Declining Stock and Solid Fundamentals: Is The Market Wrong About Shenzhen Inovance Technology Co.,Ltd (SZSE:300124)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Shenzhen Inovance Technology Co.,Ltd (SZSE:300124)?
With its stock down 31% over the past three months, it is easy to disregard Shenzhen Inovance TechnologyLtd (SZSE:300124). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Shenzhen Inovance TechnologyLtd's ROE.
在过去三个月中,深圳市英威腾科技股份有限公司(SZSE:300124)的股票下跌了31%。但是,股票价格通常是由公司长期的财务绩效推动的,在这种情况下,前景是相当有希望的。本文决定聚焦于深圳市英威腾科技股份有限公司的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率(ROE)是衡量公司增值和管理投资者资金有效性的测试。换句话说,它是一种盈利能力比率,用于衡量公司股东提供的资金回报率。
How Is ROE Calculated?
净资产收益率怎么计算?
The formula for ROE is:
roe的公式是:
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 Inovance TechnologyLtd is:
因此,基于上述公式,深圳市英威腾科技股份有限公司的roe为:
19% = CN¥4.8b ÷ CN¥26b (Based on the trailing twelve months to March 2024).
19%= CN¥48亿 ÷ CN¥260亿(以截至2024年3月的过去十二个月为基础)。
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¥0.19 in profit.
‘回报率’即每年的利润,可以这样理解,即每1元人民币的股东资本中,公司获得了0.19元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前为止,我们已经了解到roe是公司盈利能力的一种度量方法。根据公司再投资或“留存”利润的程度以及其有效性,我们随后能够评估公司的盈利增长潜力。假设其他所有因素相同,则具有更高净资产收益率和更高利润保留的公司通常比没有相同功能的公司增长率更高。
Shenzhen Inovance TechnologyLtd's Earnings Growth And 19% ROE
深圳市英威腾科技股份有限公司的净利润增长和19%的roe
To begin with, Shenzhen Inovance TechnologyLtd seems to have a respectable ROE. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This probably laid the ground for Shenzhen Inovance TechnologyLtd's significant 31% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先,深圳市英威腾科技股份有限公司的roe看起来很好。与行业平均roe 6.9%相比,该公司的roe相当显著。这可能为深圳市英威腾科技股份有限公司过去五年所见的显着31%的净利润增长奠定了基础。我们认为这里也可能有其他因素在起作用。例如,该公司的管理层有可能做出了一些良好的战略决策,或者该公司有很低的派息比率。
We then compared Shenzhen Inovance TechnologyLtd's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 9.6% in the same 5-year period.
接下来,我们将深圳市英威腾科技股份有限公司的净利润增长与行业进行了比较,我们很高兴地看到,在同样的5年期内,深圳市英威腾科技股份有限公司的增长数字高于行业的增长率9.6%。
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Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. What is 300124 worth today? The intrinsic value infographic in our free research report helps visualize whether 300124 is currently mispriced by the market.
盈利增长是考虑股票估值时需要考虑的一个重要指标。投资者需要确定的下一个问题是预期的盈利增长已经反映在股票价格中,或者还没有反映在股票价格中。这有助于他们判断股票的未来前景是明亮还是暗淡。今天的300124的内在价值有多少?我们免费的研究报告中的内在价值信息图表可以帮助你了解300124是否被市场当前错价。
Is Shenzhen Inovance TechnologyLtd Using Its Retained Earnings Effectively?
深圳市英威腾科技股份有限公司是否有效地利用了其保留盈利?
Shenzhen Inovance TechnologyLtd has a really low three-year median payout ratio of 22%, meaning that it has the remaining 78% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
深圳市英威腾科技股份有限公司的三年中位数派息比率非常低,为22%,这意味着它剩下的78%可以重新投资到业务中。因此,看起来管理层正在密集地重投利润以扩大业务,这体现在其净利润增长数字中。
Moreover, Shenzhen Inovance TechnologyLtd is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 27% over the next three years. Despite the higher expected payout ratio, the company's ROE is not expected to change by much.
此外,深圳市英威腾科技股份有限公司决心与股东分享利润,这可以从其至少十年支付股息的历史中推断。查看当前的分析师共识数据,我们可以看到该公司未来派息比率预计将在未来三年上升到27%。尽管派息比率预计更高,但公司的roe预计不会有太大变化。
Conclusion
结论
On the whole, we feel that Shenzhen Inovance TechnologyLtd's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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,我们认为深圳市英威腾科技股份有限公司的业绩相当不错。具体来说,我们喜欢这家公司高比率投资高回报率。当然,这导致了公司盈利实现了实质性的增长。话虽如此,最新的行业分析师预测显示,该公司的盈利增长预计将放缓。要了解更多关于该公司的最新分析师预测,请查看该公司的分析师预测可视化展示。
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