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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?

鑑於捨得烈酒有限公司(SHSE: 600702)誘人的財務前景,市場會不會出錯?
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.

在過去三個月中,Shede Spirits的股票下跌了13%,人們很容易忽視Shede Spirits(上海證券交易所代碼:600702)。但是,股票價格通常由公司的長期財務業績驅動,在這種情況下,這看起來很有希望。特別是,我們今天將關注舍德精靈的投資回報率。

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.

股本回報率或投資回報率是股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。簡而言之,它衡量公司相對於股東權益的盈利能力。

How To Calculate Return On Equity?

如何計算股本回報率?

ROE can be calculated by using the formula:

ROE 可以通過以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Shede Spirits is:

因此,根據上述公式,捨得烈酒的投資回報率爲:

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

23% = 18億元人民幣 ÷ 76億元人民幣(基於截至2023年12月的過去十二個月)。

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.

“回報” 是指公司去年的收益。因此,這意味着其股東每投資1元人民幣,公司就會產生0.23元人民幣的利潤。

What Is The Relationship Between ROE And Earnings Growth?

投資回報率與收益增長之間有什麼關係?

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.

到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。根據公司選擇將多少利潤進行再投資或 “保留”,我們便能夠評估公司未來創造利潤的能力。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。

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

Shede Spirits的收益增長和23%的投資回報率的並排比較

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,我們喜歡 Shede Spirits 的投資回報率令人印象深刻。其次,與該行業報告的平均投資回報率爲13%的比較也不會被我們忽視。因此,Shede Spirits在過去五年中實現了35%的驚人淨收入增長並不令人意外。

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.

接下來,與行業淨收入增長相比,我們發現捨得烈酒的增長與同期16%的行業平均增長率相比相當高,這真是令人欣慰。

past-earnings-growth
SHSE:600702 Past Earnings Growth April 9th 2024
SHSE: 600702 過去的收益增長 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.

收益增長是對股票進行估值時要考慮的重要指標。無論如何,投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做,他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。市場對600702的未來展望進行了定價嗎?你可以在我們最新的內在價值信息圖研究報告中找到答案。

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的三年派息率中位數非常低,爲21%,這意味着其餘的79%可以再投資於其業務。因此,管理層似乎正在將利潤大量再投資以發展業務,這反映在其收益增長數字上。

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,捨得烈酒支付股息已有至少十年或更長時間。這表明該公司致力於與股東分享利潤。我們的最新分析師數據顯示,公司未來三年的派息率預計約爲22%。因此,預計該公司未來的投資回報率也不會有太大變化,分析師預計投資回報率爲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.

總的來說,我們覺得舍德精靈的表現相當不錯。特別是,很高興看到該公司正在對其業務進行大量投資,再加上高回報率,這爲其收益帶來了可觀的增長。話雖如此,最新的行業分析師預測顯示,該公司的收益增長預計將放緩。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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