Declining Stock and Decent Financials: Is The Market Wrong About Wingtech Technology Co.,Ltd (SHSE:600745)?
Declining Stock and Decent Financials: Is The Market Wrong About Wingtech Technology Co.,Ltd (SHSE:600745)?
It is hard to get excited after looking at Wingtech TechnologyLtd's (SHSE:600745) recent performance, when its stock has declined 25% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Wingtech TechnologyLtd's ROE in this article.
看了闻泰科技股份有限公司（上海证券交易所代码：600745）最近的表现，很难感到兴奋，当时其股票在过去三个月中下跌了25％。但是，该公司的基本面看起来相当不错，长期财务状况通常与未来的市场价格走势一致。具体而言，我们决定在本文中研究闻泰科技有限公司的投资回报率。
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.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。换句话说，它揭示了公司成功地将股东投资转化为利润。
See our latest analysis for Wingtech TechnologyLtd
查看我们对闻泰科技有限公司的最新分析
How Is ROE Calculated?
ROE 是如何计算的？
The formula for return on equity is:
股本回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Wingtech TechnologyLtd is:
因此，根据上述公式，闻泰科技有限公司的投资回报率为：
4.0% = CN¥1.5b ÷ CN¥39b (Based on the trailing twelve months to September 2023).
4.0% = 15亿元人民币 ÷ 39亿元人民币（基于截至2023年9月的过去十二个月）。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.04 in profit.
“回报” 是每年的利润。另一种看法是，每持有价值1元人民币的股权，公司就能获得0.04元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
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 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.
我们已经确定，投资回报率是衡量公司未来收益的有效利润创造指标。我们现在需要评估公司为未来增长再投资或 “保留” 了多少利润，这样我们就可以了解公司的增长潜力。假设其他一切都保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
Wingtech TechnologyLtd's Earnings Growth And 4.0% ROE
闻泰科技有限公司的收益增长和4.0％的投资回报率
It is quite clear that Wingtech TechnologyLtd's ROE is rather low. Even when compared to the industry average of 6.6%, the ROE figure is pretty disappointing. Although, we can see that Wingtech TechnologyLtd saw a modest net income growth of 20% over the past five years. We reckon that there could be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
很明显，闻泰科技有限公司的投资回报率相当低。即使与6.6％的行业平均水平相比，投资回报率的数字也相当令人失望。但是，我们可以看到，闻泰科技有限公司在过去五年中净收入温和增长了20％。我们认为这里可能还有其他因素在起作用。例如，该公司的派息率较低或管理效率很高。
Next, on comparing with the industry net income growth, we found that Wingtech TechnologyLtd's growth is quite high when compared to the industry average growth of 11% in the same period, which is great to see.
接下来，与行业净收入增长相比，我们发现闻泰科技有限公司的增长与同期11％的行业平均增长率相比相当高，这令人欣喜。
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 600745 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是股票估值的重要因素。无论如何，投资者应设法确定预期的收益增长或下降是否已计入其中。这样做将帮助他们确定股票的未来是乐观还是不祥的。600745 的估值是否合理？这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Wingtech TechnologyLtd Efficiently Re-investing Its Profits?
闻泰科技有限公司是否有效地将其利润再投资？
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.
尽管该公司过去确实支付了部分股息，但目前不支付股息。我们推断，该公司一直在将其所有利润再投资于发展业务。
Conclusion
结论
On the whole, we do feel that Wingtech TechnologyLtd has some positive attributes. 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. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说，我们确实认为闻泰科技有限公司有一些积极的属性。尽管回报率很低，但该公司将其利润的很大一部分再投资于其业务这一事实无疑促进了其高收益增长。话虽如此，从分析师目前的估计来看，我们发现该公司的收益有望增强。要了解有关公司未来收益增长预测的更多信息，请查看这份关于分析师预测的免费报告，以了解更多信息。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。