Could The Market Be Wrong About Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) Given Its Attractive Financial Prospects?
It is hard to get excited after looking at Qinghai Salt Lake IndustryLtd's (SZSE:000792) recent performance, when its stock has declined 6.7% over the past three months. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Qinghai Salt Lake IndustryLtd's ROE in this article.
看看青海盐湖工业有限公司（深交所代码：000792）最近的表现，很难感到兴奋，当时该公司的股票在过去三个月中下跌了6.7％。但是，仔细观察其稳健的财务状况可能会让您重新考虑。鉴于基本面通常会推动长期市场业绩，该公司值得一看。具体而言，我们决定在本文中研究青海盐湖工业有限公司的投资回报率。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之，投资回报率显示了每美元从其股东投资中产生的利润。
See our latest analysis for Qinghai Salt Lake IndustryLtd
查看我们对青海盐湖工业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:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Qinghai Salt Lake IndustryLtd is:
因此，根据上述公式，青海盐湖工业有限公司的投资回报率为：
33% = CN¥11b ÷ CN¥34b (Based on the trailing twelve months to September 2023).
33% = 人民币11亿元/34亿元人民币（基于截至2023年9月的过去十二个月）。
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¥0.33 in profit.
“回报” 是指过去十二个月的利润。另一种想法是，公司每持有1元人民币的股权，就能赚取0.33元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. 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，投资回报率是衡量公司盈利能力的指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他条件都一样，与功能不相同的公司相比，具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
A Side By Side comparison of Qinghai Salt Lake IndustryLtd's Earnings Growth And 33% ROE
青海盐湖工业有限公司收益增长和33％投资回报率的并行比较
To begin with, Qinghai Salt Lake IndustryLtd has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 6.7% the company's ROE is quite impressive. Under the circumstances, Qinghai Salt Lake IndustryLtd's considerable five year net income growth of 51% was to be expected.
首先，青海盐湖工业有限公司的投资回报率相当高，这很有趣。其次，即使与6.7％的行业平均水平相比，该公司的投资回报率也相当可观。在这种情况下，青海盐湖工业有限公司五年来可观的净收入增长51％是可以预料的。
As a next step, we compared Qinghai Salt Lake IndustryLtd's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 12%.
下一步，我们将青海盐湖工业有限公司的净收入增长与该行业进行了比较，令人高兴的是，我们发现该公司的增长高于行业平均水平的12％的增长。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. What is 000792 worth today? The intrinsic value infographic in our free research report helps visualize whether 000792 is currently mispriced by the market.
赋予公司价值的基础在很大程度上与其收益增长息息相关。投资者应努力确定预期的收益增长或下降，无论情况如何，是否已被考虑在内。这样做将帮助他们确定股票的未来是光明还是不祥。今天的 000792 值多少钱？我们的免费研究报告中的内在价值信息图有助于直观地了解市场目前是否对000792进行了错误的定价。
Is Qinghai Salt Lake IndustryLtd Efficiently Re-investing Its Profits?
青海盐湖工业有限公司是否有效地将其利润再投资？
Qinghai Salt Lake IndustryLtd doesn't pay any dividend to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
青海盐湖工业有限公司不向股东支付任何股息，这意味着该公司一直在将其所有利润再投资于该业务。这可能是推动上面讨论的高收益增长数字的原因。
Summary
摘要
On the whole, we feel that Qinghai Salt Lake IndustryLtd's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言，我们认为青海盐湖工业有限公司的表现相当不错。特别是，很高兴看到该公司正在对其业务进行大量投资，再加上高回报率，这使其收益大幅增长。话虽如此，最新的行业分析师预测显示，该公司的收益增长预计将放缓。这些分析师的预期是基于对该行业的广泛预期，还是基于公司的基本面？点击此处进入我们分析师对公司的预测页面。
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。