China CSSC Holdings Limited (SHSE:600150) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
China CSSC Holdings Limited (SHSE:600150) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
China CSSC Holdings (SHSE:600150) has had a great run on the share market with its stock up by a significant 22% over the last three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study China CSSC Holdings' ROE in this article.
中國中船控股(SHSE: 600150)在股票市場上表現良好,其股票在過去三個月中大幅上漲了22%。但是該公司的關鍵財務指標似乎各不相同,這使我們質疑該公司目前的股價勢頭是否可以維持。具體而言,我們決定在本文中研究中國中船控股的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
The formula for ROE is:
ROE 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 China CSSC Holdings is:
因此,根據上述公式,中國中船控股的投資回報率爲:
6.3% = CN¥3.3b ÷ CN¥53b (Based on the trailing twelve months to March 2024).
6.3% = 33億元人民幣 ÷ 530億元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回報” 是企業在過去一年中獲得的收入。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,就會獲得0.06元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
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。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。
China CSSC Holdings' Earnings Growth And 6.3% ROE
中國中船控股的收益增長和6.3%的投資回報率
When you first look at it, China CSSC Holdings' ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 7.2%, we may spare it some thought. On the other hand, China CSSC Holdings reported a fairly low 4.8% net income growth over the past five years. Remember, the company's ROE is not particularly great to begin with. So this could also be one of the reasons behind the company's low growth in earnings.
當你第一次看時,中國中船控股的投資回報率看起來並不那麼有吸引力。但是,鑑於該公司的投資回報率與7.2%的平均行業投資回報率相似,我們可以不加思索。另一方面,中國中船控股公司報告稱,在過去五年中,4.8%的淨收入增長相當低。請記住,公司的投資回報率一開始並不是特別好。因此,這也可能是該公司收益增長緩慢的原因之一。
As a next step, we compared China CSSC Holdings' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 10% in the same period.
下一步,我們將中國中船控股的淨收入增長與該行業進行了比較,並失望地看到該公司的增長低於同期10%的行業平均增長。
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. 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 China CSSC Holdings is trading on a high P/E or a low P/E, relative to its industry.
收益增長是對股票進行估值時要考慮的重要指標。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。然後,這可以幫助他們確定股票是面向光明還是暗淡的未來。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,您可能需要檢查相對於其行業,中國中船控股的市盈率是高還是低。
Is China CSSC Holdings Efficiently Re-investing Its Profits?
中國中船控股是否有效地將其利潤再投資?
While China CSSC Holdings has a decent three-year median payout ratio of 39% (or a retention ratio of 61%), it has seen very little growth in earnings. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
儘管中國中船控股的三年派息率中位數不錯,爲39%(或61%的留存率),但其收益幾乎沒有增長。因此,在這方面可能還有其他解釋。例如,該公司的業務可能正在惡化。
In addition, China CSSC Holdings has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外,中國中船控股在至少十年內一直在派發股息,這表明即使以業務增長爲代價,繼續支付股息對管理層來說也更爲重要。
Summary
摘要
Overall, we have mixed feelings about China CSSC Holdings. While the company does have a high rate of profit retention, its low rate of return is probably hampering its 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,我們對中國中船控股的看法喜憂參半。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。既然如此,分析師的最新預測顯示,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,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。
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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.
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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。
譯文內容由第三人軟體翻譯。