Tonghua Grape Wine Co.,Ltd's (SHSE:600365) Shares Bounce 37% But Its Business Still Trails The Industry
Tonghua Grape Wine Co.,Ltd's (SHSE:600365) Shares Bounce 37% But Its Business Still Trails The Industry
The Tonghua Grape Wine Co.,Ltd (SHSE:600365) share price has done very well over the last month, posting an excellent gain of 37%. Unfortunately, despite the strong performance over the last month, the full year gain of 3.5% isn't as attractive.
這個通化葡萄酒有限公司(上海證券交易所：600365)過去一個月，股價表現非常好，漲幅高達37%。不幸的是，儘管過去一個月表現強勁，但3.5%的全年漲幅並不那麼有吸引力。
Even after such a large jump in price, when around half the companies operating in China's Beverage industry have price-to-sales ratios (or "P/S") above 7x, you may still consider Tonghua Grape WineLtd as an incredibly enticing stock to check out with its 2.4x P/S ratio. Although, it's not wise to just take the P/S at face value as there may be an explanation why it's so limited.
即使在價格如此大幅上漲之後，當中國所在飲料行業的大約一半公司的市銷率(P/S)超過7倍時，你可能仍然會認為通化葡萄酒有限公司是一隻令人難以置信的誘人股票，其本益比為2.4倍。然而，僅僅從表面上看待P/S是不明智的，因為可能會有一個解釋為什麼它如此有限。
See our latest analysis for Tonghua Grape WineLtd
查看我們對通化葡萄酒有限公司的最新分析
What Does Tonghua Grape WineLtd's Recent Performance Look Like?
通化葡萄酒業有限公司最近的表現如何？
The revenue growth achieved at Tonghua Grape WineLtd over the last year would be more than acceptable for most companies. Perhaps the market is expecting this acceptable revenue performance to take a dive, which has kept the P/S suppressed. If that doesn't eventuate, then existing shareholders have reason to be optimistic about the future direction of the share price.
通化葡萄酒有限公司去年實現的收入增長對大多數公司來說都是可以接受的。或許市場預期這一可接受的營收表現將大幅跳水，這令本益比/S受到壓制。如果這一點沒有實現，那麼現有股東有理由對未來股價的走勢持樂觀態度。
Do Revenue Forecasts Match The Low P/S Ratio?
收入預測是否符合較低的本益比？
In order to justify its P/S ratio, Tonghua Grape WineLtd would need to produce anemic growth that's substantially trailing the industry.
為了證明其本益比與S的比率是合理的，通化葡萄酒有限公司需要大幅落後於行業的增長乏力。
Taking a look back first, we see that the company grew revenue by an impressive 30% last year. The latest three year period has also seen an excellent 37% overall rise in revenue, aided by its short-term performance. So we can start by confirming that the company has done a great job of growing revenue over that time.
首先回顧一下，我們看到該公司去年的收入增長了令人印象深刻的30%。在最近三年中，得益於其短期表現，該公司的整體收入也實現了37%的出色增長。因此，我們可以從確認該公司在這段時間內在收入增長方面做得很好開始。
Comparing the recent medium-term revenue trends against the industry's one-year growth forecast of 18% shows it's noticeably less attractive.
將最近的中期營收趨勢與該行業18%的一年增長預期進行比較，就會發現它的吸引力明顯下降。
In light of this, it's understandable that Tonghua Grape WineLtd's P/S sits below the majority of other companies. It seems most investors are expecting to see the recent limited growth rates continue into the future and are only willing to pay a reduced amount for the stock.
有鑒於此，通化葡萄酒有限公司的P/S排名低於其他大多數公司也是可以理解的。似乎大多數投資者都預計，最近有限的增長率將持續到未來，他們只願意為該股支付較低的價格。
The Bottom Line On Tonghua Grape WineLtd's P/S
通化葡萄酒有限公司P/S的底線
Even after such a strong price move, Tonghua Grape WineLtd's P/S still trails the rest of the industry. Using the price-to-sales ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.
即使在如此強勁的價格變動之後，通化葡萄酒有限公司的P/S仍然落後於行業其他公司。僅僅用市銷率來決定你是否應該出售你的股票是不明智的，但它可以成為公司未來前景的實用指南。
Our examination of Tonghua Grape WineLtd confirms that the company's revenue trends over the past three-year years are a key factor in its low price-to-sales ratio, as we suspected, given they fall short of current industry expectations. Right now shareholders are accepting the low P/S as they concede future revenue probably won't provide any pleasant surprises. Unless the recent medium-term conditions improve, they will continue to form a barrier for the share price around these levels.
我們對通化葡萄酒有限公司的調查證實，該公司過去三年的收入趨勢是其低性價比的關鍵因素，正如我們懷疑的那樣，因為它們沒有達到當前行業的預期。目前，股東們正在接受S的低本益比，因為他們承認，未來的收入可能不會帶來任何令人愉快的驚喜。除非近期的中期狀況有所改善，否則將繼續在這些水準附近形成股價障礙。
You should always think about risks. Case in point, we've spotted 2 warning signs for Tonghua Grape WineLtd you should be aware of, and 1 of them can't be ignored.
你應該時刻考慮風險。舉個例子，我們發現通化葡萄酒有限公司的2個警示標誌你應該意識到，其中有1個是不容忽視的。
If strong companies turning a profit tickle your fancy, then you'll want to check out this free list of interesting companies that trade on a low P/E (but have proven they can grow earnings).
如果強大的盈利公司激起了你的想像力，那麼你就會想要看看這個。免費本益比較低(但已證明它們可以增加收益)的有趣公司名單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯繫直接與我們聯繫.或者，也可以給編輯組發電子郵件，地址是暗示Wallst.com。
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。