Huangshan Novel Co.,Ltd's (SZSE:002014) Stock Is Going Strong: Is the Market Following Fundamentals?
Huangshan Novel Co.,Ltd's (SZSE:002014) Stock Is Going Strong: Is the Market Following Fundamentals?
Huangshan NovelLtd (SZSE:002014) has had a great run on the share market with its stock up by a significant 25% over the last three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Particularly, we will be paying attention to Huangshan NovelLtd's ROE today.
黃山新材股份有限公司(深圳證券交易所:002014)在股票市場上表現良好,其股票在過去三個月中大幅上漲了25%。鑑於公司的出色表現,我們決定更仔細地研究其財務指標,因爲公司的長期財務狀況通常決定市場業績。特別是,我們今天將關注黃山新興公司的投資回報率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。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?
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 Huangshan NovelLtd is:
因此,根據上述公式,黃山新興公司的投資回報率爲:
19% = CN¥423m ÷ CN¥2.3b (Based on the trailing twelve months to March 2024).
19% = 4.23億元人民幣 ÷ 23億元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.19 in profit.
“回報” 是過去十二個月的稅後收入。另一種思考方式是,公司每持有價值1元人民幣的股權,就能獲得0.19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?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。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。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
Huangshan NovelLtd's Earnings Growth And 19% ROE
黃山NovelLtd的收益增長和19%的投資回報率
To begin with, Huangshan NovelLtd seems to have a respectable ROE. Especially when compared to the industry average of 5.1% the company's ROE looks pretty impressive. This probably laid the ground for Huangshan NovelLtd's moderate 11% net income growth seen over the past five years.
首先,黃山NovelLtd的投資回報率似乎相當不錯。特別是與行業平均水平的5.1%相比,該公司的投資回報率看起來相當可觀。這可能爲黃山NovelLtd在過去五年中實現11%的溫和淨收入增長奠定了基礎。
As a next step, we compared Huangshan NovelLtd's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 1.0%.
下一步,我們將黃山NovelLtd的淨收入增長與該行業進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長1.0%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240503/0-8351a28bbc1570f9d1051e664862e965-0-36550a6547e27b2c1a64c48239839205.png/big)
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). This then helps them determine if the stock is placed for a bright or bleak future. Is 002014 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。然後,這可以幫助他們確定股票是面向光明還是暗淡的未來。002014 估值合理嗎?這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Huangshan NovelLtd Using Its Retained Earnings Effectively?
黃山NovelLtd是否在有效使用其留存收益?
While Huangshan NovelLtd has a three-year median payout ratio of 77% (which means it retains 23% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.
儘管黃山NovelLtd的三年派息率中位數爲77%(這意味着它保留了23%的利潤),但該公司過去的收益仍有相當大的增長,這意味着其高派息率並未阻礙其增長能力。
Besides, Huangshan NovelLtd has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 69%. As a result, Huangshan NovelLtd's ROE is not expected to change by much either, which we inferred from the analyst estimate of 20% for future ROE.
此外,黃山NovelLtd派發股息已有至少十年或更長時間。這表明該公司致力於與股東分享利潤。我們的最新分析師數據顯示,公司未來三年的派息率預計約爲69%。因此,黃山NovelLtd的投資回報率預計也不會有太大變化,我們從分析師對未來投資回報率爲20%的估計中推斷了這一點。
Summary
摘要
On the whole, we feel that Huangshan NovelLtd's performance has been quite good. We are particularly impressed by the considerable earnings growth posted by the company, which was likely backed by its high ROE. While the company is paying out most of its earnings as dividends, it has been able to grow its earnings in spite of it, so that's probably a good sign. Up till now, we've only made a short study of the company's growth data. You can do your own research on Huangshan NovelLtd and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
總的來說,我們覺得黃山新光電的表現相當不錯。該公司公佈的可觀收益增長給我們留下了特別深刻的印象,這可能得到了其高投資回報率的支持。儘管該公司將大部分收益作爲股息支付,但儘管如此,它還是得以增加收益,因此這可能是一個好兆頭。到目前爲止,我們只對公司的增長數據進行了簡短的研究。你可以自己研究黃山NovelLtd,看看這張過去的收益、收入和現金流的免費詳細圖表,看看它過去的表現。
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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。