Swancor Advanced Materials Co., Ltd.'s (SHSE:688585) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Swancor Advanced Materials Co., Ltd.'s (SHSE:688585) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Swancor Advanced Materials (SHSE:688585) has had a great run on the share market with its stock up by a significant 16% over the last month. 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 Swancor Advanced Materials' ROE in this article.
斯旺科先进材料公司(上海证券交易所股票代码：688585)在股票市场上表现出色，其股票在过去一个月大幅上涨了16%。但该公司的关键财务指标似乎在所有方面都不同，这让我们质疑该公司目前的股价势头能否保持下去。具体地说，我们决定在本文中研究斯万科先进材料公司的净资产收益率。
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.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for Swancor Advanced Materials
查看我们对Swancor高级材料的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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 Swancor Advanced Materials is:
因此，根据上述公式，斯旺科先进材料的净资产收益率为：
4.3% = CN¥46m ÷ CN¥1.1b (Based on the trailing twelve months to March 2022).
4.3%=CN元4600万×CN元11亿元(基于截至2022年3月的12个月)。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.04 in profit.
“收益”是过去12个月的利润。这意味着，股东权益每增加1元，公司就会产生0.04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？
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，我们了解到净资产收益率是衡量一家公司盈利能力的指标。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
Swancor Advanced Materials' Earnings Growth And 4.3% ROE
Swancor先进材料公司的收益增长和4.3%的净资产收益率
It is quite clear that Swancor Advanced Materials' ROE is rather low. Even compared to the average industry ROE of 10%, the company's ROE is quite dismal. As a result, Swancor Advanced Materials' flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明显，斯旺科先进材料的净资产收益率(ROE)相当低。即使与行业平均10%的净资产收益率相比，该公司的净资产收益率也相当惨淡。因此，鉴于其较低的净资产收益率(ROE)，斯旺科先进材料过去五年的收益持平并不令人意外。
We then compared Swancor Advanced Materials' 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Swancor先进材料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%。
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). This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Swancor Advanced Materials is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是股票估值的一个重要因素。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。衡量预期收益增长的一个很好的指标是市盈率，它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此，你可能想看看斯万科先进材料相对于其行业是高市盈率还是低市盈率。
Is Swancor Advanced Materials Using Its Retained Earnings Effectively?
斯旺科先进材料公司是否有效地利用了其留存收益？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a dividend. We infer that the company has been reinvesting all of its profits to grow its business.
虽然该公司过去确实支付了一部分股息，但目前不支付股息。我们推断，该公司一直在将所有利润进行再投资，以发展业务。
Summary
摘要
Overall, we have mixed feelings about Swancor Advanced Materials. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Up till now, we've only made a short study of the company's growth data. To gain further insights into Swancor Advanced Materials' past profit growth, check out this visualization of past earnings, revenue and cash flows.
总体而言，我们对斯旺科先进材料公司的看法复杂。虽然该公司的再投资率确实很高，但低ROE意味着所有的再投资都没有给投资者带来任何好处，而且对收益增长产生了负面影响。到目前为止，我们只对该公司的增长数据进行了简短的研究。要进一步了解斯旺科先进材料公司过去的利润增长，请查看对过去收益、收入和现金流的可视化。
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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。