Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd.'s (SHSE:603029) Stock Is Going Strong: Have Financials A Role To Play?
Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd.'s (SHSE:603029) Stock Is Going Strong: Have Financials A Role To Play?
Shandong Swan CottonIndustrial Machinery StockLtd (SHSE:603029) has had a great run on the share market with its stock up by a significant 48% over the last three months. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. Specifically, we decided to study Shandong Swan CottonIndustrial Machinery StockLtd's ROE in this article.
山東天鵝棉花工業機械股份有限公司(上海證券交易所股票代碼：603029)在過去三個月中股價大幅上漲48%。正如大多數人都知道的那樣，基本面因素通常是長期市場價格走勢的指引，因此我們決定今天查看該公司的關鍵財務指標，以確定它們是否對最近的價格走勢起到了作用。具體地説，我們決定在本文中研究山東天鵝棉業機械股份有限公司的淨資產收益率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
Check out our latest analysis for Shandong Swan CottonIndustrial Machinery StockLtd
查看我們對山東天鵝棉花工業機械股份有限公司的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for ROE is:
這個淨資產收益率公式是：
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 Shandong Swan CottonIndustrial Machinery StockLtd is:
因此，根據上述公式，山東天鵝棉業機械股份有限公司的淨資產收益率為：
5.7% = CN¥43m ÷ CN¥755m (Based on the trailing twelve months to September 2022).
5.7%=CN元4300萬×CN元7.55億元(基於截至2022年9月的12個月)。
The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.06.
“回報”指的是企業在過去一年中獲得的收入。因此，這意味着股東每投資1元人民幣，公司就會產生0.06元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
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. 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.
我們已經證實，淨資產收益率是一家公司未來收益的有效盈利指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長，這就讓我們對公司的增長潛力有了一個瞭解。假設其他條件相同，與沒有相同特徵的公司相比，擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
Shandong Swan CottonIndustrial Machinery StockLtd's Earnings Growth And 5.7% ROE
山東天鵝棉業機械股份有限公司盈利增長5.7%淨資產收益率
When you first look at it, Shandong Swan CottonIndustrial Machinery StockLtd's ROE doesn't look that attractive. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 7.9% either. In spite of this, Shandong Swan CottonIndustrial Machinery StockLtd was able to grow its net income considerably, at a rate of 33% in the last five years. Therefore, there could be other reasons behind this 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.
乍一看，山東天鵝棉工機械股份有限公司的淨資產收益率(ROE)看起來並不那麼吸引人。一項快速的進一步研究顯示，該公司的淨資產收益率也比不上7.9%的行業平均水平。儘管如此，山東天鵝棉花工業機械股份有限公司的淨收入在過去五年中以33%的速度大幅增長。因此，這種增長背後可能還有其他原因。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。
Next, on comparing with the industry net income growth, we found that Shandong Swan CottonIndustrial Machinery StockLtd's growth is quite high when compared to the industry average growth of 13% in the same period, which is great to see.
接下來，對比行業淨收入增長，我們發現山東天鵝棉工機械股份有限公司的增長與同期行業平均增長13%相比是相當高的，這是令人欣喜的。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. 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 Shandong Swan CottonIndustrial Machinery StockLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是評估一隻股票時需要考慮的一個重要指標。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。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。如果你想知道山東天鵝棉花工業機械股份有限公司的估值，看看這個衡量其市盈率的指標，與其行業相比。
Is Shandong Swan CottonIndustrial Machinery StockLtd Making Efficient Use Of Its Profits?
山東天鵝棉工業機械股份有限公司是否有效利用了利潤？
Shandong Swan CottonIndustrial Machinery StockLtd's three-year median payout ratio is a pretty moderate 40%, meaning the company retains 60% of its income. So it seems that Shandong Swan CottonIndustrial Machinery StockLtd is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
山東天鵝棉花工業機械股份有限公司的三年派息率中值為40%，相當適中，這意味着該公司保留了60%的收入。因此，山東天鵝棉花工業機械股份有限公司似乎正在以一種高效的方式進行再投資，它看到了令人印象深刻的收益增長(如上所述)，並支付了豐厚的股息。
Additionally, Shandong Swan CottonIndustrial Machinery StockLtd has paid dividends over a period of six years which means that the company is pretty serious about sharing its profits with shareholders.
此外，山東天鵝棉花工業機械股份有限公司在六年的時間裏支付了股息，這意味着該公司非常認真地與股東分享利潤。
Conclusion
結論
Overall, we feel that Shandong Swan CottonIndustrial Machinery StockLtd certainly does have some positive factors to consider. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard would have the 2 risks we have identified for Shandong Swan CottonIndustrial Machinery StockLtd.
總體而言，我們認為山東天鵝棉業機械股份有限公司確實有一些積極的因素需要考慮。儘管回報率很低，但由於對業務進行了大量再投資，該公司實現了令人印象深刻的收益增長。雖然我們不會完全解僱這家公司，但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。我們的風險儀錶板將具有我們為山東天鵝棉花工業機械股份有限公司確定的兩個風險。
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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。