Swancor Advanced Materials Co., Ltd.'s (SHSE:688585) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Swancor Advanced Materials Co., Ltd.'s (SHSE:688585) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Swancor Advanced Materials (SHSE:688585) has had a great run on the share market with its stock up by a significant 16% over the last month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Swancor Advanced Materials' ROE in this article.
斯旺科先進材料公司(上海證券交易所股票代碼：688585)在股票市場上表現出色，其股票在過去一個月大幅上漲了16%。但該公司的關鍵財務指標似乎在所有方面都不同，這讓我們質疑該公司目前的股價勢頭能否保持下去。具體地説，我們決定在本文中研究斯萬科先進材料公司的淨資產收益率。
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.
淨資產收益率，即股本回報率，是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
See our latest analysis for Swancor Advanced Materials
查看我們對Swancor高級材料的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Swancor Advanced Materials is:
因此，根據上述公式，斯旺科先進材料的淨資產收益率為：
4.3% = CN¥46m ÷ CN¥1.1b (Based on the trailing twelve months to March 2022).
4.3%=CN元4600萬×CN元11億元(基於截至2022年3月的12個月)。
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¥0.04 in profit.
“收益”是過去12個月的利潤。這意味着，股東權益每增加1元，公司就會產生0.04元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前為止，我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長，這就讓我們對公司的增長潛力有了一個瞭解。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
Swancor Advanced Materials' Earnings Growth And 4.3% ROE
Swancor先進材料公司的收益增長和4.3%的淨資產收益率
It is quite clear that Swancor Advanced Materials' ROE is rather low. Even compared to the average industry ROE of 10%, the company's ROE is quite dismal. As a result, Swancor Advanced Materials' flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明顯，斯旺科先進材料的淨資產收益率(ROE)相當低。即使與行業平均10%的淨資產收益率相比，該公司的淨資產收益率也相當慘淡。因此，鑑於其較低的淨資產收益率(ROE)，斯旺科先進材料過去五年的收益持平並不令人意外。
We then compared Swancor Advanced Materials' net income growth with the industry and found that the average industry growth rate was 19% in the same period.
然後我們將Swancor先進材料的淨收入增長與行業進行了比較，發現同期行業的平均增長率為19%。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. 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 Swancor Advanced Materials is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是股票估值的一個重要因素。對於投資者來説，重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是市盈率，它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此，你可能想看看斯萬科先進材料相對於其行業是高市盈率還是低市盈率。
Is Swancor Advanced Materials Using Its Retained Earnings Effectively?
斯旺科先進材料公司是否有效地利用了其留存收益？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a dividend. We infer that the company has been reinvesting all of its profits to grow its business.
雖然該公司過去確實支付了一部分股息，但目前不支付股息。我們推斷，該公司一直在將所有利潤進行再投資，以發展業務。
Summary
摘要
Overall, we have mixed feelings about Swancor Advanced Materials. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Up till now, we've only made a short study of the company's growth data. To gain further insights into Swancor Advanced Materials' past profit growth, check out this visualization of past earnings, revenue and cash flows.
總體而言，我們對斯旺科先進材料公司的看法複雜。雖然該公司的再投資率確實很高，但低ROE意味着所有的再投資都沒有給投資者帶來任何好處，而且對收益增長產生了負面影響。到目前為止，我們只對該公司的增長數據進行了簡短的研究。要進一步瞭解斯旺科先進材料公司過去的利潤增長，請查看對過去收益、收入和現金流的可視化。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。