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Improved Earnings Required Before China Hongguang Holdings Limited (HKG:8646) Stock's 29% Jump Looks Justified
在中国宏光控股有限公司(HKG:8646)股价上涨29%之前,盈利改善似乎是合理的

Simply Wall St ·  {{timeTz}}

China Hongguang Holdings Limited (HKG:8646) shareholders would be excited to see that the share price has had a great month, posting a 29% gain and recovering from prior weakness. Taking a wider view, although not as strong as the last month, the full year gain of 25% is also fairly reasonable.

中国宏光控股有限公司(HKG:8646)股东将兴奋地看到股价经历了一个伟大的月,公布了29%的涨幅,并从之前的疲软中恢复过来。从更广泛的角度来看,尽管没有上个月那么强劲,全年25%的涨幅也是相当合理的。

In spite of the firm bounce in price, given close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") above 10x, you may still consider China Hongguang Holdings as a highly attractive investment with its 2.5x P/E ratio. Nonetheless, we'd need to dig a little deeper to determine if there is a rational basis for the highly reduced P/E.

尽管股价强劲反弹,但鉴于近一半的香港公司的市盈率(或“市盈率”)在10倍以上,你可能仍会认为中国宏光控股是一项极具吸引力的投资,其市盈率为2.5倍。尽管如此,我们还需要更深入地挖掘,以确定市盈率大幅下降是否有合理的基础。

Recent times have been quite advantageous for China Hongguang Holdings as its earnings have been rising very briskly. It might be that many expect the strong earnings performance to degrade substantially, which has repressed the P/E. If that doesn't eventuate, then existing shareholders have reason to be quite optimistic about the future direction of the share price.

最近对中国宏光控股来说相当有利,因为它的收益一直在快速增长。这可能是因为许多人预计强劲的盈利表现将大幅下降,这抑制了市盈率。如果这不是最终的结果,那么现有股东有理由对未来股价的走势相当乐观。

Check out our latest analysis for China Hongguang Holdings

查看我们对中国宏光控股的最新分析

SEHK:8646 Price Based on Past Earnings April 19th 2022 We don't have analyst forecasts, but you can see how recent trends are setting up the company for the future by checking out our free report on China Hongguang Holdings' earnings, revenue and cash flow.
联交所:8646价格基于过去收益2022年4月19日我们没有分析师的预测,但您可以通过查看我们对中国宏光控股的收益、收入和现金流的免费报告,了解最近的趋势如何为公司的未来奠定基础。

How Is China Hongguang Holdings' Growth Trending?

中国宏光控股的增长趋势如何?

The only time you'd be truly comfortable seeing a P/E as depressed as China Hongguang Holdings' is when the company's growth is on track to lag the market decidedly.

只有当该公司的增长明显落后于市场时,你才会真正放心地看到像中国宏光控股这样低迷的市盈率。

If we review the last year of earnings growth, the company posted a terrific increase of 275%. Despite this strong recent growth, it's still struggling to catch up as its three-year EPS frustratingly shrank by 23% overall. Therefore, it's fair to say the earnings growth recently has been undesirable for the company.

如果我们回顾一下去年的收益增长,该公司公布了275%的惊人增长。尽管最近增长强劲,但它仍在努力追赶,因为其三年期每股收益总体上令人沮丧地缩水了23%。因此,公平地说,最近的收益增长对公司来说是不可取的。

In contrast to the company, the rest of the market is expected to grow by 17% over the next year, which really puts the company's recent medium-term earnings decline into perspective.

与该公司形成鲜明对比的是,市场其他部分预计明年将增长17%,这确实让人对该公司最近中期收益的下降有了正确的认识。

In light of this, it's understandable that China Hongguang Holdings' P/E would sit below the majority of other companies. However, we think shrinking earnings are unlikely to lead to a stable P/E over the longer term, which could set up shareholders for future disappointment. Even just maintaining these prices could be difficult to achieve as recent earnings trends are already weighing down the shares.

有鉴于此,中国宏光控股的市盈率低于大多数其他公司也是可以理解的。然而,我们认为,盈利缩水不太可能带来长期稳定的市盈率,这可能会让股东们未来感到失望。即使只是维持这样的价格也可能很难实现,因为最近的收益趋势已经在拖累股价。

The Bottom Line On China Hongguang Holdings' P/E

中国宏光控股市盈率的底线

Even after such a strong price move, China Hongguang Holdings' P/E still trails the rest of the market significantly. It's argued the price-to-earnings ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator.

即使在如此强劲的价格变动之后,中国宏光控股的市盈率仍明显落后于市场其他板块。有人认为,市盈率是衡量某些行业价值的次要指标,但它可以成为一个强大的商业信心指标。

As we suspected, our examination of China Hongguang Holdings revealed its shrinking earnings over the medium-term are contributing to its low P/E, given the market is set to grow. At this stage investors feel the potential for an improvement in earnings isn't great enough to justify a higher P/E ratio. Unless the recent medium-term conditions improve, they will continue to form a barrier for the share price around these levels.

正如我们怀疑的那样,我们对中国宏光控股的调查显示,考虑到市场将会增长,该公司中期收益的缩水是导致其市盈率较低的原因之一。在这个阶段,投资者认为盈利改善的潜力还不够大,不足以证明提高市盈率是合理的。除非近期的中期状况有所改善,否则将继续在这些水平附近形成股价障碍。

You need to take note of risks, for example - China Hongguang Holdings has 2 warning signs (and 1 which can't be ignored) we think you should know about.

例如,你需要注意风险--中国宏光控股有两个警告信号(还有一个不容忽视),我们认为你应该知道。

If P/E ratios interest you, you may wish to see this free collection of other companies that have grown earnings strongly and trade on P/E's below 20x.

如果你对市盈率感兴趣,你可能想看看这个免费其他盈利增长强劲、市盈率低于20倍的公司。

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.

对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。

本页的译文内容由软件翻译。富途将竭力但却不能保证翻译内容之准确和可靠,亦不会承担因任何不准确或遗漏而引起的任何损失或损害。

风险提示:以上内容仅作为作者或者嘉宾的观点,不代表富途的任何立场,不构成与富途相关的任何投资建议。在作出任何投资决定前,投资者应根据自身情况考虑投资产品相关的风险因素,并于需要时咨询专业投资顾问意见。富途竭力但不能证实上述内容的真实性、准确性和原创性,对此富途不做任何保证和承诺。

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