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Are Jiangxi Sunshine Dairy Co., Ltd.'s (SZSE:001318) Mixed Financials Driving The Negative Sentiment?

Are Jiangxi Sunshine Dairy Co., Ltd.'s (SZSE:001318) Mixed Financials Driving The Negative Sentiment?

江西世纪阳光乳制品有限公司(SZSE:001318)的混合财务状况是否导致负面情绪?
Simply Wall St ·  2024/09/10 22:46

It is hard to get excited after looking at Jiangxi Sunshine Dairy's (SZSE:001318) recent performance, when its stock has declined 13% over the past week. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on Jiangxi Sunshine Dairy's ROE.

在看完江西世纪阳光乳业(SZSE:001318)最近的表现后,很难感到兴奋,因为其股价在过去一周下跌了13%。似乎市场完全忽视了公司基本面的积极因素,并决定更加关注负面因素。长期基本面通常是驱动市场走势的因素,所以值得密切关注。在本文中,我们决定聚焦于江西世纪阳光乳业的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. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回报率或roe是一项关键指标,用于评估公司管理层使用公司资本的效率。换句话说,它揭示了公司将股东的投资转化为利润的成功。

How To Calculate Return On Equity?

如何计算股东权益报酬率?

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 Jiangxi Sunshine Dairy is:

所以,根据上述公式,江西世纪阳光乳业的roe为:

7.9% = CN¥107m ÷ CN¥1.4b (Based on the trailing twelve months to June 2024).

7.9% = CN¥10700万 ÷ CN¥14亿(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. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.08 in profit.

'回报'是上一年度税后收入。从一个角度来看,对于每一元股东的资本,公司赚取了0.08元的利润。

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. 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. 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.

迄今为止,我们已经了解到roe是公司盈利能力的一种衡量方式。根据公司重新投资或保留这些利润的数量,以及有效程度,我们能够评估公司的盈利增长潜力。一般来说,其他条件相同的情况下,具有高roe和盈利保留能力的公司比没有这些特征的公司的增长率更高。

A Side By Side comparison of Jiangxi Sunshine Dairy's Earnings Growth And 7.9% ROE

江西阳光乳品的收益增长和7.9%的roe比较

When you first look at it, Jiangxi Sunshine Dairy's ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 8.1%, we may spare it some thought. However, Jiangxi Sunshine Dairy has seen a flattish net income growth over the past five years, which is not saying much. Bear in mind, the company's ROE is not very high. Hence, this provides some context to the flat earnings growth seen by the company.

当你初次看到时,江西阳光乳品的roe看起来并不那么吸引人。然而,考虑到公司的roe与行业平均roe相近,我们可以多考虑一下。然而,江西阳光乳品在过去五年中的净利润增长相对平稳,并不算很高。因此,这为公司所见到的平稳收益增长提供了一些背景。

Next, on comparing with the industry net income growth, we found that Jiangxi Sunshine Dairy's reported growth was lower than the industry growth of 1.3% over the last few years, which is not something we like to see.

其次,与行业净利润增长相比,我们发现江西阳光乳品的报告增长低于行业近几年的1.3%的增长,这是我们不愿意看到的。

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SZSE:001318 Past Earnings Growth September 10th 2024
SZSE:001318过去的盈利增长于2024年9月10日

Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Jiangxi Sunshine Dairy's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

收益增长是评估股票价值时需要考虑的重要指标。投资者需要了解市场是否已经将公司预期的收益增长(或下降)计入价格中。这有助于他们判断股票是处于光明还是黑暗的未来。如果您想了解江西世纪阳光乳制品的估值情况,请查看其市盈率和行业相比的表现。

Is Jiangxi Sunshine Dairy Using Its Retained Earnings Effectively?

江西世纪阳光乳制品是否有效利用留存收益?

Despite having a moderate three-year median payout ratio of 38% (meaning the company retains62% of profits) in the last three-year period, Jiangxi Sunshine Dairy's earnings growth was more or les flat. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.

尽管在过去三年的中位数分红比率为38%(意味着公司保留了62%的利润),但江西世纪阳光乳制品的盈利增长基本保持不变。因此,在这方面可能有其他解释。例如,公司的业务可能在恶化。

Additionally, Jiangxi Sunshine Dairy started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.

此外,江西世纪阳光乳制品最近才开始支付股息。因此,管理层似乎认为股东更青睐股息而非盈利增长。

Conclusion

结论

On the whole, we feel that the performance shown by Jiangxi Sunshine Dairy can be open to many interpretations. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Up till now, we've only made a short study of the company's growth data. You can do your own research on Jiangxi Sunshine Dairy and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.

总体而言,我们认为江西世纪阳光乳业的表现可以有很多种解读。虽然该公司的盈利保留率很高,但其低的回报率可能阻碍了其盈利增长。到目前为止,我们只对该公司的成长数据进行了简短的研究。您可以自己对江西世纪阳光乳业进行调查,通过查看过去的营收,利润和现金流的免费详细图表来了解其过去的业绩。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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