Does The Market Have A Low Tolerance For SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD's (SHSE:601399) Mixed Fundamentals?
Does The Market Have A Low Tolerance For SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD's (SHSE:601399) Mixed Fundamentals?
SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) has had a rough month with its share price down 9.2%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study SINOMACH HEAVY EQUIPMENT GROUPLTD's ROE in this article.
中機重工股份有限公司 (SHSE:601399) 最近一個月股價下跌了9.2%。不過我們決定研究公司的財務情況,以確定與此價格下跌有無關聯。股票價格通常會受到公司長期的財務表現的影響,因此我們決定更關注公司的財務表現。具體而言,我們決定在本文中研究中機重工股份有限公司的ROE。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即淨資產收益率,是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說,它是一種盈利能力比率,衡量公司股東提供的資本的回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for SINOMACH HEAVY EQUIPMENT GROUPLTD is:
因此,根據上述公式,中機重工股份有限公司的ROE爲:
3.2% = CN¥472m ÷ CN¥15b (Based on the trailing twelve months to March 2024).
3.2% = CN¥47200萬 ÷ CN¥150億(基於截至2024年3月的過去12個月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.
“回報”是企業過去一年賺取的收入。換句話說,對於每1元股權,公司能夠獲得0.03元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準,用於評估公司未來的盈利能力,我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少,這使我們對公司的增長潛力有了一個了解。一般而言,在其他條件相等的情況下,ROE和利潤留存高的公司,增長率比沒有這些屬性的公司要高。
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前爲止,我們了解到ROE是衡量一家公司如何高效地產生利潤的指標。 根據公司選擇重新投資或“保留”的利潤的比例,我們能夠評估公司未來產生利潤的能力。 假設其他所有內容保持不變,則ROE和盈利保留比越高,公司的增長速度就越高,這與那些不一定具備這些特徵的公司相比。
SINOMACH HEAVY EQUIPMENT GROUPLTD's Earnings Growth And 3.2% ROE
中機重工股份有限公司的盈利增長和3.2%的ROE
As you can see, SINOMACH HEAVY EQUIPMENT GROUPLTD's ROE looks pretty weak. Even when compared to the industry average of 6.9%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 5.3% seen by SINOMACH HEAVY EQUIPMENT GROUPLTD over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
可以看出,中機重工股份有限公司的ROE表現相當弱。即使與行業平均水平6.9%相比,ROE數據也令人失望。考慮到情況,中機重工股份有限公司的淨利潤在過去五年裏出現了5.3%的顯著下滑也就不足爲奇了。但是,也可能存在其他因素導致收益下降,例如企業 capital allocation 不佳或公司的股息派發率非常高等。
So, as a next step, we compared SINOMACH HEAVY EQUIPMENT GROUPLTD's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 9.5% over the last few years.
因此,作爲下一步行動,我們將中機重工股份有限公司的表現與整個行業進行了對比,並失望地發現,雖然公司收益正在萎縮,但該行業在過去幾年中的收益增長率卻高達9.5%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-c9457bd9cebeddfa1d66134a51652b8c-0-66cb4c36357fd8913d8d3e4863db99aa.png/big)
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about SINOMACH HEAVY EQUIPMENT GROUPLTD's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的一個重要因素。投資者需要確定的下一步是,預期的盈利增長或缺乏預期已經反映在股價中,以幫助他們確定該股票的未來前景是看好還是看淡。如果您想了解中機重工股份有限公司的估值,請查看其市盈率的比較情況,與行業相比。
Is SINOMACH HEAVY EQUIPMENT GROUPLTD Efficiently Re-investing Its Profits?
中機重工股份有限公司是否有效地再投資其利潤?
SINOMACH HEAVY EQUIPMENT GROUPLTD doesn't pay any regular dividends, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
中機重工股份有限公司不支付任何定期股息,這意味着該公司將所有利潤保留下來,這使我們納悶爲什麼它在保留盈利但無法用於業務增長時還要保留其收益。看起來可能存在其他原因來解釋這種情況,例如企業可能處於衰退狀態等等。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
Overall, we have mixed feelings about SINOMACH HEAVY EQUIPMENT GROUPLTD. 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.
總體而言,我們對中機重工股份有限公司的感覺很複雜。雖然公司具有高比例的再投資率,但低ROE意味着所有再投資都沒有給投資者帶來任何好處,而且對收益增長產生了負面影響。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。