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Are Shanghai Geoharbour Construction Group Co., Ltd.'s (SHSE:605598) Mixed Financials Driving The Negative Sentiment?

Are Shanghai Geoharbour Construction Group Co., Ltd.'s (SHSE:605598) Mixed Financials Driving The Negative Sentiment?

是上海港湾建设集团有限公司吗s (SHSE: 605598) 涨跌互现的财务状况推动了负面情绪?
Simply Wall St ·  2023/10/16 21:30

With its stock down 25% over the past three months, it is easy to disregard Shanghai Geoharbour Construction Group (SHSE:605598). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Particularly, we will be paying attention to Shanghai Geoharbour Construction Group's ROE today.

在过去三个月里其股价下跌了25%,人们很容易忽视上海地港建设集团(上海证交所:605598)。然而,我们决定研究该公司的财务状况,以确定它们是否与价格下跌有关。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。特别是今天我们将关注上海地港建设集团的净资产收益率。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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。

View our latest analysis for Shanghai Geoharbour Construction Group

查看我们对上海地港建设集团的最新分析

How Is ROE Calculated?

净资产收益率是如何计算的?

The formula for return on equity is:

这个股本回报率公式是:

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 Shanghai Geoharbour Construction Group is:

因此,根据上述公式,上海地港建设集团的净资产收益率为:

8.9% = CN¥150m ÷ CN¥1.7b (Based on the trailing twelve months to June 2023).

8.9%=1.5亿元×17亿元(基于截至2023年6月的12个月)。

The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.

“收益”是过去12个月的利润。一种概念化的方法是,公司每拥有1元人民币的股东资本,就会获得0.09元人民币的利润。

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?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.

到目前为止,我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。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。

Shanghai Geoharbour Construction Group's Earnings Growth And 8.9% ROE

上海地港建设集团盈利增长8.9%净资产收益率

When you first look at it, Shanghai Geoharbour Construction Group's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 8.3%, so we won't completely dismiss the company. On the other hand, Shanghai Geoharbour Construction Group reported a fairly low 2.6% net income growth over the past five years. Remember, the company's ROE is not particularly great to begin with. So this could also be one of the reasons behind the company's low growth in earnings.

乍一看,上海地港建设集团的净资产收益率(ROE)看起来并不那么吸引人。不过,其净资产收益率接近8.3%的行业平均水平,因此我们不会完全对该公司不屑一顾。另一方面,上海地港建设集团报告称,过去五年的净收入增长相当低,为2.6%。请记住,该公司的净资产收益率从一开始就不是特别高。因此,这也可能是该公司盈利增长缓慢的原因之一。

We then compared Shanghai Geoharbour Construction Group's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 10% in the same 5-year period, which is a bit concerning.

然后,我们将上海地港建设集团的净收入增长与行业进行了比较,发现该公司的增长数字低于同期10%的行业平均增长率,这有点令人担忧。

past-earnings-growth
SHSE:605598 Past Earnings Growth October 17th 2023
上海证券交易所:过去605598的收益增长2023年10月17日

Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. 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 Shanghai Geoharbour Construction Group is trading on a high P/E or a low P/E, relative to its industry.

盈利增长是评估一只股票时需要考虑的一个重要指标。投资者下一步需要确定的是,预期的收益增长是否已经计入了股价。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,你可能想看看上海地港建设集团的市盈率相对于其行业是高市盈率还是低市盈率。

Is Shanghai Geoharbour Construction Group Efficiently Re-investing Its Profits?

上海地港建设集团是否有效地将利润进行了再投资?

Shanghai Geoharbour Construction Group's low three-year median payout ratio of 8.2% (or a retention ratio of 92%) should mean that the company is retaining most of its earnings to fuel its growth. This should be reflected in its earnings growth number, but that's not the case. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

上海地港建设集团较低的三年派息率中值为8.2%(或留存比率为92%),这应该意味着该公司将保留大部分收益来推动其增长。这本应反映在其盈利增长数据中,但事实并非如此。因此,可能还有其他一些原因来解释这方面的缺乏。例如,这项业务可能正在衰落。

Additionally, Shanghai Geoharbour Construction Group started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.

此外,上海地港建设集团最近才开始分红。因此,看起来管理层肯定已经意识到,股东更喜欢分红,而不是收益增长。

Conclusion

结论

In total, we're a bit ambivalent about Shanghai Geoharbour Construction Group's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

总体而言,我们对上海地港建设集团的表现有点矛盾。虽然该公司的利润留存率确实很高,但其低回报率可能正在阻碍其收益增长。既然如此,最新的分析师预测显示,该公司的收益将继续增长。要了解更多分析师对该公司的最新预测,请查看分析师对该公司预测的可视化。

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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.

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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。

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