China International Marine Containers (Group) Co., Ltd.'s (SZSE:000039) Has Performed Well But Fundamentals Look Varied: Is There A Clear Direction For The Stock?
China International Marine Containers (Group) Co., Ltd.'s (SZSE:000039) Has Performed Well But Fundamentals Look Varied: Is There A Clear Direction For The Stock?
China International Marine Containers (Group)'s (SZSE:000039) stock up by 8.8% over the past three months. Given that the stock prices usually follow long-term business performance, we wonder if the company's mixed financials could have any adverse effect on its current price price movement Particularly, we will be paying attention to China International Marine Containers (Group)'s ROE today.
中国国际海运集装箱（集团）（深圳证券交易所：000039）的库存在过去三个月中上涨了8.8％。鉴于股价通常跟随长期经营业绩，我们想知道该公司的财务状况喜忧参半是否会对其当前的价格走势产生任何不利影响。特别是，我们今天将关注中国国际海运集装箱（集团）的投资回报率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的？
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 China International Marine Containers (Group) is:
因此，根据上述公式，中国国际海运集装箱（集团）的投资回报率为：
2.4% = CN¥1.6b ÷ CN¥67b (Based on the trailing twelve months to March 2024).
2.4% = 16亿元人民币 ÷ 670亿元人民币（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 in profit.
“回报” 是过去十二个月的利润。这意味着，每持有价值1元人民币的股权，公司就会产生0.02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？
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. 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.
我们已经确定，投资回报率是衡量公司未来收益的有效盈利指标。现在，我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长，从而使我们对公司的增长潜力有所了解。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。
China International Marine Containers (Group)'s Earnings Growth And 2.4% ROE
中国国际海运集装箱（集团）的收益增长和2.4％的投资回报率
It is hard to argue that China International Marine Containers (Group)'s ROE is much good in and of itself. Even when compared to the industry average of 6.9%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 7.8% seen by China International Marine Containers (Group) over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
很难说中国国际海运集装箱（集团）的投资回报率本身就非常好。即使与6.9％的行业平均水平相比，投资回报率的数字也相当令人失望。在这种情况下，中国国际海运集装箱（集团）在过去五年中净收入大幅下降了7.8％，这并不奇怪。但是，也可能有其他因素导致收益下降。例如，该企业的资本分配不佳，或者该公司的派息率非常高。
However, when we compared China International Marine Containers (Group)'s growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 10% in the same period. This is quite worrisome.
但是，当我们将中国国际海运集装箱（集团）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，但同期该行业的收益增长了10％。这非常令人担忧。
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about China International Marine Containers (Group)'s's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是股票估值的重要因素。无论情况如何，投资者都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，还是沼泽的水域在等着你。如果你想知道中国国际海运集装箱（集团）的估值，可以看看这个衡量中国国际海运集装箱（集团）与行业相比的市盈率指标。
Is China International Marine Containers (Group) Making Efficient Use Of Its Profits?
中国国际海运集装箱（集团）是否在有效利用其利润？
Despite having a normal three-year median payout ratio of 38% (where it is retaining 62% of its profits), China International Marine Containers (Group) has seen a decline in earnings as we saw above. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管正常的三年派息率中位数为38％（保留了62％的利润），但如上所示，中国国际海运集装箱（集团）的收益却有所下降。看来可能还有其他一些原因可以解释这方面的不足。例如，业务可能会下滑。
In addition, China International Marine Containers (Group) has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 32% of its profits over the next three years. Still, forecasts suggest that China International Marine Containers (Group)'s future ROE will rise to 7.2% even though the the company's payout ratio is not expected to change by much.
此外，中国国际海运集装箱（集团）在至少十年内一直在派发股息，这表明即使以业务增长为代价，维持股息支付对管理层来说也更为重要。在研究了分析师的最新共识数据后，我们发现该公司预计将在未来三年内继续支付约32％的利润。尽管如此，预测表明，中国国际海运集装箱（集团）的未来投资回报率将升至7.2％，尽管该公司的派息率预计不会有太大变化。
Conclusion
结论
On the whole, we feel that the performance shown by China International Marine Containers (Group) can be open to many interpretations. 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 industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说，我们认为中国国际海运集装箱（集团）的表现可以有多种解释。尽管该公司的利润保留率确实很高，但其低回报率可能会阻碍其收益增长。既然如此，最新的行业分析师预测显示，分析师预计公司的收益增长率将大幅提高。要了解有关公司未来收益增长预测的更多信息，请查看这份免费的分析师预测报告，以了解更多信息。
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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。