Xiangtan Electric Manufacturing Co. Ltd.'s (SHSE:600416) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Xiangtan Electric Manufacturing Co. Ltd.'s (SHSE:600416) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
With its stock down 14% over the past three months, it is easy to disregard Xiangtan Electric Manufacturing (SHSE:600416). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Xiangtan Electric Manufacturing's ROE in this article.
在过去的三个月里，湘潭电工的股价下跌了14%，这很容易让人忽视湘潭电工(SHSE：600416)。然而，股价通常是由公司的长期财务状况推动的，在这种情况下，财务状况看起来相当不错。具体地说，我们决定在本文中研究湘潭电气制造公司的净资产收益率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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。
See our latest analysis for Xiangtan Electric Manufacturing
查看我们对湘潭电气制造的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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 Xiangtan Electric Manufacturing is:
因此，根据上述公式，湘潭电气制造的净资产收益率为：
4.5% = CN¥321m ÷ CN¥7.1b (Based on the trailing twelve months to June 2023).
4.5%=3.21亿元×71亿元(以截至2023年6月的12个月为基础)。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“收益”是过去12个月的利润。这意味着，股东权益每增加1元，公司就会产生0.05元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
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. 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.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。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。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Xiangtan Electric Manufacturing's Earnings Growth And 4.5% ROE
湘潭电气制造业盈利增长和净资产收益率为4.5%
It is hard to argue that Xiangtan Electric Manufacturing's ROE is much good in and of itself. Even compared to the average industry ROE of 7.5%, the company's ROE is quite dismal. Despite this, surprisingly, Xiangtan Electric Manufacturing saw an exceptional 58% net income growth over the past five years. We reckon that there could be other factors at play here. 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.
很难说湘潭电气的净资产收益率本身就很高。即使与行业平均7.5%的净资产收益率相比，该公司的净资产收益率也相当惨淡。尽管如此，令人惊讶的是，湘潭电气制造在过去五年中实现了58%的超常净收入增长。我们认为，可能还有其他因素在起作用。例如，公司管理层可能做出了一些良好的战略决策，或者公司的派息率较低。
We then compared Xiangtan Electric Manufacturing's 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 14% in the same 5-year period.
然后，我们将湘潭电气制造的净收入增长与行业进行了比较，我们很高兴地看到，该公司的增长数字高于行业，后者在同一5年期间的增长率为14%。
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. If you're wondering about Xiangtan Electric Manufacturing'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。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。如果你想知道湘潭电气制造公司的估值，看看它的市盈率指标，看看它与行业的对比。
Is Xiangtan Electric Manufacturing Efficiently Re-investing Its Profits?
湘潭电气制造是否有效地将利润进行了再投资？
Xiangtan Electric Manufacturing doesn't pay any dividend currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
湘潭电工目前不支付任何股息，这实质上意味着它一直在将所有利润再投资于该业务。这无疑是我们上面讨论的高收益增长数字的原因。
Summary
摘要
On the whole, we do feel that Xiangtan Electric Manufacturing has some positive attributes. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. 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.
总体而言，我们确实感觉到湘潭电气制造有一些积极的属性。凭借高再投资率，尽管净资产收益率较低，该公司的收益实现了相当大的增长。在研究了分析师目前的预测后，我们发现，分析师预计该公司将继续最近的增长势头。这些分析师的预期是基于对该行业的广泛预期，还是基于该公司的基本面？点击此处进入我们分析师对该公司的预测页面。
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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。