Declining Stock and Solid Fundamentals: Is The Market Wrong About Shanghai Jinqiao Export Processing Zone Development Co.,Ltd (SHSE:600639)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Shanghai Jinqiao Export Processing Zone Development Co.,Ltd (SHSE:600639)?
It is hard to get excited after looking at Shanghai Jinqiao Export Processing Zone DevelopmentLtd's (SHSE:600639) recent performance, when its stock has declined 13% over the past week. 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 Shanghai Jinqiao Export Processing Zone DevelopmentLtd's ROE.
看到上海金橋出口加工區發展有限公司(上海證券交易所股票代碼：600639)最近的表現，很難感到興奮，其股票在過去一週裏下跌了13%。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。在本文中，我們決定將重點放在上海金橋出口加工區開發有限公司的淨資產收益率上。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。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。
See our latest analysis for Shanghai Jinqiao Export Processing Zone DevelopmentLtd
請看我們對上海金橋出口加工區發展有限公司的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
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 Shanghai Jinqiao Export Processing Zone DevelopmentLtd is:
因此，根據上述公式，上海金橋出口加工區開發有限公司的淨資產收益率為：
13% = CN¥1.6b ÷ CN¥13b (Based on the trailing twelve months to December 2021).
13%=16億元×130億元(以截至2021年12月的12個月為基礎)。
The 'return' is the yearly profit. 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.
“回報”就是年度利潤。另一種説法是，公司每持有價值1元的股權，就能賺取0.13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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
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。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。
A Side By Side comparison of Shanghai Jinqiao Export Processing Zone DevelopmentLtd's Earnings Growth And 13% ROE
上海金橋出口加工區發展有限公司盈利增長與淨資產收益率13%的並列比較
To begin with, Shanghai Jinqiao Export Processing Zone DevelopmentLtd seems to have a respectable ROE. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This certainly adds some context to Shanghai Jinqiao Export Processing Zone DevelopmentLtd's decent 13% net income growth seen over the past five years.
首先，上海金橋出口加工區開發有限公司似乎擁有令人尊敬的淨資產收益率。與6.9%的行業平均淨資產收益率相比，該公司的淨資產收益率看起來相當驚人。這無疑為上海金橋出口加工區發展有限公司在過去五年中實現了13%的可觀淨收入增長增添了一些背景。
We then compared Shanghai Jinqiao Export Processing Zone DevelopmentLtd's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 8.6% in the same period.
然後，我們將上海金橋出口加工區開發區有限公司的淨收入增長與行業進行了比較，我們高興地看到，與同期8.6%的行業增長率相比，該公司的增長率更高。
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 Shanghai Jinqiao Export Processing Zone DevelopmentLtd'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。如果你想知道上海金橋出口加工區開發有限公司的估值，看看這個衡量其市盈率的指標，與其行業相比。
Is Shanghai Jinqiao Export Processing Zone DevelopmentLtd Efficiently Re-investing Its Profits?
上海金橋出口加工區開發有限公司是否有效地將利潤再投資？
With a three-year median payout ratio of 33% (implying that the company retains 67% of its profits), it seems that Shanghai Jinqiao Export Processing Zone DevelopmentLtd is reinvesting efficiently in a way that it sees respectable amount growth in its earnings and pays a dividend that's well covered.
上海金橋出口加工區發展有限公司的三年派息率中值為33%(這意味着該公司保留了67%的利潤)，看起來它正在以一種高效的方式進行再投資，它看到了收益可觀的增長，並支付了豐厚的股息。
Moreover, Shanghai Jinqiao Export Processing Zone DevelopmentLtd is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外，上海金橋出口加工區發展有限公司決心繼續與股東分享利潤，這是我們從其至少十年的派息歷史中推斷出來的。
Conclusion
結論
In total, we are pretty happy with Shanghai Jinqiao Export Processing Zone DevelopmentLtd'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. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總體而言，我們對上海金橋出口加工區開發區有限公司的表現感到滿意。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。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。這些分析師的預期是基於對該行業的廣泛預期，還是基於該公司的基本面？點擊此處進入我們分析師對該公司的預測頁面。
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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。