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Zhe Jiang Headman Machinery Co.,Ltd. (SHSE:688577) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?

Zhe Jiang Headman Machinery Co.,Ltd. (SHSE:688577) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?

浙江交建機械股份有限公司(SHSE:688577)表現強勁,但基本面似乎存在混合信號:這支股票未來走勢是否明朗?
Simply Wall St ·  2024/12/02 15:06

Most readers would already be aware that Zhe Jiang Headman MachineryLtd's (SHSE:688577) stock increased significantly by 41% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Zhe Jiang Headman MachineryLtd's ROE in this article.

大多數讀者可能已經意識到,浙江海德曼機械有限公司(SHSE:688577)的股票在過去三個月內顯著增長了41%。但是,該公司的主要財務指標似乎存在差異,這使我們質疑公司當前的股價動能是否能夠持續。特別是,我們決定在本文中研究浙江海德曼機械有限公司的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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

roe,即淨資產收益率,是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說,它是一種盈利能力比率,衡量公司股東提供的資本的回報率。

How Is ROE Calculated?

淨資產收益率怎麼計算?

ROE can be calculated by using the formula:

roe可以通過以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

淨資產收益率 = 淨利潤(來自持續經營) ÷ 股東權益

So, based on the above formula, the ROE for Zhe Jiang Headman MachineryLtd is:

因此,根據上述公式,浙江海德曼機械有限公司的roe爲:

2.5% = CN¥25m ÷ CN¥1.0b (Based on the trailing twelve months to September 2024).

2.5% = CN¥2500萬 ÷ CN¥10億(基於截至2024年9月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.02.

「回報」是過去十二個月稅後盈利的金額。這意味着對於每1元股東投資,公司可以創造0.02元的利潤。

What Is The Relationship Between ROE And Earnings Growth?

What Is The Relationship Between ROE And Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.

到目前爲止,我們已經了解到ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長「保留」的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。

Zhe Jiang Headman MachineryLtd's Earnings Growth And 2.5% ROE

浙江海頭機械有限公司的盈利增長和2.5%的roe

As you can see, Zhe Jiang Headman MachineryLtd's ROE looks pretty weak. Even when compared to the industry average of 6.3%, the ROE figure is pretty disappointing. Therefore, it might not be wrong to say that the five year net income decline of 12% seen by Zhe Jiang Headman MachineryLtd was possibly a result of it having a lower ROE. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital.

如您所見,浙江海頭機械有限公司的roe看起來相當疲弱。即使與行業平均的6.3%相比,roe數據也令人失望。因此,可以說浙江海頭機械有限公司五年淨利潤下降12%可能是由於其roe較低的結果。我們認爲還有其他因素在起作用,例如 - 低盈利留存或資本配置不當。

So, as a next step, we compared Zhe Jiang Headman MachineryLtd's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 7.3% over the last few years.

所以,作爲下一步,我們將浙江海頭機械有限公司的表現與行業進行了比較,並很失望地發現,儘管該公司的盈利正在縮減,但行業在過去幾年中以7.3%的速度增長其盈利。

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SHSE:688577 Past Earnings Growth December 2nd 2024
SHSE:688577過去的盈利增長2024年12月2日

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. If you're wondering about Zhe Jiang Headman MachineryLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

盈利增長是股票估值的一個重要因素。投資者了解市場是否已經考慮了公司的預期盈利增長(或下降)是非常重要的。這將幫助他們判斷股票未來是看起來有前景還是不祥。如果你在想浙江海頭機械有限公司的估值,請查看這個與其行業相比的市盈率指標。

Is Zhe Jiang Headman MachineryLtd Making Efficient Use Of Its Profits?

浙江海頭機械有限公司是否有效利用其盈利?

In spite of a normal three-year median payout ratio of 36% (that is, a retention ratio of 64%), the fact that Zhe Jiang Headman MachineryLtd's earnings have shrunk is quite puzzling. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

儘管正常的三年中位派息比率爲36%(即保留比率爲64%),但浙江海頭機械有限公司的盈利縮減仍然令人困惑。因此,這裏可能還有其他因素在影響增長。例如,這個業務面臨了一些逆風。

Moreover, Zhe Jiang Headman MachineryLtd has been paying dividends for four years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking.

此外,浙江海頭機械有限公司已經支付了四年的分紅派息,這是一段相當長的時間,這表明管理層可能意識到股東更喜歡穩定的分紅派息,儘管盈利一直在縮減。

Summary

總結

Overall, we have mixed feelings about Zhe Jiang Headman MachineryLtd. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. You can see the 6 risks we have identified for Zhe Jiang Headman MachineryLtd by visiting our risks dashboard for free on our platform here.

總體來說,我們對浙江海頭機械有限公司的看法是複雜的。儘管它似乎保留了大部分利潤,但考慮到低roe,投資者可能並沒有從所有的再投資中受益。低收益增長表明我們的理論是正確的。最後,我們對該公司採取謹慎的態度,而一種方法是查看該業務的風險概況。您可以通過訪問我們平台上的風險特斯拉-儀表,免費查看我們爲浙江海頭機械有限公司識別的6個風險。

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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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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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