Qian Jiang Water Resources Development Co.,Ltd's (SHSE:600283) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?
Qian Jiang Water Resources Development Co.,Ltd's (SHSE:600283) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?
Qian Jiang Water Resources DevelopmentLtd (SHSE:600283) has had a great run on the share market with its stock up by a significant 26% over the last three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Qian Jiang Water Resources DevelopmentLtd's ROE.
钱江水利开发股份有限公司(上海证券交易所股票代码：600283)在过去三个月中股价大幅上涨26%。我们想知道，由于一家公司的长期基本面通常决定着市场结果，该公司的财务状况是否以及在价格变化中扮演了什么角色。在本文中，我们决定将重点放在钱江水利开发有限公司的净资产收益率上。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for Qian Jiang Water Resources DevelopmentLtd
查看我们对钱江水利开发有限公司的最新分析
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 Qian Jiang Water Resources DevelopmentLtd is:
因此，根据上述公式，钱江水利开发有限公司的净资产收益率为：
9.3% = CN¥270m ÷ CN¥2.9b (Based on the trailing twelve months to March 2023).
9.3%=2.7亿元×29亿元(以截至2023年3月的12个月为基础)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.09 in profit.
“收益”是过去12个月的利润。另一种说法是，公司每持有价值1元的股权，就能赚取0.09元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
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.
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。
A Side By Side comparison of Qian Jiang Water Resources DevelopmentLtd's Earnings Growth And 9.3% ROE
钱江水利开发公司盈利增长与净资产收益率9.3%的并列比较
On the face of it, Qian Jiang Water Resources DevelopmentLtd's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 8.8%. Particularly, the exceptional 25% net income growth seen by Qian Jiang Water Resources DevelopmentLtd over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
从表面上看，钱江水利开发有限公司的净资产收益率(ROE)没有太多可谈的。然而，一项更仔细的研究显示，该公司的净资产收益率接近8.8%的行业平均水平。特别值得一提的是，钱江水利开发有限公司在过去五年中实现了25%的超常净收入增长，这是相当了不起的。考虑到较低的净资产收益率，很有可能还有一些其他方面正在积极影响公司的收益增长。例如，该公司的派息率较低或管理效率较高。
Next, on comparing with the industry net income growth, we found that Qian Jiang Water Resources DevelopmentLtd's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
接下来，对比行业净收入增长，我们发现，与同期8.7%的行业平均增长相比，钱江水利开发有限公司的增长相当高，这是令人欣喜的。
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. 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 Qian Jiang Water Resources DevelopmentLtd is trading on a high P/E or a low P/E, relative to its industry.
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。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，你可能想看看钱江水利开发有限公司相对于其行业是高市盈率还是低市盈率。
Is Qian Jiang Water Resources DevelopmentLtd Using Its Retained Earnings Effectively?
钱江水利开发有限公司是否有效利用其留存收益？
The three-year median payout ratio for Qian Jiang Water Resources DevelopmentLtd is 33%, which is moderately low. The company is retaining the remaining 67%. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Qian Jiang Water Resources DevelopmentLtd is reinvesting its earnings efficiently.
钱江水利发展有限公司的三年中位数派息率为33%，属中等偏低水平。该公司将保留剩余的67%。这表明它的股息得到了很好的覆盖，考虑到我们上面讨论的高增长，看起来钱江水利开发有限公司正在有效地将其收益进行再投资。
Moreover, Qian Jiang Water Resources DevelopmentLtd is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外，钱江水利开发有限公司决心继续与股东分享利润，这是我们从其至少十年的派息历史中推断出来的。
Conclusion
结论
Overall, we feel that Qian Jiang Water Resources DevelopmentLtd 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. You can see the 2 risks we have identified for Qian Jiang Water Resources DevelopmentLtd by visiting our risks dashboard for free on our platform here.
总体而言，我们认为钱江水利发展有限公司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。您可以访问我们为钱江水利开发有限公司确定的两个风险风险控制面板在我们的平台上是免费的。
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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。