Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd.'s (SHSE:600389) Stock Is Going Strong: Is the Market Following Fundamentals?
Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd.'s (SHSE:600389) Stock Is Going Strong: Is the Market Following Fundamentals?
Nantong Jiangshan Agrochemical & ChemicalsLtd's (SHSE:600389) stock is up by a considerable 38% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. In this article, we decided to focus on Nantong Jiangshan Agrochemical & ChemicalsLtd's ROE.
南通江山農化股份有限公司(上海證券交易所股票代碼：600389)的股票在過去三個月裏上漲了38%。考慮到市場從長期來看會獎勵強勁的金融類股，我們想知道，在這種情況下，情況是否如此。在本文中，我們決定以南通江山農化股份有限公司的淨資產收益率為研究對象。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。簡而言之，淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
See our latest analysis for Nantong Jiangshan Agrochemical & ChemicalsLtd
查看我們對南通江山農化股份有限公司的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for ROE is:
這個淨資產收益率公式是：
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 Nantong Jiangshan Agrochemical & ChemicalsLtd is:
因此，根據上述公式，南通江山農化股份有限公司的淨資產收益率為：
44% = CN¥1.4b ÷ CN¥3.1b (Based on the trailing twelve months to March 2022).
44%=14億元×31億元(基於截至2022年3月的12個月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.44 in profit.
“回報”指的是企業在過去一年中獲得的收入。這意味着，每增加價值1元的股東權益，公司就會產生0.44元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我們已經證實，淨資產收益率是一家公司未來收益的有效盈利指標。根據公司將這些利潤再投資或“保留”多少，以及這樣做的效率如何，我們就能夠評估一家公司的收益增長潛力。假設其他條件相同，與沒有相同特徵的公司相比，擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
Nantong Jiangshan Agrochemical & ChemicalsLtd's Earnings Growth And 44% ROE
南通江山農化股份有限公司盈利增長44%淨資產收益率
To begin with, Nantong Jiangshan Agrochemical & ChemicalsLtd has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 10% the company's ROE is quite impressive. Under the circumstances, Nantong Jiangshan Agrochemical & ChemicalsLtd's considerable five year net income growth of 30% was to be expected.
首先，南通江山農化股份有限公司擁有相當高的淨資產收益率，這是很有趣的。其次，即使與10%的行業平均水平相比，該公司的淨資產收益率也相當令人印象深刻。在這種情況下，南通江山農化股份有限公司五年來淨收入實現30%的可觀增長是意料之中的。
Next, on comparing with the industry net income growth, we found that Nantong Jiangshan Agrochemical & ChemicalsLtd's growth is quite high when compared to the industry average growth of 19% in the same period, which is great to see.
接下來，通過與行業淨收入增長的比較，我們發現南通江山農化股份有限公司的增長與同期行業平均增長19%相比是相當高的，這是令人欣喜的。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Nantong Jiangshan Agrochemical & ChemicalsLtd 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)。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。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，你可能想看看南通江山農化股份有限公司相對於其行業是高市盈率還是低市盈率。
Is Nantong Jiangshan Agrochemical & ChemicalsLtd Using Its Retained Earnings Effectively?
南通江山農化股份有限公司是否有效利用其留存收益？
Nantong Jiangshan Agrochemical & ChemicalsLtd has a significant three-year median payout ratio of 73%, meaning the company only retains 27% of its income. This implies that the company has been able to achieve high earnings growth despite returning most of its profits to shareholders.
南通江山農化股份有限公司的三年派息率中值高達73%，這意味着該公司只保留了27%的收入。這意味着，儘管該公司將大部分利潤返還給股東，但仍能夠實現高收益增長。
Moreover, Nantong Jiangshan Agrochemical & ChemicalsLtd is determined to keep sharing its profits with shareholders which we infer from its long history of nine years of paying a dividend.
此外，南通江山農化股份有限公司決心繼續與股東分享利潤，這是從其長達九年的派息歷史中推斷出來的。
Conclusion
結論
In total, we are pretty happy with Nantong Jiangshan Agrochemical & ChemicalsLtd's performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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.
總體而言，我們對南通江山農化股份有限公司的表現感到滿意。特別是，其高淨資產收益率相當值得注意，也是其可觀收益增長背後的可能解釋。然而，該公司保留了一小部分利潤。這意味着，儘管如此，該公司仍能實現收益增長，所以這並不是太糟糕。既然如此，一項對最新分析師預測的研究表明，預計該公司未來的收益增長將放緩。要了解更多有關該公司未來收益增長預測的信息，請查看以下內容免費報告分析師對該公司的預測，以瞭解更多信息。
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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。