Could The Market Be Wrong About Changhong Meiling Co., Ltd. (SZSE:000521) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About Changhong Meiling Co., Ltd. (SZSE:000521) Given Its Attractive Financial Prospects?
With its stock down 32% over the past three months, it is easy to disregard Changhong Meiling (SZSE:000521). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. In this article, we decided to focus on Changhong Meiling's ROE.
最近三個月,蘇州長虹美菱股票下跌了32%,很容易忽略它。但是,對其良好的財務狀況進行仔細研究可能會讓您重新考慮。鑑於基本面通常推動長期市場預期,所以這家公司值得關注。在本文中,我們決定關注蘇州長虹美菱的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之,它用於評估公司相對於其股本資本的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
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 Changhong Meiling is:
因此,根據上述公式,蘇州長虹美菱的roe爲:
13% = CN¥828m ÷ CN¥6.3b (Based on the trailing twelve months to June 2024).
13% = CN¥82800萬 ÷ CN¥63億(截至2024年6月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.13 in profit.
「回報」是指公司過去一年的收益。也就是說,對於每一元股東權益,公司產生了CN¥0.13的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
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. 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.
到目前爲止,我們已經了解到roe是公司盈利能力的一種衡量標準。根據公司選擇重新投資或「留存」的利潤比例,我們能夠評估公司未來產生利潤的能力。其他條件不變的情況下,roe和盈利留存越高,相較於不具備這些特徵的公司,企業的增長率越高。
Changhong Meiling's Earnings Growth And 13% ROE
蘇州長虹美菱的盈利增長和13%的roe。
At first glance, Changhong Meiling seems to have a decent ROE. On comparing with the average industry ROE of 9.6% the company's ROE looks pretty remarkable. Probably as a result of this, Changhong Meiling was able to see an impressive net income growth of 64% over the last five years. However, there could also be other causes behind this growth. Such as - high earnings retention or an efficient management in place.
乍一看,蘇州長虹美菱的roe似乎還不錯。與行業平均roe 9.6%相比,公司的roe看起來相當不錯。結果,蘇州長虹美菱過去五年的淨利潤增長率高達64%。但是,這種增長背後也可能存在其他原因。例如高額盈餘保留或高效管理等。
As a next step, we compared Changhong Meiling's 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 5.7%.
作爲下一步,我們將蘇州長虹美菱的淨利潤增長與行業平均水平進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長率5.7%。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Changhong Meiling's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
附加價值到一家公司的基礎很大程度上取決於其盈利增長。了解市場是否已經爲公司的預期盈利增長(或下降)定價,對於投資者來說非常重要。這樣,他們就會知道股票是前程似錦還是未來充滿挑戰。如果您想了解蘇州長虹美菱的估值,請查看其市盈率的該比較其行業水平的表現。
Is Changhong Meiling Using Its Retained Earnings Effectively?
蘇州長虹美菱是否有效利用其保留收益?蘇州長虹美菱的三年中位數派息率相當適中,爲39%,意味着該公司保留了其61%的收入。這表明其股息分配得到了很好的覆蓋,並且考慮到我們上面討論的高增長,蘇州長虹美菱似乎有效地再投資了其收益。
Changhong Meiling's three-year median payout ratio is a pretty moderate 39%, meaning the company retains 61% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Changhong Meiling is reinvesting its earnings efficiently.
此外,蘇州長虹美菱決心與股東共享利潤,這可以從其至少十年支付股息的歷史中窺見一斑。總的來說,我們對蘇州長虹美菱的表現感到相當滿意。具體來說,我們喜歡該公司以高回報率再投資其大量利潤的做法。當然,這導致公司盈利實現了實質性的增長。話雖如此,據當前分析師預估,該公司的盈利增長有望放緩。要了解該公司未來的盈利增長預期,請參閱此公司的分析師預估的免費報告。
Moreover, Changhong Meiling 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.
此外,蘇州長虹美菱決心與股東共享利潤,這可以從其至少十年支付股息的歷史中窺見一斑。
Conclusion
結論
Overall, we are quite pleased with Changhong Meiling's performance. 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. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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.
總的來說,我們對蘇州長虹美菱的表現感到相當滿意。具體來說,我們喜歡該公司以高回報率再投資其大量利潤的做法。當然,這導致公司盈利實現了實質性的增長。話雖如此,據當前分析師預估,該公司的盈利增長有望放緩。要了解該公司未來的盈利增長預期,請參閱此公司的分析師預估的免費報告。
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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。