Qian Jiang Water Resources Development Co.,Ltd's (SHSE:600283) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?
Qian Jiang Water Resources Development Co.,Ltd's (SHSE:600283) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?
Qian Jiang Water Resources DevelopmentLtd (SHSE:600283) has had a great run on the share market with its stock up by a significant 26% over the last three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Qian Jiang Water Resources DevelopmentLtd's ROE.
錢江水資源開發有限公司（上交所代碼：600283）在股市上表現良好，其股票在過去三個月中大幅上漲了26％。我們想知道公司的財務狀況是否在價格變化中起甚麼作用，因爲公司的長期基本面通常決定市場結果。在這篇文章中，我們決定重點關注錢江水資源開發有限公司的投資回報率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
Check out our latest analysis for Qian Jiang Water Resources DevelopmentLtd
查看我們對錢江水資源開發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:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Qian Jiang Water Resources DevelopmentLtd is:
因此，根據上述公式，錢江水資源開發有限公司的投資回報率爲：
9.3% = CN¥270m ÷ CN¥2.9b (Based on the trailing twelve months to March 2023).
9.3% = 2.70億人民幣 ⇒ 29億人民幣（基於截至2023年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.09 in profit.
“回報” 是過去十二個月的利潤。另一種思考方式是，公司每擁有價值1元人民幣的股權，就能獲得0.09元的利潤。
Why Is ROE Important For Earnings Growth?
爲甚麼投資回報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. 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.
我們已經確定，投資回報率是衡量公司未來收益的有效盈利指標。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所瞭解。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
A Side By Side comparison of Qian Jiang Water Resources DevelopmentLtd's Earnings Growth And 9.3% ROE
錢江水資源開發有限公司的收益增長和9.3％的投資回報率的並排比較
On the face of it, Qian Jiang Water Resources DevelopmentLtd's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 8.8%. Particularly, the exceptional 25% net income growth seen by Qian Jiang Water Resources DevelopmentLtd over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
從表面上看，錢江水資源開發有限公司的投資回報率並不多。然而，更仔細的研究表明，該公司的投資回報率與行業平均水平相似，爲8.8％。特別是，錢江水資源開發有限公司在過去五年中實現了25％的驚人淨收入增長，這非常引人注目。考慮到投資回報率適中，很有可能還有其他一些方面對公司的收益增長產生積極影響。例如，該公司的派息率很低或者管理得很高效。
Next, on comparing with the industry net income growth, we found that Qian Jiang Water Resources DevelopmentLtd's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
接下來，與行業淨收入增長進行比較，我們發現錢江水資源開發有限公司的增長率與同期的8.7％的行業平均增長率相比相當高，很高興看到。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Qian Jiang Water Resources DevelopmentLtd is trading on a high P/E or a low P/E, relative to its industry.
爲公司增值的基礎在很大程度上與其收益增長息息相關。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。然後，這可以幫助他們確定股票是爲光明的未來還是暗淡的未來準備的。預期收益增長的一個很好的指標是市盈率，它決定了市場根據股票的收益前景願意爲股票支付的價格。因此，你可能需要檢查一下錢江水資源開發有限公司相對於其行業的市盈率高還是低市盈率。
Is Qian Jiang Water Resources DevelopmentLtd Using Its Retained Earnings Effectively?
錢江水資源開發有限公司是否有效地使用了其留存收益？
The three-year median payout ratio for Qian Jiang Water Resources DevelopmentLtd is 33%, which is moderately low. The company is retaining the remaining 67%. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Qian Jiang Water Resources DevelopmentLtd is reinvesting its earnings efficiently.
錢江水資源開發有限公司的三年中位派息率爲33％，屬於中等偏低。該公司保留剩餘的67％。這表明其股息得到了很好的補償，鑑於我們上面討論的高增長，錢江水資源開發有限公司似乎正在有效地對其收益進行再投資。
Moreover, Qian Jiang Water Resources 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，錢江水資源開發有限公司決心繼續與股東分享利潤，我們從其支付股息至少十年的悠久歷史中推斷出這一點。
Conclusion
結論
Overall, we feel that Qian Jiang Water Resources DevelopmentLtd certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. 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. You can see the 2 risks we have identified for Qian Jiang Water Resources DevelopmentLtd by visiting our risks dashboard for free on our platform here.
總的來說，我們認爲錢江水資源開發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，但該公司將其利潤的很大一部分再投資於其業務，這無疑爲其高收益增長做出了貢獻。雖然我們不會完全解僱該公司，但我們要做的是努力確定圍繞公司做出更明智的決定的業務風險有多大。您可以訪問我們的 “錢江水資源開發有限公司”，查看我們爲錢江水資源開發有限公司確定的兩個風險 風險儀表板 在我們的平臺上免費使用。
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Simply Wall St 的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議，也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之，華爾街在上述任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。