Zhejiang Fenglong Electric Co., Ltd.'s (SZSE:002931) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Zhejiang Fenglong Electric Co., Ltd.'s (SZSE:002931) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Zhejiang Fenglong Electric's (SZSE:002931) stock is up by a considerable 18% over the past week. 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. Particularly, we will be paying attention to Zhejiang Fenglong Electric's ROE today.
浙江丰隆电气(SZSE：002931)的股票在过去一周上涨了18%。然而，我们决定关注该公司的基本面，这些基本面似乎并未给出该公司财务健康状况的明确迹象。今天我们特别关注浙江丰隆电气的净资产收益率。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。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。
Check out our latest analysis for Zhejiang Fenglong Electric
查看我们对浙江丰龙电气的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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 Zhejiang Fenglong Electric is:
因此，根据上述公式，浙江丰隆电气的净资产收益率为：
3.3% = CN¥24m ÷ CN¥727m (Based on the trailing twelve months to June 2023).
3.3%=2400万元×7.27亿元(基于截至2023年6月的12个月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.
“回报”指的是一家公司过去一年的收益。因此，这意味着股东每投资1元人民币，公司就会产生0.03元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. 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 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.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。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。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Zhejiang Fenglong Electric's Earnings Growth And 3.3% ROE
浙江丰隆电气盈利增长3.3%净资产收益率
It is quite clear that Zhejiang Fenglong Electric's ROE is rather low. Even compared to the average industry ROE of 7.9%, the company's ROE is quite dismal. As a result, Zhejiang Fenglong Electric's flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明显，浙江丰隆电气的净资产收益率相当低。即使与7.9%的行业平均净资产收益率相比，该公司的净资产收益率也相当惨淡。因此，浙江丰隆电气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(ROE)较低。
As a next step, we compared Zhejiang Fenglong Electric's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 11% in the same period.
作为下一步，我们将浙江丰隆电气的净收入增长与行业进行了比较，失望地看到该公司的增长低于同期11%的行业平均增长。
Earnings growth is an important metric to consider when valuing a stock. 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. Is Zhejiang Fenglong Electric fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是评估一只股票时需要考虑的一个重要指标。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。与其他公司相比，浙江丰隆电气的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Zhejiang Fenglong Electric Efficiently Re-investing Its Profits?
浙江丰隆电气是否有效地将利润进行了再投资？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a dividend. We infer that the company has been reinvesting all of its profits to grow its business.
虽然该公司过去确实支付了一部分股息，但目前不支付股息。我们推断，该公司一直在将所有利润进行再投资，以发展业务。
Conclusion
结论
Overall, we have mixed feelings about Zhejiang Fenglong Electric. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. 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 Zhejiang Fenglong Electric's past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.
总体而言，我们对浙江丰隆电气有复杂的感受。虽然该公司的再投资率确实很高，但低ROE意味着所有的再投资都没有给投资者带来任何好处，而且对收益增长产生了负面影响。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 详细图表通过对浙江丰隆电气过去的收益以及收入和现金流的分析，可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。