Will Weakness in Ling Yun Industrial Corporation Limited's (SHSE:600480) Stock Prove Temporary Given Strong Fundamentals?
Will Weakness in Ling Yun Industrial Corporation Limited's (SHSE:600480) Stock Prove Temporary Given Strong Fundamentals?
Ling Yun Industrial (SHSE:600480) has had a rough three months with its share price down 31%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Ling Yun Industrial's ROE today.
凌云实业(SHSE:600480)股价下跌了31%,过去三个月过得很不好。然而,股票价格通常受公司长期财务表现的影响,而在本案中,情况看起来相当有前途。特别是,我们今天将关注凌云实业的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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或权益回报率是评估公司有效利用股东投资产生回报效率的有用工具。简而言之,roe显示每个股东投资所产生的利润。
How Is ROE Calculated?
净资产收益率怎么计算?
The formula for return on equity is:
权益回报率的计算公式是:
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 Ling Yun Industrial is:
因此,根据上述公式,凌云实业的roe是:
10% = CN¥960m ÷ CN¥9.4b (Based on the trailing twelve months to June 2024).
10% = 96000万人民币 ÷ 94亿人民币(基于截至2024年6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¥0.10 in profit.
“回报”是过去十二个月的税后收益。 这意味着对于每CN¥1的股东权益,公司创造了CN¥0.10的利润。
Why Is ROE Important For Earnings Growth?
ROE为什么对净利润增长很重要?
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. 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是衡量公司盈利能力的一个指标。基于公司选择重新投资或“留存”的利润比例,我们可以评估公司未来产生利润的能力。其他因素相等的情况下,roe和利润留存率都较高的公司通常比没有这些特征的公司增长率更高。
Ling Yun Industrial's Earnings Growth And 10% ROE
凌云实业的盈利增长和10%的roe
When you first look at it, Ling Yun Industrial's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 8.2% doesn't go unnoticed by us. Even more so after seeing Ling Yun Industrial's exceptional 53% net income growth over the past five years. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. So, there might well be other reasons for the earnings to grow. E.g the company has a low payout ratio or could belong to a high growth industry.
当你第一次看到时,凌云实业的roe看起来并不那么吸引人。然而,其roe相当高于行业平均水平8.2%的事实没有被我们忽视。尤其是在看到凌云实业过去五年53%的净利润增长之后。请记住,该公司的roe确实相对较低,只是行业roe更低。因此,盈利增长可能还有其他原因。例如,该公司的分红率较低,或者属于高增长行业。
As a next step, we compared Ling Yun Industrial'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 8.7%.
作为下一步,我们将凌云实业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增长8.7%。
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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. This then helps them determine if the stock is placed for a bright or bleak future. 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 Ling Yun Industrial is trading on a high P/E or a low P/E, relative to its industry.
当评估股票时,盈利增长是一个重要的指标。投资者应该尽量确定预期的盈利增长或下降是否已经反映在股价中。这有助于他们判断该股票的未来是光明还是黯淡。一个好的预期盈利增长指标是市盈率,它根据股票的盈利前景决定市场愿意支付的价格。所以,你可以查看一下凌云集团的市盈率是高还是低,相对于它所在的行业。
Is Ling Yun Industrial Using Its Retained Earnings Effectively?
凌云集团是否有效利用了留存盈余?
Ling Yun Industrial's three-year median payout ratio is a pretty moderate 29%, meaning the company retains 71% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Ling Yun Industrial is reinvesting its earnings efficiently.
凌云集团的三年中位数分红比率为相当适中的29%,这意味着该公司保留了其收入的71%。这表明其股息得到了很好的保障,并且考虑到我们上面讨论的高增长,凌云集团似乎在有效地再投资其盈利。
Besides, Ling Yun Industrial has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 29%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 10.0%.
此外,凌云集团至少连续十年支付股息。这表明公司致力于与股东分享利润。我们最新的分析师数据显示,该公司未来三年的股息支付比率预计约为29%。因此,分析师预测该公司未来的ROE不会有太大变化,预计为10.0%。
Conclusion
结论
Overall, we are quite pleased with Ling Yun Industrial's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate. 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 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,我们对凌云工业的表现非常满意。特别是,公司的盈利增长得到了可观的roe和高的再投资率的支持。但是,最新的行业分析师预测显示,公司的盈利增长预计将放缓。想要了解更多关于公司未来盈利增长预测的信息,请看这份有关该公司分析师预测的免费报告。
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