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Are Zhong Fu Tong Group Co., Ltd.'s (SZSE:300560) Mixed Financials Driving The Negative Sentiment?

Are Zhong Fu Tong Group Co., Ltd.'s (SZSE:300560) Mixed Financials Driving The Negative Sentiment?

是中富通集团有限公司吗?'s (SZSE: 300560) 金融业喜忧参半推动负面情绪?
Simply Wall St ·  01/18 17:12

Zhong Fu Tong Group (SZSE:300560) has had a rough week with its share price down 13%. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study Zhong Fu Tong Group's ROE in this article.

中富通集团(深圳证券交易所代码:300560)经历了艰难的一周,其股价下跌了13%。看来市场可能完全忽视了公司基本面的积极方面,并决定更多地考虑负面方面。基本面通常决定市场结果,因此研究公司的财务状况是有意义的。具体而言,我们决定在本文中研究中富通集团的投资回报率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说,它揭示了公司成功地将股东投资转化为利润。

Check out our latest analysis for Zhong Fu Tong Group

查看我们对中富通集团的最新分析

How To Calculate Return On Equity?

如何计算股本回报率?

The formula for return on equity is:

股本回报率的公式是:

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

股本回报率 = 净利润(来自持续经营业务)÷ 股东权益

So, based on the above formula, the ROE for Zhong Fu Tong Group is:

因此,根据上述公式,中富通集团的投资回报率为:

3.3% = CN¥39m ÷ CN¥1.2b (Based on the trailing twelve months to September 2023).

3.3% = 3900万元人民币 ÷ 12亿元人民币(基于截至2023年9月的过去十二个月)。

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¥0.03 in profit.

“回报” 是过去十二个月的利润。这意味着,公司每获得价值1元人民币的股东权益,就会产生0.03CN的利润。

Why Is ROE Important For Earnings Growth?

为什么投资回报率对收益增长很重要?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.

我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。

Zhong Fu Tong Group's Earnings Growth And 3.3% ROE

中富通集团的收益增长和3.3%的投资回报率

As you can see, Zhong Fu Tong Group's ROE looks pretty weak. Even compared to the average industry ROE of 13%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 4.2% seen by Zhong Fu Tong Group over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.

如你所见,中富通集团的投资回报率看起来相当疲软。即使与13%的行业平均投资回报率相比,该公司的投资回报率也相当惨淡。在这种情况下,中富通集团在过去五年中净收入大幅下降了4.2%,这并不奇怪。我们认为,可能还有其他方面对公司的盈利前景产生负面影响。例如,该企业的资本分配不佳,或者该公司的派息率非常高。

So, as a next step, we compared Zhong Fu Tong Group'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 13% over the last few years.

因此,下一步,我们将中富通集团的表现与行业进行了比较,失望地发现,尽管该公司一直在缩减收益,但该行业在过去几年中一直以13%的速度增长收益。

past-earnings-growth
SZSE:300560 Past Earnings Growth January 18th 2024
SZSE: 300560 过去的收益增长 2024 年 1 月 18 日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is Zhong Fu Tong Group fairly valued compared to other companies? These 3 valuation measures might help you decide.

为公司附加价值的基础在很大程度上与其收益增长息息相关。无论情况如何,投资者都应设法确定预期的收益增长或下降是否已计入其中。然后,这可以帮助他们确定股票是为光明还是暗淡的未来而布局。与其他公司相比,中富通集团的估值是否合理?这3种估值指标可能会帮助您做出决定。

Is Zhong Fu Tong Group Making Efficient Use Of Its Profits?

中富通集团是否在有效利用其利润?

Looking at its three-year median payout ratio of 30% (or a retention ratio of 70%) which is pretty normal, Zhong Fu Tong Group's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

纵观其三年派息率中位数为30%(或70%的留存率),这很正常,中富通集团的收益下降相当令人困惑,因为人们预计,当一家公司保留很大一部分利润时,将会出现相当大的增长。看来可能还有其他一些原因可以解释这方面的不足。例如,业务可能会下滑。

Moreover, Zhong Fu Tong Group has been paying dividends for seven years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking.

此外,中富通集团已经派发股息七年了,这是相当长的时间,这表明管理层一定已经意识到,尽管收益一直在萎缩,但股东更喜欢持续的分红。

Summary

摘要

On the whole, we feel that the performance shown by Zhong Fu Tong Group can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. 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. To know the 4 risks we have identified for Zhong Fu Tong Group visit our risks dashboard for free.

总的来说,我们认为中富通集团表现出的表现可以有多种解读。尽管鉴于投资回报率低,它似乎保留了大部分利润,但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。总而言之,我们将谨慎对待这家公司,其中一种方法是研究该业务的风险状况。要了解我们为中富通集团确定的四种风险,请免费访问我们的风险控制面板。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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