Fortune Ng Fung Food (Hebei) Co.,Ltd's (SHSE:600965) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
Fortune Ng Fung Food (Hebei) Co.,Ltd's (SHSE:600965) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
Fortune Ng Fung Food (Hebei)Ltd's (SHSE:600965) stock is up by a considerable 21% over the past three months. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. Particularly, we will be paying attention to Fortune Ng Fung Food (Hebei)Ltd's ROE today.
华润五丰食品(河北)有限公司(上交所股票代码：600965)的股票在过去三个月里上涨了21%。然而，我们决定密切关注其疲软的财务状况，因为考虑到这种情况，我们怀疑目前的势头能否保持下去。今天，我们将特别关注财富五丰食品(河北)有限公司的净资产收益率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之，它是用来评估一家公司相对于其权益资本的盈利能力。
Check out our latest analysis for Fortune Ng Fung Food (Hebei)Ltd
查看我们对财富五丰食品(河北)有限公司的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Fortune Ng Fung Food (Hebei)Ltd is:
因此，根据上述公式，五丰食品(河北)有限公司的净资产收益率为：
6.1% = CN¥133m ÷ CN¥2.2b (Based on the trailing twelve months to September 2022).
6.1%=CN元1.33亿×CN元22亿元(以截至2022年9月的12个月为基础)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回报”指的是一家公司过去一年的收益。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.06元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
A Side By Side comparison of Fortune Ng Fung Food (Hebei)Ltd's Earnings Growth And 6.1% ROE
财富五丰食品(河北)有限公司盈利增长与净资产收益率6.1%的并列比较
When you first look at it, Fortune Ng Fung Food (Hebei)Ltd's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 7.3%, so we won't completely dismiss the company. But Fortune Ng Fung Food (Hebei)Ltd saw a five year net income decline of 3.1% over the past five years. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
乍一看，财富五丰食品(河北)有限公司的净资产收益率(ROE)看起来并不那么吸引人。不过，其净资产收益率接近7.3%的行业平均水平，因此我们不会完全对该公司不屑一顾。但财富五丰食品(河北)有限公司在过去五年中净利润下降了3.1%。请记住，该公司的净资产收益率从一开始就有点低。因此，这可能是导致收益增长放缓的原因。
So, as a next step, we compared Fortune Ng Fung Food (Hebei)Ltd's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 7.1% in the same period.
因此，作为下一步，我们将财富五丰食品(河北)有限公司的表现与行业进行了比较，并失望地发现，尽管该公司的收益一直在缩水，但同期该行业的收益一直以7.1%的速度增长。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Fortune Ng Fung Food (Hebei)Ltd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的一个重要因素。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。如果你想知道财富五丰食品(河北)有限公司的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Fortune Ng Fung Food (Hebei)Ltd Efficiently Re-investing Its Profits?
财富五丰食品(河北)有限公司是否有效地将其利润进行了再投资？
Fortune Ng Fung Food (Hebei)Ltd has a high three-year median payout ratio of 66% (that is, it is retaining 34% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only very little left to reinvest into the business, growth in earnings is far from likely. You can see the 2 risks we have identified for Fortune Ng Fung Food (Hebei)Ltd by visiting our risks dashboard for free on our platform here.
五丰食品(河北)有限公司的三年派息率中位数高达66%(即保留了34%的利润)。这表明该公司正在将大部分利润作为股息支付给股东。这在一定程度上解释了为什么它的收益一直在缩水。由于可再投资于该业务的资金所剩无几，盈利增长的可能性很小。您可以通过访问我们为五丰食品(河北)有限公司确定的两个风险风险控制面板在我们的平台上是免费的。
In addition, Fortune Ng Fung Food (Hebei)Ltd 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.
此外，财富五丰食品(河北)有限公司在至少十年的时间里一直在支付股息，这表明继续支付股息对管理层来说要重要得多，即使这是以业务增长为代价的。
Summary
摘要
On the whole, Fortune Ng Fung Food (Hebei)Ltd's performance is quite a big let-down. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. Up till now, we've only made a short study of the company's growth data. So it may be worth checking this free detailed graph of Fortune Ng Fung Food (Hebei)Ltd's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.
总体而言，财富五丰食品(河北)有限公司的表现相当令人失望。由于净资产收益率较低，对该业务的再投资不足，该公司的收益增长率令人失望。到目前为止，我们只对该公司的增长数据进行了简短的研究。所以也许有必要检查一下免费 详细图表为了更深入地了解五丰食品(河北)有限公司的业绩，我们需要了解五丰食品(河北)有限公司过去的收益以及收入和现金流。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。