Is Shenzhen Huaqiang Industry Co., Ltd.'s (SZSE:000062) Recent Price Movement Underpinned By Its Weak Fundamentals?
Is Shenzhen Huaqiang Industry Co., Ltd.'s (SZSE:000062) Recent Price Movement Underpinned By Its Weak Fundamentals?
Shenzhen Huaqiang Industry (SZSE:000062) has had a rough three months with its share price down 13%. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Particularly, we will be paying attention to Shenzhen Huaqiang Industry's ROE today.
深圳华强(SZSE:000062)的股价在过去三个月里下跌了13%。似乎市场完全忽略了该公司基本面的积极因素,而更多地考虑了负面因素。基本面通常会决定市场的走向,因此研究公司的财务状况是很有道理的。特别是,我们将关注深圳华强今天的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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具,用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说,它揭示了公司将股东的投资变成利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润(从持续经营中获得)÷ 股东权益
So, based on the above formula, the ROE for Shenzhen Huaqiang Industry is:
所以,基于上述公式,深圳华强的roe为:
5.8% = CN¥473m ÷ CN¥8.1b (Based on the trailing twelve months to March 2024).
5.8%=CN¥47300万÷CN¥81亿(基于最近12个月截至2024年3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¥0.06 in profit.
“回报”是过去十二个月税后收益。另一种思考方法是,对于每1元的股本,公司能够赚取0.06元的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
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.
我们已经确定ROE服务于衡量一个公司未来收益的效率指标。根据公司再投资或“保留”的这些利润的多少以及效果,我们便能够评估一个公司的收益增长潜力。假设其他条件均相等,则ROE和利润保留率均较高的公司通常比那些没有同样特征的公司具有更高的增长速度。
A Side By Side comparison of Shenzhen Huaqiang Industry's Earnings Growth And 5.8% ROE
深圳华强的盈利增长和5.8%roe的并排比较
On the face of it, Shenzhen Huaqiang Industry's ROE is not much to talk about. However, its ROE is similar to the industry average of 6.3%, so we won't completely dismiss the company. However, Shenzhen Huaqiang Industry has seen a flattish net income growth over the past five years, which is not saying much. Bear in mind, the company's ROE is not very high. So that could also be one of the reasons behind the company's flat growth in earnings.
表面上看,深圳华强的roe并不值得讨论。但是,它的roe与行业平均水平6.3%相似,因此我们不会完全忽视该公司。不过,深圳华强过去五年净利润增长趋平并不足为奇。请记住,公司的roe并不是很高,这也可能是公司收益增长趋平的原因之一。
Next, on comparing with the industry net income growth, we found that Shenzhen Huaqiang Industry's reported growth was lower than the industry growth of 6.4% over the last few years, which is not something we like to see.
接下来,与行业净利润增长相比,我们发现深圳华强的报告增长低于过去几年行业增长6.4%,这是我们不希望看到的。
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Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. 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 Huaqiang Industry is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是估值股票的重要指标。投资者应该试图确定预期的盈利增长或下跌(无论哪种情况都是)是否计入价格中。这样一来,他们就会有一个想法,股票是要进入清晰的蓝色水域还是要进入沼泽水域。预期盈利增长的一个很好的指标是市盈率,它根据股票的盈利前景确定市场愿意为股票支付的价格。因此,您可能需要检查一下深圳华强的市盈率是否高于行业平均水平或低于行业平均水平。
Is Shenzhen Huaqiang Industry Using Its Retained Earnings Effectively?
深圳华强是否有效利用其留存收益?
Despite having a normal three-year median payout ratio of 36% (implying that the company keeps 64% of its income) over the last three years, Shenzhen Huaqiang Industry has seen a negligible amount of growth in earnings as we saw above. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管过去三年的中位数支付比率为36%(即公司保留其收入的64%),但正如我们上面看到的,深圳华强的盈利增长微不足道。因此,可能还有其他原因来解释这种缺乏。例如,企业可能正在衰退。
Additionally, Shenzhen Huaqiang Industry has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
此外,深圳华强在至少过去十年里一直发放股息,这意味着即使意味着几乎没有盈利增长,该公司的管理层仍决心支付股息。
Summary
总的来说,我们对伟明环保的表现非常满意。具体而言,我们喜欢公司以高回报率再投资了其利润的很大一部分。当然,这导致公司的收益大幅增长。但是,最新的行业分析师预测表明,该公司的收益预计将加速增长。
On the whole, we feel that the performance shown by Shenzhen Huaqiang Industry can be open to many interpretations. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Up till now, we've only made a short study of the company's growth data. You can do your own research on Shenzhen Huaqiang Industry and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总的来说,我们认为深圳华强的表现可以有许多解释。虽然该公司具有高利润保留率,但其低回报率可能正在阻碍其盈利增长。到目前为止,我们只对公司的增长数据进行了简要研究。您可以对深圳华强进行自己的研究,并查看以往盈利、营业收入和现金流的详细图表,以了解其过去的表现。
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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。