Is The Market Rewarding Shanghai Aohua Photoelectricity Endoscope Co., Ltd. (SHSE:688212) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Shanghai Aohua Photoelectricity Endoscope Co., Ltd. (SHSE:688212) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
With its stock down 19% over the past three months, it is easy to disregard Shanghai Aohua Photoelectricity Endoscope (SHSE:688212). It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. 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. Particularly, we will be paying attention to Shanghai Aohua Photoelectricity Endoscope's ROE today.
上海奥华光电内窥镜(SHSE: 688212)的股票在过去三个月中下跌了19%,很容易被忽视。市场可能忽视了该公司不同的财务状况,决定倾向于负面情绪。股票价格通常由公司的长期财务业绩驱动,因此我们决定更多地关注公司的财务业绩。特别是,我们今天将关注上海奥华光电内窥镜的投资回报率。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。简而言之,投资回报率显示了每美元从其股东投资中产生的利润。
How Do You Calculate Return On Equity?
你如何计算股本回报率?
The formula for ROE is:
ROE 的公式是:
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 Shanghai Aohua Photoelectricity Endoscope is:
因此,根据上述公式,上海奥华光电内窥镜的投资回报率为:
3.3% = CN¥47m ÷ CN¥1.4b (Based on the trailing twelve months to March 2024).
3.3% = 4700万元人民币 ÷ 14元人民币(基于截至2024年3月的过去十二个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
“回报” 是每年的利润。将其概念化的一种方法是,公司每拥有1元人民币的股东资本,公司就会获得0.03元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
So far, we've learned that ROE is a measure of a company's profitability. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止,我们已经了解到,投资回报率是衡量公司盈利能力的指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
A Side By Side comparison of Shanghai Aohua Photoelectricity Endoscope's Earnings Growth And 3.3% ROE
上海奥华光电内窥镜的收益增长和3.3%的投资回报率的并排比较
It is hard to argue that Shanghai Aohua Photoelectricity Endoscope's ROE is much good in and of itself. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. Thus, the low net income growth of 3.3% seen by Shanghai Aohua Photoelectricity Endoscope over the past five years could probably be the result of it having a lower ROE.
很难说上海奥华光电内窥镜的投资回报率本身就非常好。不仅如此,即使与7.4%的行业平均水平相比,该公司的投资回报率也完全不引人注目。因此,上海奥华光电内窥镜在过去五年中实现了3.3%的低净收入增长,可能是其投资回报率较低的结果。
As a next step, we compared Shanghai Aohua Photoelectricity Endoscope's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 5.8% in the same period.
下一步,我们将上海奥华光电内窥镜的净收入增长与行业进行了比较,并失望地看到该公司的增长低于同期5.8%的行业平均增长。
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Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. 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 Shanghai Aohua Photoelectricity Endoscope is trading on a high P/E or a low P/E, relative to its industry.
收益增长是股票估值的重要因素。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。这样做将帮助他们确定股票的未来是乐观还是不祥的。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,你可能需要检查一下相对于同行业而言,上海奥华光电内窥镜的市盈率是高还是低。
Is Shanghai Aohua Photoelectricity Endoscope Making Efficient Use Of Its Profits?
上海奥华光电内窥镜能否有效利用其利润?
Despite having a moderate three-year median payout ratio of 50% (implying that the company retains the remaining 50% of its income), Shanghai Aohua Photoelectricity Endoscope's earnings growth was quite low. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
尽管上海奥华光电内窥镜的三年派息率中位数为50%(这意味着该公司保留了剩余的50%的收入),但其收益增长还是相当低的。因此,在这方面可能还有其他解释。例如,该公司的业务可能正在恶化。
Only recently, Shanghai Aohua Photoelectricity Endoscope started paying a dividend. This means that the management might have concluded that its shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 14% over the next three years. As a result, the expected drop in Shanghai Aohua Photoelectricity Endoscope's payout ratio explains the anticipated rise in the company's future ROE to 12%, over the same period.
就在最近,上海奥华光电内窥镜才开始分红。这意味着管理层可能已经得出结论,其股东更喜欢分红而不是收益增长。在研究了分析师的最新共识数据后,我们发现该公司的未来派息率预计将在未来三年降至14%。因此,上海奥华光电内窥镜派息率的预期下降解释了该公司未来投资回报率同期上升至12%的预期原因。
Summary
摘要
In total, we're a bit ambivalent about Shanghai Aohua Photoelectricity Endoscope's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
总的来说,我们对上海奥华光电内窥镜的表现有点矛盾。尽管该公司的利润保留率确实很高,但其低回报率可能会阻碍其收益增长。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有望增强。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。