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Guizhou Wire Rope Incorporated Company (SHSE:600992) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?

Guizhou Wire Rope Incorporated Company (SHSE:600992) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?

貴州鋼絲繩股份有限公司(SHSE: 600992)股票走強但基本面看起來不確定:未來會發生什麼?
Simply Wall St ·  2023/07/26 18:16

Most readers would already be aware that Guizhou Wire Rope's (SHSE:600992) stock increased significantly by 20% over the past month. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. Specifically, we decided to study Guizhou Wire Rope's ROE in this article.

大多數讀者應該已經知道,貴州鋼絲繩(上海證券交易所股票代碼:600992)的股票在過去一個月裡大幅上漲了20%。然而,我們決定關注該公司的基本面,這些基本面似乎並未給出該公司財務健康狀況的明確跡象。具體地說,我們決定在本文中研究貴州鋼絲繩的淨資產收益率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。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。

View our latest analysis for Guizhou Wire Rope

查看我們對貴州鋼絲繩的最新分析

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 Guizhou Wire Rope is:

因此,根據上面的公式,貴州鋼絲繩的淨資產收益率為:

1.8% = CN¥26m ÷ CN¥1.5b (Based on the trailing twelve months to March 2023).

1.8%=CN元2600萬×CN元15億元(基於截至2023年3月的12個月)。

The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.02.

“回報”指的是企業在過去一年中獲得的收入。因此,這意味著股東每投資1元人民幣,公司就會產生0.02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?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.

到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。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。

Guizhou Wire Rope's Earnings Growth And 1.8% ROE

貴州鋼絲繩盈利增長1.8%淨資產收益率

It is quite clear that Guizhou Wire Rope's ROE is rather low. Even compared to the average industry ROE of 8.4%, the company's ROE is quite dismal. Therefore, Guizhou Wire Rope's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.

很明顯,貴州鋼絲繩的淨資產收益率相當低。即使與8.4%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。因此,貴州鋼絲繩過去五年的收益持平可能是由於淨資產收益率較低等因素造成的。

We then compared Guizhou Wire Rope's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 17% in the same 5-year period, which is a bit concerning.

然後我們將貴州鋼絲繩的淨收入增長與行業進行了比較,發現該公司的增長數位低於同期行業平均17%的增長率,這有點令人擔憂。

past-earnings-growth
SHSE:600992 Past Earnings Growth July 26th 2023
上證綜指:過去收益增長600992 2023年7月26日

Earnings growth is an important metric to consider when valuing a stock. 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. Is Guizhou Wire Rope fairly valued compared to other companies? These 3 valuation measures might help you decide.

盈利增長是評估一隻股票時需要考慮的一個重要指標。對於投資者來說,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。與其他公司相比,貴州鋼絲繩的價值是否公平?這3個估值指標可能會幫助你做出決定。

Is Guizhou Wire Rope Using Its Retained Earnings Effectively?

貴州鋼絲繩有效利用其留存收益嗎?

Despite having a moderate three-year median payout ratio of 30% (meaning the company retains70% of profits) in the last three-year period, Guizhou Wire Rope's earnings growth was more or les flat. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

儘管貴州鋼絲繩過去三年的中值派息率為30%(這意味著該公司保留了70%的利潤),但其收益增長或多或少持平。因此,可能還有其他因素在起作用,可能會阻礙經濟增長。例如,該業務一直面臨一些不利因素。

Moreover, Guizhou Wire Rope has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.

此外,貴州鋼絲繩至少在十年或更長時間內一直在分紅,這表明管理層肯定已經意識到,股東更喜歡分紅,而不是盈利增長。

Conclusion

結論

In total, we're a bit ambivalent about Guizhou Wire Rope's performance. 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. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. So it may be worth checking this free detailed graph of Guizhou Wire Rope's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.

總體而言,我們對貴州鋼絲繩的表現有點矛盾。雖然該公司的再投資率確實很高,但低ROE意味著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,我們只是通過觀察公司的基本面來了解公司過去的業績。所以也許有必要檢查一下免費 詳細圖表瞭解貴州鋼絲繩過去的收益,以及收入和現金流,以更深入地瞭解公司的業績。

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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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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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