Ningbo Techmation Co.,Ltd.'s (SHSE:603015) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Ningbo Techmation Co.,Ltd.'s (SHSE:603015) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Ningbo TechmationLtd's (SHSE:603015) stock is up by a considerable 44% over the past three months. We, however wanted to have a closer look at its key financial indicators as the markets usually pay for long-term fundamentals, and in this case, they don't look very promising. Particularly, we will be paying attention to Ningbo TechmationLtd's ROE today.
宁波科技股份有限公司(上交所股票代码：603015)的股票在过去三个月里上涨了44%。然而，我们希望更仔细地看看它的关键财务指标，因为市场通常会为长期基本面买单，而在这种情况下，它们看起来并不是很有希望。今天我们特别关注宁波科技股份有限公司的净资产收益率。
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.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
See our latest analysis for Ningbo TechmationLtd
查看我们对宁波科技有限公司的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Ningbo TechmationLtd is:
因此，根据上述公式，宁波科技股份有限公司的净资产收益率为：
3.3% = CN¥44m ÷ CN¥1.3b (Based on the trailing twelve months to March 2023).
3.3%=CN元4400万×CN元13亿元(基于截至2023年3月的12个月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
“收益”是过去12个月的利润。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.03元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Ningbo TechmationLtd's Earnings Growth And 3.3% ROE
宁波科技盈利增长3.3%净资产收益率
It is quite clear that Ningbo TechmationLtd's ROE is rather low. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. As a result, Ningbo TechmationLtd's flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明显，宁波科技股份有限公司的净资产收益率(ROE)相当低。不仅如此，即使与7.4%的行业平均水平相比，该公司的净资产收益率也完全不起眼。因此，宁波科技股份有限公司过去五年的收益持平并不令人意外，因为它的净资产收益率较低。
We then compared Ningbo TechmationLtd's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 13% in the same 5-year period, which is a bit concerning.
然后，我们将宁波科技有限公司的净收入增长与行业进行了比较，发现该公司的增长数字低于同期13%的行业平均增长率，这有点令人担忧。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. 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 Ningbo TechmationLtd is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是评估一只股票时需要考虑的一个重要指标。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。衡量预期收益增长的一个很好的指标是市盈率，它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此，你可能想看看宁波科技股份有限公司相对于其行业是高市盈率还是低市盈率。
Is Ningbo TechmationLtd Making Efficient Use Of Its Profits?
宁波科技有限公司是否有效利用了利润？
The high three-year median payout ratio of 50% (meaning, the company retains only 50% of profits) for Ningbo TechmationLtd suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
宁波科技股份有限公司的三年中值派息率高达50%(即公司只保留50%的利润)，这表明该公司的收益增长微乎其微，因为该公司支付了大部分收益。
Additionally, Ningbo TechmationLtd has paid dividends over a period of eight years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
此外，宁波科技有限公司在八年的时间里支付了股息，这意味着公司管理层决心支付股息，即使这意味着收益几乎没有增长。
Conclusion
结论
In total, we would have a hard think before deciding on any investment action concerning Ningbo TechmationLtd. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. So far, we've only made a quick discussion around the company's earnings growth. So it may be worth checking this free detailed graph of Ningbo TechmationLtd's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.
总而言之，在决定对宁波科技有限公司的任何投资行动之前，我们都会三思而后行。由于净资产收益率较低，对该业务的再投资不足，该公司的收益增长率令人失望。到目前为止，我们只是围绕该公司的收益增长进行了简短的讨论。所以也许有必要检查一下免费 详细图表宁波科技有限公司过去的收益以及收入和现金流的情况，以更深入地了解公司的业绩。
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本文由Simply Wall St.撰写，具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。