Is The Market Rewarding Shandong Mining Machinery Group Co., Ltd. (SZSE:002526) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Shandong Mining Machinery Group Co., Ltd. (SZSE:002526) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Shandong Mining Machinery Group (SZSE:002526) has had a rough three months with its share price down 13%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Shandong Mining Machinery Group's ROE.
山东矿业机械集团(SZSE：002526)经历了艰难的三个月，股价下跌了13%。市场可能忽视了该公司不同的财务状况，决定向负面情绪倾斜。基本面通常决定市场结果，因此研究该公司的财务状况是有意义的。在本文中，我们决定对山东矿机集团的净资产收益率进行研究。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for Shandong Mining Machinery Group
查看我们对山东矿机集团的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
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 Shandong Mining Machinery Group is:
因此，根据上述公式，山东矿机集团的净资产收益率为：
6.5% = CN¥202m ÷ CN¥3.1b (Based on the trailing twelve months to June 2023).
6.5%=2.02亿元×31亿元(基于截至2023年6月的12个月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.07 in profit.
“报税表”是过去12个月的税后收入。这意味着，股东权益每增加1元，公司就会产生0.07元的利润。
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. 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。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。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。
A Side By Side comparison of Shandong Mining Machinery Group's Earnings Growth And 6.5% ROE
山东矿机集团盈利增长与净资产收益率6.5%的并列比较
When you first look at it, Shandong Mining Machinery Group's ROE doesn't look that attractive. Yet, a closer study shows that the company's ROE is similar to the industry average of 7.9%. But Shandong Mining Machinery Group saw a five year net income decline of 12% over the past five years. Bear in mind, the company does have a slightly low ROE. Hence, this goes some way in explaining the shrinking earnings.
乍一看，山东矿机集团的净资产收益率看起来并没有那么诱人。然而，一项更仔细的研究表明，该公司的净资产收益率与7.9%的行业平均水平相似。但过去五年，山东矿机集团的净利润下降了12%。请记住，该公司的净资产收益率确实略低。因此，这在一定程度上解释了收益缩水的原因。
That being said, we compared Shandong Mining Machinery Group's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 11% in the same 5-year period.
话虽如此，我们将山东矿机集团的业绩与行业进行了比较，当我们发现该公司收益缩水的同时，该行业在相同的5年内以11%的速度增长了收益，这让我们感到担忧。
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). Doing so will help them establish if the stock's future looks promising or ominous. Is Shandong Mining Machinery Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
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)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。与其他公司相比，山东矿机集团的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Shandong Mining Machinery Group Making Efficient Use Of Its Profits?
山东矿机集团是否有效利用了利润？
While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.
虽然该公司过去确实支付了一部分股息，但目前它不支付股息。这意味着，它的所有利润可能都将再投资于该业务。
Summary
摘要
On the whole, we feel that the performance shown by Shandong Mining Machinery Group can be open to many interpretations. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. You can see the 2 risks we have identified for Shandong Mining Machinery Group by visiting our risks dashboard for free on our platform here.
总体来说，我们觉得山东矿机集团表现出的表现可以有多种解读。虽然该公司的利润留存率确实很高，但其低回报率可能正在阻碍其收益增长。总而言之，我们将谨慎对待这家公司，其中一种方法是查看业务的风险概况。您可以通过访问我们的网站查看我们为山东矿机集团确定的两个风险风险控制面板在我们的平台上是免费的。
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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。