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CITIC Heavy Industries Co., Ltd.'s (SHSE:601608) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
CITIC Heavy Industries Co., Ltd.'s (SHSE:601608) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
It is hard to get excited after looking at CITIC Heavy Industries' (SHSE:601608) recent performance, when its stock has declined 11% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on CITIC Heavy Industries' ROE.
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
Check out our latest analysis for CITIC Heavy Industries
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for CITIC Heavy Industries is:
3.0% = CN¥238m ÷ CN¥7.8b (Based on the trailing twelve months to June 2022).
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¥0.03.
What Has ROE Got To Do With Earnings Growth?
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. 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.
A Side By Side comparison of CITIC Heavy Industries' Earnings Growth And 3.0% ROE
It is hard to argue that CITIC Heavy Industries' ROE is much good in and of itself. Even compared to the average industry ROE of 8.1%, the company's ROE is quite dismal. Despite this, surprisingly, CITIC Heavy Industries saw an exceptional 70% net income growth over the past five years. Therefore, there could be other reasons behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
We then compared CITIC Heavy Industries' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 12% in the same period.
SHSE:601608 Past Earnings Growth September 20th 2022Earnings 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). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about CITIC Heavy Industries''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is CITIC Heavy Industries Making Efficient Use Of Its Profits?
The three-year median payout ratio for CITIC Heavy Industries is 26%, which is moderately low. The company is retaining the remaining 74%. By the looks of it, the dividend is well covered and CITIC Heavy Industries is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
Additionally, CITIC Heavy Industries has paid dividends over a period of nine years which means that the company is pretty serious about sharing its profits with shareholders.
Conclusion
Overall, we feel that CITIC Heavy Industries certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. 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. Our risks dashboard will have the 1 risk we have identified for CITIC Heavy Industries.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
看到中信股份重工(上海證券交易所股票代碼:601608)最近的表現,很難感到興奮,其股票在過去一個月裏下跌了11%。然而,股價通常是由公司的長期財務狀況推動的,在這種情況下,財務狀況看起來相當不錯。在本文中,我們決定將重點放在中信股份重工的淨資產收益率上。
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,它是用來評估一家公司相對於其權益資本的盈利能力。
查看我們對中信股份重工的最新分析
你如何計算股本回報率?
可使用以下公式計算淨資產收益率:
股本回報率=(持續經營的)淨利潤?股東權益
因此,根據上述公式,中信股份重工的淨資產收益率為:
3.0%=2.38億元×78億元(基於截至2022年6月的12個月)。
“報税表”是過去12個月的税後收入。因此,這意味着股東每投資1元人民幣,公司就會產生0.03元的利潤。
淨資產收益率與盈利增長有什麼關係?
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。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。
中信股份重工盈利增長與淨資產收益率3.0%的並列比較
很難説中信股份重工的淨資產收益率本身就很好。即使與8.1%的行業平均淨資產收益率相比,該公司的淨資產收益率也相當慘淡。儘管如此,令人驚訝的是,中信股份重工在過去五年中實現了70%的異常淨利潤增長。因此,這種增長背後可能還有其他原因。例如,公司管理層可能做出了一些良好的戰略決策,或者公司的派息率較低。
然後我們將中信股份重工的淨收入增長與行業進行了比較,我們很高興地看到,與同期12%的行業增長率相比,該公司的增長數字更高。
上海證券交易所:過去601608的收益增長2022年9月20日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)。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。如果你想知道中信股份重工的估值,看看這個市盈率指標,看看它與行業的對比。
中信股份重工是否在高效利用利潤?
中信股份重工的三年派息率中值為26%,屬於中等偏低水平。該公司將保留剩餘的74%。從表面上看,股息得到了很好的覆蓋,中信股份重工正在有效地將其利潤進行再投資,這從我們上面討論的非凡增長中可見一斑。
此外,中信股份重工在九年的時間裏一直在分紅,這意味着公司對與股東分享利潤相當認真。
結論
總體而言,我們覺得中信股份重工確實有一些積極的因素需要考慮。儘管回報率很低,但該公司將很高比例的利潤再投資於業務,無疑是其高收益增長的原因。雖然我們不會完全解僱這家公司,但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。我們的風險控制面板將包含我們為中信股份重工確定的1個風險。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
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。
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風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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