Should Weakness in China Isotope & Radiation Corporation's (HKG:1763) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in China Isotope & Radiation Corporation's (HKG:1763) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
China Isotope & Radiation (HKG:1763) has had a rough three months with its share price down 18%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study China Isotope & Radiation's ROE in this article.
中国同位素辐射股份有限公司(HKG：1763)经历了艰难的三个月，股价下跌了18%。然而，股价通常是由公司的长期财务状况推动的，在这种情况下，财务状况看起来相当不错。具体地说，我们决定在本文中研究中国同位素与辐射的净资产收益率。
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.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。换句话说，它揭示了该公司成功地将股东投资转化为利润。
See our latest analysis for China Isotope & Radiation
查看我们对中国同位素和辐射的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for China Isotope & Radiation is:
因此，根据上面的公式，中国同位素和辐射的净资产收益率为：
11% = CN¥673m ÷ CN¥6.0b (Based on the trailing twelve months to December 2021).
11%=人民币6.73亿×人民币6.0亿(以截至2021年12月的12个月为基础)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.11 in profit.
“报税表”是过去12个月的税后收入。一种将其概念化的方法是，公司每持有1港元的股东资本，就能获得0.11港元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
China Isotope & Radiation's Earnings Growth And 11% ROE
中国同位素辐射的盈利增长和11%的净资产收益率
To begin with, China Isotope & Radiation seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 11%. Given the circumstances, we can't help but wonder why China Isotope & Radiation saw little to no growth in the past five years. So, there could be some other aspects that could potentially be preventing the company from growing. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.
首先，《中国同位素与辐射》似乎有不错的净资产收益率。此外，该公司的净资产收益率(ROE)接近11%的行业平均水平。在这种情况下，我们不禁要问，为什么中国的同位素与辐射在过去五年里几乎没有增长。因此，可能还有其他一些方面可能会阻碍该公司的增长。例如，可能是公司的派息率很高，或者企业的资本配置不当。
We then compared China Isotope & Radiation's net income growth with the industry and found that the average industry growth rate was 19% in the same period.
然后，我们将中国同位素辐射公司的净收入增长与行业进行了比较，发现同期行业的平均增长率为19%。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. Is China Isotope & Radiation fairly valued compared to other companies? These 3 valuation measures might help you decide.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。与其他公司相比，中国同位素辐射公司的价值是否公平？这3个估值指标可能会帮助你做出决定。
Is China Isotope & Radiation Making Efficient Use Of Its Profits?
中国同位素辐射公司是否在有效利用其利润？
China Isotope & Radiation has a low three-year median payout ratio of 19% (or a retention ratio of 81%) but the negligible earnings growth number doesn't reflect this as high growth usually follows high profit retention.
China Isotope&Radiation的三年中值派息率较低，为19%(或留存率为81%)，但微不足道的盈利增长数字并不能反映这一点，因为高增长通常伴随着高利润留存。
Moreover, China Isotope & Radiation has been paying dividends for four years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，中国同位素辐射公司已经分红四年了，这是一个相当长的时间，这表明管理层肯定已经意识到，股东更喜欢分红，而不是盈利增长。
Conclusion
结论
Overall, we feel that China Isotope & Radiation certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言，我们认为《中国同位素与辐射》确实有一些积极的因素需要考虑。然而，低收益增长有点令人担忧，特别是考虑到该公司拥有高回报率，并将大部分利润进行再投资。从表面上看，可能还有其他一些因素正在阻碍增长，这些因素并不一定是控制企业的因素。既然如此，最新的行业分析师预测显示，分析师们预计该公司的收益增长率将大幅提高。这些分析师的预期是基于对该行业的广泛预期，还是基于该公司的基本面？点击此处进入我们分析师对该公司的预测页面。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。