Jiangsu Pacific Quartz Co., Ltd's (SHSE:603688) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Jiangsu Pacific Quartz Co., Ltd's (SHSE:603688) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
It is hard to get excited after looking at Jiangsu Pacific Quartz's (SHSE:603688) recent performance, when its stock has declined 7.1% over the past month. 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 Jiangsu Pacific Quartz's ROE today.
看了江蘇太平洋石英(上海證券交易所股票代碼：603688)最近的表現後，很難感到興奮，其股價在過去一個月裏下跌了7.1%。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着，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。今天我們特別關注江蘇太平洋石英的淨資產收益率。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率，即股本回報率，是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
See our latest analysis for Jiangsu Pacific Quartz
查看我們對江蘇太平洋石英的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
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 Jiangsu Pacific Quartz is:
因此，根據上述公式，江蘇太平洋石英的淨資產收益率為：
24% = CN¥679m ÷ CN¥2.8b (Based on the trailing twelve months to September 2022).
24%=人民幣6.79億×人民幣28億元(基於截至2022年9月的12個月)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.24 in profit.
“回報”就是年度利潤。這意味着，每增加價值1元的股東權益，公司就會產生0.24元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
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。根據公司選擇再投資或“保留”多少利潤，我們就能夠評估一家公司未來產生利潤的能力。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。
A Side By Side comparison of Jiangsu Pacific Quartz's Earnings Growth And 24% ROE
江蘇太平洋石英盈利增長與24%淨資產收益率的並列比較
To begin with, Jiangsu Pacific Quartz has a pretty high ROE which is interesting. Additionally, the company's ROE is higher compared to the industry average of 8.9% which is quite remarkable. Under the circumstances, Jiangsu Pacific Quartz's considerable five year net income growth of 31% was to be expected.
首先，江蘇太平洋石英擁有相當高的淨資產收益率，這是很有趣的。此外，該公司的淨資產收益率(ROE)高於8.9%的行業平均水平，這是相當了不起的。在這種情況下，江蘇太平洋石英五年來實現31%的可觀淨收入增長是意料之中的。
Next, on comparing Jiangsu Pacific Quartz's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 36% in the same period.
接下來，將江蘇太平洋石英的淨收入增長與行業進行比較，我們發現，該公司的上報增長與同期36%的行業平均增長率相似。
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. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Jiangsu Pacific Quartz'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。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。如果你想知道江蘇太平洋石英的估值，看看這個衡量其市盈率的指標，與其行業相比。
Is Jiangsu Pacific Quartz Using Its Retained Earnings Effectively?
江蘇太平洋石英有效利用其留存收益嗎？
Jiangsu Pacific Quartz has a three-year median payout ratio of 28% (where it is retaining 72% of its income) which is not too low or not too high. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Jiangsu Pacific Quartz is reinvesting its earnings efficiently.
江蘇太平洋石英的三年中值派息率為28%(該公司保留了72%的收入)，這不是太低也不是太高。這表明它的股息得到了很好的覆蓋，考慮到我們上面討論的高增長，江蘇太平洋石英似乎正在有效地對其收益進行再投資。
Moreover, Jiangsu Pacific Quartz is determined to keep sharing its profits with shareholders which we infer from its long history of eight years of paying a dividend. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 30%. However, Jiangsu Pacific Quartz's ROE is predicted to rise to 48% despite there being no anticipated change in its payout ratio.
此外，江蘇太平洋石英決心繼續與股東分享其利潤，這是我們從其長達八年的派息歷史中推斷出來的。我們最新的分析師數據顯示，該公司未來三年的派息率預計約為30%。然而，江蘇太平洋石英的淨資產收益率預計將上升至48%，儘管其派息率沒有預期變化。
Conclusion
結論
Overall, we are quite pleased with Jiangsu Pacific Quartz's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總體而言，我們對江蘇太平洋石英的表現相當滿意。具體地説，我們喜歡該公司將一大筆利潤以高回報率進行再投資。當然，這導致該公司的收益出現了大幅增長。既然如此，最新的分析師預測顯示，該公司的收益將繼續增長。要了解更多有關該公司未來收益增長預測的信息，請查看以下內容免費報告分析師對該公司的預測，以瞭解更多信息。
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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。