Hangzhou Fortune Gas Cryogenic Group Co., Ltd.'s (SHSE:603173) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Hangzhou Fortune Gas Cryogenic Group Co., Ltd.'s (SHSE:603173) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Hangzhou Fortune Gas Cryogenic Group (SHSE:603173) has had a rough three months with its share price down 21%. 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. In this article, we decided to focus on Hangzhou Fortune Gas Cryogenic Group's ROE.
杭州富國燃氣低溫集團(上交所股票代碼：603173)經歷了艱難的三個月，股價下跌了21%。但如果你仔細觀察，你可能會猜到，它強勁的財務狀況可能意味著，考慮到市場通常會獎勵財務狀況良好的公司，該股可能會在長期內增值。在本文中，我們決定將重點放在杭州富地燃氣低溫集團的淨資產收益率上。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
淨資產收益率，即股本回報率，是評估一家公司從股東那裡獲得投資回報的有效程度的有用工具。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。
Check out our latest analysis for Hangzhou Fortune Gas Cryogenic Group
查看我們對杭州富地燃氣低溫集團的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for return on equity is:
這個股本回報率公式是：
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 Hangzhou Fortune Gas Cryogenic Group is:
因此，根據上述公式，杭州富地燃氣低溫集團的淨資產收益率為：
13% = CN¥181m ÷ CN¥1.4b (Based on the trailing twelve months to June 2023).
13%=1.81億元×14億元(以截至2023年6月的12個月為基礎)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.13 in profit.
“報稅表”是過去12個月的稅後收入。另一種說法是，公司每持有價值1元的股權，就能賺取0.13元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係？
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 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。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
Hangzhou Fortune Gas Cryogenic Group's Earnings Growth And 13% ROE
杭州富地燃氣低溫集團盈利增長及淨資產收益率13%
At first glance, Hangzhou Fortune Gas Cryogenic Group seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 7.9%. This certainly adds some context to Hangzhou Fortune Gas Cryogenic Group's exceptional 24% net income growth seen over the past five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. 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.
乍看之下，杭州富地燃氣低溫集團的淨資產收益率似乎還算不錯。此外，該公司的淨資產收益率(ROE)與7.9%的行業平均水準相比相當有利。這無疑為杭州富地燃氣低溫集團在過去五年中24%的淨收入增長提供了一些背景。我們認為，可能還有其他方面正在積極影響公司的收益增長。例如，公司管理層可能做出了一些良好的戰略決策，或者公司的派息率較低。
As a next step, we compared Hangzhou Fortune Gas Cryogenic Group's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 11%.
作為下一步，我們將杭州財富氣體低溫集團的淨收入增長與行業進行了比較，令人欣喜的是，我們發現該公司看到的增長高於行業平均11%的增長。
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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Hangzhou Fortune Gas Cryogenic Group is trading on a high P/E or a low P/E, relative to its industry.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。投資者應該嘗試確定預期的收益增長或下降是否已計入價格，無論是哪種情況。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是本益比，它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此，你可能想看看杭州富地燃氣低溫集團相對於其所在行業的本益比是高還是低。
Is Hangzhou Fortune Gas Cryogenic Group Using Its Retained Earnings Effectively?
杭州富地燃氣低溫集團是否有效利用其留存收益？
Hangzhou Fortune Gas Cryogenic Group has a really low three-year median payout ratio of 12%, meaning that it has the remaining 88% left over to reinvest into its business. So it looks like Hangzhou Fortune Gas Cryogenic Group is reinvesting profits heavily to grow its business, which shows in its earnings growth.
杭州富地燃氣低溫集團的三年中值派息率非常低，只有12%，這意味著它還有剩餘的88%可以再投資於自己的業務。因此，杭州富地燃氣低溫集團似乎正在將利潤進行大量再投資，以實現業務增長，這從其盈利增長中可見一斑。
Conclusion
結論
In total, we are pretty happy with Hangzhou Fortune Gas Cryogenic Group's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言，我們對杭州富地燃氣低溫集團的表現相當滿意。特別是，我們喜歡該公司對其業務進行大量再投資，並以高回報率進行投資。不出所料，這導致了令人印象深刻的收益增長。話雖如此，但從目前分析師的預估來看，我們發現該公司的盈利勢頭有望增強。要了解更多分析師對該公司的最新預測，請查看分析師對該公司預測的可視化。
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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.
譯文內容由第三人軟體翻譯。