Declining Stock and Decent Financials: Is The Market Wrong About Wankai New Materials Co., Ltd. (SZSE:301216)?
Declining Stock and Decent Financials: Is The Market Wrong About Wankai New Materials Co., Ltd. (SZSE:301216)?
It is hard to get excited after looking at Wankai New Materials' (SZSE:301216) recent performance, when its stock has declined 18% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Wankai New Materials' ROE.
万开新材料(SZSE:301216)的股票在过去三个月里下跌了18%,因此很难对其最近的表现感到兴奋。然而,该公司的基本面看起来相当不错,长期财务通常与未来的市场价格走势保持一致。在本文中,我们决定关注万开新材料的roe。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
对于股东来说,股东回报率(ROE)是一个重要的考虑因素,因为它告诉股东他们的资本被有效地再投资了多少。换句话说,它是一个衡量公司股东提供的资本回报率的盈利能力比率。
How Do You Calculate Return On Equity?
怎样计算ROE?
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算:
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 Wankai New Materials is:
因此,根据上述公式,万开新材料的roe为:
4.8% = CN¥278m ÷ CN¥5.7b (Based on the trailing twelve months to March 2024).
4.8%= CN¥27800万元÷ CN¥57亿元(基于截至2024年3月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回报”是过去十二个月税后赚取的金额。这意味着,对于每一元股东权益,该公司创造了0.05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?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
到目前为止,我们已经了解了roe衡量公司利润产生效率的程度。现在我们需要评估公司为未来增长而重新投资或“保留”的利润数量,然后了解公司的增长潜力。假设其他一切不变,roe和利润保留率越高,公司的增长率就越高,而与不一定具备这些特征的公司相比,这种增长率的相对性就越高。
Wankai New Materials' Earnings Growth And 4.8% ROE
万开新材料的盈利增长和4.8%的roe
It is hard to argue that Wankai New Materials' ROE is much good in and of itself. Not just that, even compared to the industry average of 6.4%, the company's ROE is entirely unremarkable. Although, we can see that Wankai New Materials saw a modest net income growth of 17% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
很难说万开新材料的roe本身很好。不仅如此,与行业平均水平6.4%相比,公司的roe也完全普通。虽然我们可以看到,万开新材料在过去五年中的净利润增长了17%。我们相信可能会有其他方面对公司的盈利增长产生积极影响,例如低派息比率或高效管理。
As a next step, we compared Wankai New Materials' 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 7.9%.
作为下一步,我们将万开新材料的净利润增长与行业进行了比较,令人高兴的是,我们发现该公司的增长高于行业平均水平7.9%。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Wankai New Materials''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
对公司的价值进行评估,在很大程度上与其盈利增长相关。投资者应该尝试确定预期的盈利增长或下降(无论是哪种情况)是否已定价。这样做将有助于他们确定股票的未来前景是具有前途还是不容乐观。如果您想了解万开新材料的估值情况,请查看其市盈率的仪表板,以与行业进行比较。
Is Wankai New Materials Efficiently Re-investing Its Profits?
万开新材料是否高效地再投资其利润?
Wankai New Materials has a low three-year median payout ratio of 12%, meaning that the company retains the remaining 88% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
万开新材料的三年中位派息比率很低,为12%,这意味着公司保留了其余88%的利润。这表明管理层正在将大部分利润重新投资以实现业务增长。
While Wankai New Materials has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend.
尽管万开新材料的盈利增长,但该公司刚开始支付股息。很可能公司决定以红利吸引新老股东。
Conclusion
结论
In total, it does look like Wankai New Materials has some positive aspects to its business. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言,万开新材料的业务具有一些积极因素。尽管回报率较低,但由于大量再投资业务,公司实现了可观的盈利增长。即便如此,最新的分析师预测显示,公司的盈利将继续扩张。要了解有关公司的最新分析师预测的更多信息,请参见该公司的预测可视化。
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