CIG ShangHai Co., Ltd.'s (SHSE:603083) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
CIG ShangHai Co., Ltd.'s (SHSE:603083) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
CIG ShangHai's (SHSE:603083) stock is up by a considerable 69% over the past three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study CIG ShangHai's ROE in this article.
CIG上海(上海证券交易所代码:603083)的股票在过去三个月中上涨了69%。我们想知道公司的财务状况在价格变动中是否起着什么作用,因为公司的长期基本面通常决定市场业绩。具体而言,我们决定在本文中研究CIG上海的投资回报率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之,它衡量公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率?
ROE can be calculated by using the formula:
ROE 可以通过使用以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营)÷ 股东权益
So, based on the above formula, the ROE for CIG ShangHai is:
因此,根据上述公式,CIG上海的投资回报率为:
5.4% = CN¥129m ÷ CN¥2.4b (Based on the trailing twelve months to September 2024).
5.4% = 12900万元人民币 ÷ 24元人民币(基于截至2024年9月的过去十二个月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.05 in profit.
“回报” 是过去十二个月的利润。另一种思考方式是,公司每拥有价值1元人民币的股权,就能获得0.05元的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
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. 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.
到目前为止,我们已经了解到,投资回报率是衡量公司盈利能力的指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
A Side By Side comparison of CIG ShangHai's Earnings Growth And 5.4% ROE
CIG上海的收益增长和5.4%的投资回报率的并排比较
At first glance, CIG ShangHai's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 5.6%. Looking at CIG ShangHai's exceptional 47% five-year net income growth in particular, we are definitely impressed. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. 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.
乍一看,CIG上海的投资回报率看起来并不十分乐观。然而,一项更仔细的研究表明,该公司的投资回报率与行业平均水平的5.6%相似。特别是CIG Shanghai惊人的 47% 的五年净收入增长,我们肯定印象深刻。考虑到投资回报率不是特别高,我们认为还可能有其他因素在起作用,这些因素可能会影响公司的增长。例如,公司的管理层可能做出了一些良好的战略决策,或者公司的派息率很低。
Next, on comparing with the industry net income growth, we found that CIG ShangHai's growth is quite high when compared to the industry average growth of 12% in the same period, which is great to see.
接下来,与行业净收入增长相比,我们发现,与同期行业平均增长12%相比,CIG上海的增长相当高,这真是太好了。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is CIG ShangHai fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是股票估值的重要因素。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。与其他公司相比,CIG上海的估值是否合理?这3种估值指标可能会帮助您做出决定。
Is CIG ShangHai Using Its Retained Earnings Effectively?
CIG上海是否有效地使用了其留存收益?
The high three-year median payout ratio of 54% (implying that it keeps only 46% of profits) for CIG ShangHai suggests that the company's growth wasn't really hampered despite it returning most of the earnings to its shareholders.
CIG ShangHai的三年中位数派息率高达54%(这意味着它仅保留了46%的利润),这表明尽管该公司将大部分收益返还给了股东,但其增长并没有真正受到阻碍。
Moreover, CIG ShangHai is determined to keep sharing its profits with shareholders which we infer from its long history of six years of paying a dividend.
此外,CIG上海决心继续与股东分享利润,这是我们从其六年派息的长期历史中推断出来的。
Conclusion
结论
On the whole, we do feel that CIG ShangHai has some positive attributes. While no doubt its earnings growth is pretty substantial, we do feel that the reinvestment rate is pretty low, meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits. Up till now, we've only made a short study of the company's growth data. So it may be worth checking this free detailed graph of CIG ShangHai's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.
总的来说,我们确实认为CIG上海有一些积极的属性。尽管毫无疑问,其收益增长相当可观,但我们确实认为再投资率相当低,这意味着,如果该公司保留更多的利润,收益增长数字本可以大大提高。到目前为止,我们只对公司的增长数据进行了简短的研究。因此,可能值得查看这张免费的CIG上海过去收益以及收入和现金流的详细图表,以更深入地了解该公司的业绩。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。