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Declining Stock and Solid Fundamentals: Is The Market Wrong About Guangzhou Metro Design & Research Institute Co., Ltd. (SZSE:003013)?

Declining Stock and Solid Fundamentals: Is The Market Wrong About Guangzhou Metro Design & Research Institute Co., Ltd. (SZSE:003013)?

股價下跌和基本面穩健:市場對廣州地鐵設計研究院有限公司(SZSE:003013)的看法錯誤嗎?
Simply Wall St ·  03/04 18:22

With its stock down 6.4% over the past three months, it is easy to disregard Guangzhou Metro Design & Research Institute (SZSE:003013). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to Guangzhou Metro Design & Research Institute's ROE today.

由於其股票在過去三個月中下跌了6.4%,很容易忽視廣州地鐵設計研究院(SZSE:003013)。但是,如果你密切關注,你可能會發現,鑑於市場通常會獎勵財務狀況良好的公司,其強勁的財務狀況可能意味着該股的長期價值可能會增加。特別是,我們今天將關注廣州地鐵設計研究院的投資回報率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它用於評估公司相對於其股權資本的盈利能力。

How To Calculate Return On Equity?

如何計算股本回報率?

The formula for ROE is:

ROE 的公式是:

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

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Guangzhou Metro Design & Research Institute is:

因此,根據上述公式,廣州地鐵設計研究院的投資回報率爲:

19% = CN¥429m ÷ CN¥2.3b (Based on the trailing twelve months to September 2023).

19% = 4.29億元人民幣 ÷ 23億元人民幣(基於截至2023年9月的過去十二個月)。

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¥0.19 in profit.

“回報” 是過去十二個月的利潤。這意味着,每持有價值1元人民幣的股東權益,該公司就會產生0.19元人民幣的利潤。

Why Is ROE Important For Earnings Growth?

爲什麼投資回報率對收益增長很重要?

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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.

到目前爲止,我們已經了解到,投資回報率衡量的是公司創造利潤的效率。根據公司選擇將多少利潤進行再投資或 “保留”,我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變,那麼與不一定具有這些特徵的公司相比,投資回報率和利潤保留率越高,公司的增長率就越高。

Guangzhou Metro Design & Research Institute's Earnings Growth And 19% ROE

廣州地鐵設計研究院的收益增長和19%的投資回報率

At first glance, Guangzhou Metro Design & Research Institute seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 7.6%. Probably as a result of this, Guangzhou Metro Design & Research Institute was able to see a decent growth of 15% over the last five years.

乍一看,廣州地鐵設計研究院的投資回報率似乎不錯。此外,該公司的投資回報率與行業平均水平的7.6%相比相當不錯。可能是由於這個原因,廣州地鐵設計研究院得以在過去五年中實現了15%的可觀增長。

Next, on comparing with the industry net income growth, we found that Guangzhou Metro Design & Research Institute's growth is quite high when compared to the industry average growth of 8.4% in the same period, which is great to see.

接下來,與行業淨收入增長相比,我們發現,與同期行業平均增長8.4%相比,廣州地鐵設計研究院的增長相當高,這真是令人欣喜。

past-earnings-growth
SZSE:003013 Past Earnings Growth March 4th 2024
SZSE: 003013 過去的收益增長 2024 年 3 月 4 日

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. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Guangzhou Metro Design & Research Institute's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

收益增長是股票估值的重要因素。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道廣州地鐵設計研究院的估值,可以看看這個衡量其市盈率與行業相比的指標。

Is Guangzhou Metro Design & Research Institute Making Efficient Use Of Its Profits?

廣州地鐵設計研究院是否在有效利用其利潤?

Guangzhou Metro Design & Research Institute has a healthy combination of a moderate three-year median payout ratio of 49% (or a retention ratio of 51%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.

如上所示,廣州地鐵設計研究院的三年中位派息率適中,爲49%(或51%的留存率),再加上可觀的收益增長,這意味着該公司一直在有效利用其利潤。

Besides, Guangzhou Metro Design & Research Institute has been paying dividends over a period of three years. This shows that the company is committed to sharing profits with its shareholders.

此外,廣州地鐵設計研究院在三年內一直在派發股息。這表明該公司致力於與股東分享利潤。

Summary

摘要

On the whole, we feel that Guangzhou Metro Design & Research Institute's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.

總的來說,我們覺得廣州地鐵設計研究院的表現相當不錯。特別是,很高興看到該公司正在對其業務進行大量投資,再加上高回報率,這爲其收益帶來了可觀的增長。既然如此,分析師的最新預測顯示,該公司的收益將繼續擴大。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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