Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd.'s (SHSE:600389) Stock Is Going Strong: Is the Market Following Fundamentals?
Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd.'s (SHSE:600389) Stock Is Going Strong: Is the Market Following Fundamentals?
Nantong Jiangshan Agrochemical & ChemicalsLtd's (SHSE:600389) stock is up by a considerable 38% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. In this article, we decided to focus on Nantong Jiangshan Agrochemical & ChemicalsLtd's ROE.
南通江山农化股份有限公司(上海证券交易所股票代码：600389)的股票在过去三个月里上涨了38%。考虑到市场从长期来看会奖励强劲的金融类股，我们想知道，在这种情况下，情况是否如此。在本文中，我们决定以南通江山农化股份有限公司的净资产收益率为研究对象。
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
See our latest analysis for Nantong Jiangshan Agrochemical & ChemicalsLtd
查看我们对南通江山农化股份有限公司的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
The formula for ROE is:
这个净资产收益率公式是：
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 Nantong Jiangshan Agrochemical & ChemicalsLtd is:
因此，根据上述公式，南通江山农化股份有限公司的净资产收益率为：
44% = CN¥1.4b ÷ CN¥3.1b (Based on the trailing twelve months to March 2022).
44%=14亿元×31亿元(基于截至2022年3月的12个月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.44 in profit.
“回报”指的是企业在过去一年中获得的收入。这意味着，每增加价值1元的股东权益，公司就会产生0.44元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。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。
Nantong Jiangshan Agrochemical & ChemicalsLtd's Earnings Growth And 44% ROE
南通江山农化股份有限公司盈利增长44%净资产收益率
To begin with, Nantong Jiangshan Agrochemical & ChemicalsLtd has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 10% the company's ROE is quite impressive. Under the circumstances, Nantong Jiangshan Agrochemical & ChemicalsLtd's considerable five year net income growth of 30% was to be expected.
首先，南通江山农化股份有限公司拥有相当高的净资产收益率，这是很有趣的。其次，即使与10%的行业平均水平相比，该公司的净资产收益率也相当令人印象深刻。在这种情况下，南通江山农化股份有限公司五年来净收入实现30%的可观增长是意料之中的。
Next, on comparing with the industry net income growth, we found that Nantong Jiangshan Agrochemical & ChemicalsLtd's growth is quite high when compared to the industry average growth of 19% in the same period, which is great to see.
接下来，通过与行业净收入增长的比较，我们发现南通江山农化股份有限公司的增长与同期行业平均增长19%相比是相当高的，这是令人欣喜的。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Nantong Jiangshan Agrochemical & ChemicalsLtd 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)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。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，你可能想看看南通江山农化股份有限公司相对于其行业是高市盈率还是低市盈率。
Is Nantong Jiangshan Agrochemical & ChemicalsLtd Using Its Retained Earnings Effectively?
南通江山农化股份有限公司是否有效利用其留存收益？
Nantong Jiangshan Agrochemical & ChemicalsLtd has a significant three-year median payout ratio of 73%, meaning the company only retains 27% of its income. This implies that the company has been able to achieve high earnings growth despite returning most of its profits to shareholders.
南通江山农化股份有限公司的三年派息率中值高达73%，这意味着该公司只保留了27%的收入。这意味着，尽管该公司将大部分利润返还给股东，但仍能够实现高收益增长。
Moreover, Nantong Jiangshan Agrochemical & ChemicalsLtd is determined to keep sharing its profits with shareholders which we infer from its long history of nine years of paying a dividend.
此外，南通江山农化股份有限公司决心继续与股东分享利润，这是从其长达九年的派息历史中推断出来的。
Conclusion
结论
In total, we are pretty happy with Nantong Jiangshan Agrochemical & ChemicalsLtd's performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总体而言，我们对南通江山农化股份有限公司的表现感到满意。特别是，其高净资产收益率相当值得注意，也是其可观收益增长背后的可能解释。然而，该公司保留了一小部分利润。这意味着，尽管如此，该公司仍能实现收益增长，所以这并不是太糟糕。既然如此，一项对最新分析师预测的研究表明，预计该公司未来的收益增长将放缓。要了解更多有关该公司未来收益增长预测的信息，请查看以下内容免费报告分析师对该公司的预测，以了解更多信息。
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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。