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Could The Market Be Wrong About Shede Spirits Co., Ltd. (SHSE:600702) Given Its Attractive Financial Prospects?

Could The Market Be Wrong About Shede Spirits Co., Ltd. (SHSE:600702) Given Its Attractive Financial Prospects?

鉴于舍得烈酒有限公司(SHSE: 600702)诱人的财务前景,市场会不会出错?
Simply Wall St ·  04/08 23:36

With its stock down 13% over the past three months, it is easy to disregard Shede Spirits (SHSE:600702). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Shede Spirits' ROE today.

在过去三个月中,Shede Spirits的股票下跌了13%,人们很容易忽视Shede Spirits(上海证券交易所代码:600702)。但是,股票价格通常由公司的长期财务业绩驱动,在这种情况下,这看起来很有希望。特别是,我们今天将关注舍德精灵的投资回报率。

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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。简而言之,它衡量公司相对于股东权益的盈利能力。

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 Shede Spirits is:

因此,根据上述公式,舍得烈酒的投资回报率为:

23% = CN¥1.8b ÷ CN¥7.6b (Based on the trailing twelve months to December 2023).

23% = 18亿元人民币 ÷ 76亿元人民币(基于截至2023年12月的过去十二个月)。

The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.23.

“回报” 是指公司去年的收益。因此,这意味着其股东每投资1元人民币,公司就会产生0.23元人民币的利润。

What Is The Relationship Between ROE And Earnings Growth?

投资回报率与收益增长之间有什么关系?

So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.

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。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。

A Side By Side comparison of Shede Spirits' Earnings Growth And 23% ROE

Shede Spirits的收益增长和23%的投资回报率的并排比较

First thing first, we like that Shede Spirits has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 13% also doesn't go unnoticed by us. As a result, Shede Spirits' exceptional 35% net income growth seen over the past five years, doesn't come as a surprise.

首先,我们喜欢 Shede Spirits 的投资回报率令人印象深刻。其次,与该行业报告的平均投资回报率为13%的比较也不会被我们忽视。因此,Shede Spirits在过去五年中实现了35%的惊人净收入增长并不令人意外。

Next, on comparing with the industry net income growth, we found that Shede Spirits' growth is quite high when compared to the industry average growth of 16% in the same period, which is great to see.

接下来,与行业净收入增长相比,我们发现舍得烈酒的增长与同期16%的行业平均增长率相比相当高,这真是令人欣慰。

past-earnings-growth
SHSE:600702 Past Earnings Growth April 9th 2024
SHSE: 600702 过去的收益增长 2024 年 4 月 9 日

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for 600702? You can find out in our latest intrinsic value infographic research report.

收益增长是对股票进行估值时要考虑的重要指标。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。市场对600702的未来展望进行了定价吗?你可以在我们最新的内在价值信息图研究报告中找到答案。

Is Shede Spirits Using Its Retained Earnings Effectively?

Shede Spirits 能否有效使用其留存收益?

Shede Spirits has a really low three-year median payout ratio of 21%, meaning that it has the remaining 79% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.

Shede Spirits的三年派息率中位数非常低,为21%,这意味着其余的79%可以再投资于其业务。因此,管理层似乎正在将利润大量再投资以发展业务,这反映在其收益增长数字上。

Besides, Shede Spirits has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 22%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 21%.

此外,舍得烈酒支付股息已有至少十年或更长时间。这表明该公司致力于与股东分享利润。我们的最新分析师数据显示,公司未来三年的派息率预计约为22%。因此,预计该公司未来的投资回报率也不会有太大变化,分析师预计投资回报率为21%。

Summary

摘要

On the whole, we feel that Shede Spirits' 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.

总的来说,我们觉得舍德精灵的表现相当不错。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,这为其收益带来了可观的增长。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。

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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。

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