Can Mixed Fundamentals Have A Negative Impact on Huangshan Tourism Development Co.,Ltd. (SHSE:600054) Current Share Price Momentum?
Can Mixed Fundamentals Have A Negative Impact on Huangshan Tourism Development Co.,Ltd. (SHSE:600054) Current Share Price Momentum?
Huangshan Tourism DevelopmentLtd (SHSE:600054) has had a great run on the share market with its stock up by a significant 12% over the last month. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. Specifically, we decided to study Huangshan Tourism DevelopmentLtd's ROE in this article.
黃山旅遊發展有限公司（上海證券交易所代碼：600054）在股市上表現良好，其股票比上個月大幅上漲了12％。但是，我們決定關注公司的基本面，這些基本面似乎並未給公司的財務狀況提供明確的信號。具體而言，我們決定在本文中研究黃山旅遊開發有限公司的投資回報率。
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.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
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 Huangshan Tourism DevelopmentLtd is:
因此，根據上述公式，黃山旅遊發展有限公司的投資回報率爲：
7.7% = CN¥362m ÷ CN¥4.7b (Based on the trailing twelve months to September 2023).
7.7% = 3.62億元人民幣 ÷ 47億元人民幣（基於截至2023年9月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.08 in profit.
“回報” 是指公司去年的收益。將其概念化的一種方法是，公司每擁有1元人民幣的股東資本，就能獲得0.08元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報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. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Huangshan Tourism DevelopmentLtd's Earnings Growth And 7.7% ROE
黃山旅遊發展有限公司的收益增長和7.7％的投資回報率
At first glance, Huangshan Tourism DevelopmentLtd's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 8.0%. But Huangshan Tourism DevelopmentLtd saw a five year net income decline of 49% over the past five years. Bear in mind, the company does have a slightly low ROE. So that's what might be causing earnings growth to shrink.
乍一看，黃山旅遊開發有限公司的投資回報率看起來並不十分樂觀。然而，一項更仔細的研究表明，該公司的投資回報率與行業平均水平的8.0％相似。但是，在過去五年中，黃山旅遊發展有限公司的五年淨收入下降了49％。請記住，該公司的投資回報率確實略低。因此，這可能導致收益增長萎縮。
Next, when we compared with the industry, which has shrunk its earnings at a rate of 24% in the same 5-year period, we still found Huangshan Tourism DevelopmentLtd's performance to be quite bleak, because the company has been shrinking its earnings faster than the industry.
接下來，當我們與該行業進行比較時，該行業的收益在5年同期縮水了24％，我們仍然發現黃山旅遊開發有限公司的表現相當慘淡，因爲該公司的收益萎縮速度快於該行業。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is 600054 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是股票估值的重要因素。無論如何，投資者應設法確定預期的收益增長或下降是否已計入其中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。600054 的價值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Huangshan Tourism DevelopmentLtd Efficiently Re-investing Its Profits?
黃山旅遊發展有限公司是否有效地將利潤再投資？
Huangshan Tourism DevelopmentLtd doesn't pay any dividend, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
黃山旅遊開發有限公司不支付任何股息，這意味着該公司保留了所有利潤，這使我們想知道，如果它無法利用收益來發展業務，爲什麼還要保留收益。看來可能還有其他一些原因可以解釋這方面的不足。例如，業務可能會下滑。
Summary
摘要
In total, we're a bit ambivalent about Huangshan Tourism DevelopmentLtd's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們對黃山旅遊開發有限公司的表現有點矛盾。儘管該公司的利潤保留率確實很高，但其低迴報率可能會阻礙其收益增長。話雖如此，我們研究了分析師的最新預測，發現儘管該公司過去曾縮減收益，但分析師預計其未來收益將增長。要詳細了解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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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，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
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