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Is Dazhong Transportation (Group) Co., Ltd.'s (SHSE:600611) Stock Price Struggling As A Result Of Its Mixed Financials?

Is Dazhong Transportation (Group) Co., Ltd.'s (SHSE:600611) Stock Price Struggling As A Result Of Its Mixed Financials?

大中运输(集团)有限公司(上交所代码:600611)的股价是否因其财务表现不佳而挣扎?
Simply Wall St ·  2024/12/03 21:30

It is hard to get excited after looking at Dazhong Transportation (Group)'s (SHSE:600611) recent performance, when its stock has declined 12% over the past three months. 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. Specifically, we decided to study Dazhong Transportation (Group)'s ROE in this article.

在看到大庄运输(集团)(SHSE:600611)最近的表现后,很难感到兴奋,因为其股票在过去三个月中下跌了12%。市场似乎完全忽视了公司基本面中的积极因素,并决定更加关注负面因素。长期基本面通常是推动市场结果的因素,因此值得密切关注。具体来说,我们决定在本文中研究大庄运输(集团)的roe。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.

ROE(净资产收益率)是股东需考虑的一个重要因素,因为它告诉他们资本被有效地再投资的效果如何。换句话说,它揭示了公司将股东的投资转化为利润的成功程度。

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(来自持续经营) ÷ 股东权益

So, based on the above formula, the ROE for Dazhong Transportation (Group) is:

因此,根据上述公式,大庄运输(集团)的roe为:

3.1% = CN¥319m ÷ CN¥10b (Based on the trailing twelve months to September 2024).

3.1% = CN¥31900万 ÷ CN¥100亿(基于截至2024年9月的过去十二个月)。

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¥0.03 in profit.

‘回报’指的是公司过去一年的盈利。这意味着,对于每1元股东权益,公司创造了0.03元的利润。

What Is The Relationship Between ROE And Earnings Growth?

What Is The Relationship Between ROE And Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. 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 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.

到目前为止,我们已经了解了ROE是衡量公司盈利能力的一个指标。我们现在需要评估公司再投资或“保留”未来增长的利润量,以此给我们提供公司增长潜力的想法。假设其他所有因素保持不变,ROE和利润保留率越高,相比不具备这些特征的公司,这些公司的增长率就越高。

Dazhong Transportation (Group)'s Earnings Growth And 3.1% ROE

大中运输(集团)的盈利增长和3.1%的roe

It is hard to argue that Dazhong Transportation (Group)'s ROE is much good in and of itself. Even when compared to the industry average of 4.4%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 36% seen by Dazhong Transportation (Group) over the last five years is not surprising. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital.

很难说大中运输(集团)的roe在自身来看就有什么好。即使与行业平均4.4%相比,roe的数字也相当让人失望。在这种情况下,大中运输(集团)在过去五年中净利润下降36%也就不足为奇了。我们认为这里可能还有其他因素在起作用,比如:盈利留存低或资本配置不当。

As a next step, we compared Dazhong Transportation (Group)'s performance with the industry and found thatDazhong Transportation (Group)'s performance is depressing even when compared with the industry, which has shrunk its earnings at a rate of 0.6% in the same period, which is a slower than the company.

作为下一步,我们将大中运输(集团)的表现与行业进行了比较,发现大中运输(集团)的表现甚至在与行业比较时也令人沮丧,而该行业在同一期间的盈利以0.6%的速度缩减,这一速度比该公司慢。

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SHSE:600611 Past Earnings Growth December 4th 2024
SHSE:600611 过去的盈利增长 2024年12月4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). 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 Dazhong Transportation (Group)'s's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

盈利增长是估值股票时需要考虑的重要指标。投资者了解市场是否已经考虑了公司预期的盈利增长(或下降)非常重要。这样做,他们将对股票是否进入了平静的沃特世有所了解,还是有泥泞的水域在等待着。如果你在询问大中华运输(集团)的估值,可以查看该公司的市盈率相较于行业的评估。

Is Dazhong Transportation (Group) Making Efficient Use Of Its Profits?

大中华运输(集团)是否有效利用了其利润?

Looking at its three-year median payout ratio of 40% (or a retention ratio of 60%) which is pretty normal, Dazhong Transportation (Group)'s declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

考虑到其三年中位数派息率为40%(或保留率为60%)这相当正常,大中华运输(集团)盈利下滑相当让人困惑,因为人们通常期望在公司保留了一定比例的利润时能看到相当的增长。因此,这里可能存在其他因素在影响增长。例如,该业务面临了一些逆风。

In addition, Dazhong Transportation (Group) has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.

此外,大中华运输(集团)在至少十年的时间里支付了分红,表明维持分红支付对管理层来说比业务增长更为重要,即便这代价是牺牲业务增长。

Conclusion

结论

On the whole, we feel that the performance shown by Dazhong Transportation (Group) can be open to many interpretations. 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 4 risks we have identified for Dazhong Transportation (Group) by visiting our risks dashboard for free on our platform here.

总体来说,我们觉得大中运输(集团)表现的情况可以有多种解读。 尽管看起来它保留了大部分的利润,但由于低roe,投资者可能并没有从所有的再投资中受益。低盈利增长表明我们的理论是正确的。 总结一下,我们将谨慎对待这家公司,进行谨慎的方式之一是查看其业务的风险特征。 您可以通过访问我们的风险仪表板,免费查看我们为大中运输(集团)识别的四个风险。

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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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