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Kehua Holdings Co.,Ltd (SHSE:603161) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

Kehua Holdings Co.,Ltd (SHSE:603161) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

科华控股有限公司, Ltd(SHSE: 603161)股票一直在下滑但基本面看起来不错:未来市场会修正股价吗?
Simply Wall St ·  01/31 18:17

With its stock down 22% over the past three months, it is easy to disregard Kehua HoldingsLtd (SHSE:603161). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Kehua HoldingsLtd's ROE in this article.

科华控股有限公司(上海证券交易所股票代码:603161)的股票在过去三个月中下跌了22%,很容易被忽视。但是,该公司的基本面看起来相当不错,长期财务状况通常与未来的市场价格走势一致。具体而言,我们决定在本文中研究科华控股有限公司的投资回报率。

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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。换句话说,它是衡量公司股东提供的资本回报率的盈利比率。

See our latest analysis for Kehua HoldingsLtd

查看我们对科华控股有限公司的最新分析

How To Calculate Return On Equity?

如何计算股本回报率?

The formula for return on equity is:

股本回报率的公式是:

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 Kehua HoldingsLtd is:

因此,根据上述公式,科华控股有限公司的投资回报率为:

11% = CN¥150m ÷ CN¥1.4b (Based on the trailing twelve months to September 2023).

11% = 1.5亿元人民币 ÷ 14亿元人民币(基于截至2023年9月的过去十二个月)。

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¥0.11.

“申报表” 是过去十二个月的税后收入金额。因此,这意味着其股东每投资1元人民币,公司就会产生0.11元人民币的利润。

Why Is ROE Important For Earnings Growth?

为什么投资回报率对收益增长很重要?

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。

Kehua HoldingsLtd's Earnings Growth And 11% ROE

科华控股有限公司的收益增长和11%的投资回报率

At first glance, Kehua HoldingsLtd seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 7.3%. Needless to say, we are quite surprised to see that Kehua HoldingsLtd's net income shrunk at a rate of 22% over the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. These include low earnings retention or poor allocation of capital.

乍一看,科华控股有限公司的投资回报率似乎不错。此外,该公司的投资回报率与行业平均水平的7.3%相比相当不错。毋庸置疑,科华控股有限公司的净收入在过去五年中以22%的速度萎缩,我们感到非常惊讶。基于此,我们认为可能还有其他原因本文迄今尚未讨论过,这些原因可能会阻碍公司的发展。其中包括收益保留率低或资本配置不善。

However, when we compared Kehua HoldingsLtd's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 3.8% in the same period. This is quite worrisome.

但是,当我们将Kehua HoldingsLtd的增长与该行业的增长进行比较时,我们发现,尽管该公司的收益一直在萎缩,但该行业同期的收益增长了3.8%。这非常令人担忧。

past-earnings-growth
SHSE:603161 Past Earnings Growth January 31st 2024
SHSE: 603161 过去的收益增长 2024 年 1 月 31 日

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). Doing so will help them establish if the stock's future looks promising or ominous. Is Kehua HoldingsLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.

为公司附加价值的基础在很大程度上与其收益增长息息相关。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。与其他公司相比,科华控股有限公司的估值是否合理?这3种估值指标可能会帮助您做出决定。

Is Kehua HoldingsLtd Making Efficient Use Of Its Profits?

科华控股有限公司是否在有效利用其利润?

While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.

尽管该公司过去确实支付了部分股息,但目前不支付股息。这意味着其所有利润都可能被再投资于该业务。

Summary

摘要

On the whole, we do feel that Kehua HoldingsLtd has some positive attributes. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. 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 3 risks we have identified for Kehua HoldingsLtd by visiting our risks dashboard for free on our platform here.

总的来说,我们确实认为科华控股有限公司具有一些积极的属性。但是,尽管投资回报率和再投资率很高,但我们仍然对收益缺乏增长感到失望。我们认为,可能有一些外部因素可能会对业务产生负面影响。虽然我们不会完全解散公司,但我们要做的是努力确定业务的风险,以便在公司周围做出更明智的决定。您可以访问我们的 3 种风险来查看我们为科华控股有限公司确定的三种风险 风险仪表板 在我们的平台上免费使用。

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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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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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