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CITIC Heavy Industries Co., Ltd.'s (SHSE:601608) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
CITIC Heavy Industries Co., Ltd.'s (SHSE:601608) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
It is hard to get excited after looking at CITIC Heavy Industries' (SHSE:601608) recent performance, when its stock has declined 11% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on CITIC Heavy Industries' 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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
Check out our latest analysis for CITIC Heavy Industries
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for CITIC Heavy Industries is:
3.0% = CN¥238m ÷ CN¥7.8b (Based on the trailing twelve months to June 2022).
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¥0.03.
What Has ROE Got To Do With Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
A Side By Side comparison of CITIC Heavy Industries' Earnings Growth And 3.0% ROE
It is hard to argue that CITIC Heavy Industries' ROE is much good in and of itself. Even compared to the average industry ROE of 8.1%, the company's ROE is quite dismal. Despite this, surprisingly, CITIC Heavy Industries saw an exceptional 70% net income growth over the past five years. Therefore, there could be other reasons behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
We then compared CITIC Heavy Industries' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 12% in the same period.
SHSE:601608 Past Earnings Growth September 20th 2022Earnings 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 CITIC Heavy Industries''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is CITIC Heavy Industries Making Efficient Use Of Its Profits?
The three-year median payout ratio for CITIC Heavy Industries is 26%, which is moderately low. The company is retaining the remaining 74%. By the looks of it, the dividend is well covered and CITIC Heavy Industries is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
Additionally, CITIC Heavy Industries has paid dividends over a period of nine years which means that the company is pretty serious about sharing its profits with shareholders.
Conclusion
Overall, we feel that CITIC Heavy Industries certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard will have the 1 risk we have identified for CITIC Heavy Industries.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
看到中信股份重工(上海证券交易所股票代码:601608)最近的表现,很难感到兴奋,其股票在过去一个月里下跌了11%。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。在本文中,我们决定将重点放在中信股份重工的净资产收益率上。
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,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对中信股份重工的最新分析
你如何计算股本回报率?
可使用以下公式计算净资产收益率:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上述公式,中信股份重工的净资产收益率为:
3.0%=2.38亿元×78亿元(基于截至2022年6月的12个月)。
“报税表”是过去12个月的税后收入。因此,这意味着股东每投资1元人民币,公司就会产生0.03元的利润。
净资产收益率与盈利增长有什么关系?
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。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。
中信股份重工盈利增长与净资产收益率3.0%的并列比较
很难说中信股份重工的净资产收益率本身就很好。即使与8.1%的行业平均净资产收益率相比,该公司的净资产收益率也相当惨淡。尽管如此,令人惊讶的是,中信股份重工在过去五年中实现了70%的异常净利润增长。因此,这种增长背后可能还有其他原因。例如,公司管理层可能做出了一些良好的战略决策,或者公司的派息率较低。
然后我们将中信股份重工的净收入增长与行业进行了比较,我们很高兴地看到,与同期12%的行业增长率相比,该公司的增长数字更高。
上海证券交易所:过去601608的收益增长2022年9月20日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)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。如果你想知道中信股份重工的估值,看看这个市盈率指标,看看它与行业的对比。
中信股份重工是否在高效利用利润?
中信股份重工的三年派息率中值为26%,属于中等偏低水平。该公司将保留剩余的74%。从表面上看,股息得到了很好的覆盖,中信股份重工正在有效地将其利润进行再投资,这从我们上面讨论的非凡增长中可见一斑。
此外,中信股份重工在九年的时间里一直在分红,这意味着公司对与股东分享利润相当认真。
结论
总体而言,我们觉得中信股份重工确实有一些积极的因素需要考虑。尽管回报率很低,但该公司将很高比例的利润再投资于业务,无疑是其高收益增长的原因。虽然我们不会完全解雇这家公司,但我们要做的是努力确定这项业务在公司周围做出更明智的决定的风险有多大。我们的风险控制面板将包含我们为中信股份重工确定的1个风险。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。
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在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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