预计会出现相当大的增长。因此,这里可能还有其他因素在起作用,这些因素可能会阻碍增长。例如,该业务面临一些阻力。
In addition, Ganzhou Tengyuan Cobalt New Material only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外,赣州腾源钴业新材料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。
Conclusion
结论
On the whole, we feel that the performance shown by Ganzhou Tengyuan Cobalt New Material can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总体而言,我们认为赣州腾源钴业新材料所表现出的表现可以有多种解读。尽管鉴于投资回报率低,它似乎保留了大部分利润,但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。话虽如此,从分析师目前的估计来看,我们发现该公司的收益增长率预计将出现巨大改善。要了解有关公司未来收益增长预测的更多信息,请查看这份关于分析师预测的免费报告,以了解更多信息。
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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。