Shenzhen Sunway Communication Co., Ltd.'s (SZSE:300136) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Shenzhen Sunway Communication Co., Ltd.'s (SZSE:300136) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Most readers would already be aware that Shenzhen Sunway Communication's (SZSE:300136) stock increased significantly by 9.9% over the past week. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. Specifically, we decided to study Shenzhen Sunway Communication's ROE in this article.
大部分讀者已經了解到,深圳市信維通信股份有限公司(SZSE:300136)的股票在過去一週內大幅增長了9.9%。然而,我們決定關注公司的基本面,這些基本面似乎並沒有明確指出公司的財務健康狀況,尤其是在本文中,我們決定研究深圳市信維通信的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?
The formula for return on equity is:
權益回報率的計算公式是:
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 Shenzhen Sunway Communication is:
所以,根據上述公式,信維通信的roe爲:
7.4% = CN¥530m ÷ CN¥7.2b (Based on the trailing twelve months to March 2024).
7.4% = CN¥53000萬 ÷ CN¥72億(基於過去12個月截至2024年3月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.07 in profit.
“回報率”是過去十二個月的利潤。一個概念化的方式是,對於每一CN¥1股東資本,公司有CN¥0.07的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前爲止,我們已經學到 ROE(淨資產收益率)可以衡量公司盈利的效率。具體取決於公司再投資或“保留”多少這些利潤,以及其有效程度,我們便能夠評估公司的盈利增長潛力。假設其他條件相同,ROE和利潤保留率都較高的公司通常比不具備這些特徵的公司增長率更高。
Shenzhen Sunway Communication's Earnings Growth And 7.4% ROE
深圳市信維通信盈利增長和7.4%的roe
On the face of it, Shenzhen Sunway Communication's ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 6.2%, we may spare it some thought. But then again, Shenzhen Sunway Communication's five year net income shrunk at a rate of 14%. Bear in mind, the company does have a slightly low ROE. Therefore, the decline in earnings could also be the result of this.
表面上看,信維通信的roe並不值得我們談論。但考慮到公司的roe與行業平均roe相似爲6.2%,因此我們也許可以多加思考。但是,進一步來說,信維通信的五年淨收入以14%的速度下降。請記住,公司的roe略低。因此,收益的下降也可能是這個結果。那麼,作爲下一步,我們將信維通信的表現與全行業進行比較,然而發現,雖然公司一直在收縮其收益,但行業在過去幾年裏的收益增長率爲15%。
So, as a next step, we compared Shenzhen Sunway Communication'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 15% over the last few years.
收益增長是考慮估值股票時要考慮的重要指標。投資者了解市場是否已經定價該公司將要增長(或減少)的預期收益至關重要。通過這樣做,他們將了解股票是否進入了清晰的藍色水域,或者是泥濘的水域。期望收益增長的一個好指標是市盈率,它根據收益前景決定市場願意爲股票支付的價格。因此,您可能需要檢查信維通信是否相對於行業以高市盈率還是低市盈率交易。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240703/0-754cac0907bdec9cd70eecfad8a4443e-0-17323b9a24910dc58cd658c88532da3f.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 Shenzhen Sunway Communication is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是在估值一隻股票時需要考慮的重要指標。了解市場是否已經定價公司的預期盈利增長(或下降)非常重要。通過這樣做,他們將了解股票是朝着清新的藍水域前進,還是前方是沼澤水域。預期盈利增長的一個好指標是市盈率,它根據公司的盈利前景確定市場願意爲股票支付的價格。因此,您可能想要檢查深圳市信維通信的“市盈率”相對於其行業的高低。
Is Shenzhen Sunway Communication Using Its Retained Earnings Effectively?
信維通信是否有效地利用其保留收益?
When we piece together Shenzhen Sunway Communication's low three-year median payout ratio of 9.4% (where it is retaining 91% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. This typically shouldn't be the case when a company is retaining most of its earnings. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
當我們將深圳市信維通信過去三年的中位數低爲9.4%(這意味着它保留了91%的利潤)的支付比率計算出來,我們對缺乏增長感到困惑。當公司保留大部分利潤時,這通常不應該是這種情況。因此,在這方面可能會有其他解釋,例如,公司的業務可能正在惡化。
Additionally, Shenzhen Sunway Communication has paid dividends over a period of nine years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 16% over the next three years. Regardless, the future ROE for Shenzhen Sunway Communication is speculated to rise to 12% despite the anticipated increase in the payout ratio. There could probably be other factors that could be driving the future growth in the ROE.
此外,深圳市信維通信在九年時間內派發了分紅,這意味着公司的管理層相當關注保持其股息支付,無論收益縮水與否。在研究最新的分析師共識數據時,我們發現公司未來的支付比率預計將在未來三年升至16%。儘管如此,深圳市信維通信未來的roe預計將提高到12%,儘管支付比率預計將增加,但可能還有其他因素正在推動roe未來的增長。
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。
On the whole, we feel that the performance shown by Shenzhen Sunway Communication 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. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
總體而言,我們認爲深圳市信維通信所展示的表現可以有多種解釋。儘管看起來公司保留了大部分利潤,但由於roe低,投資者可能並沒有從這些再投資中受益。低盈利增長說明了我們的理論的正確性。話雖如此,我們研究了最新的分析師預測,並發現儘管公司過去曾經縮水,但分析師們預計未來公司的盈利將增長。要了解更多有關公司未來盈利增長預測的信息,請查看這份免費的關於公司分析師預測的報告。
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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。或電郵 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,也可以發送電子郵件至editorial-team@simplywallst.com