Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) On An Uptrend: Could Fundamentals Be Driving The Stock?
Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) On An Uptrend: Could Fundamentals Be Driving The Stock?
Most readers would already know that Ningbo Huaxiang Electronic's (SZSE:002048) stock increased by 9.6% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to investigate if the company's decent financials had a hand to play in the recent price move. In this article, we decided to focus on Ningbo Huaxiang Electronic's ROE.
大多数读者已经知道,宁波华翔电子(深圳证券交易所:002048)的股票在过去三个月中上涨了9.6%。鉴于股票价格通常与公司的长期财务表现一致,我们决定调查该公司的良好财务状况是否在近期的价格变动中发挥了作用。在本文中,我们决定重点关注宁波华翔电子的投资回报率。
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.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之,它衡量公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率?
The formula for ROE is:
ROE 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 Ningbo Huaxiang Electronic is:
因此,根据上述公式,宁波华翔电子的投资回报率为:
8.1% = CN¥1.1b ÷ CN¥14b (Based on the trailing twelve months to December 2023).
8.1% = 11亿元人民币 ÷ 140亿元人民币(基于截至2023年12月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.08 in profit.
“回报” 是指公司去年的收益。这意味着,每持有价值1元人民币的股权,公司就会产生0.08元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
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. 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.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。然后,我们能够评估公司的收益增长潜力,具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Ningbo Huaxiang Electronic's Earnings Growth And 8.1% ROE
宁波华翔电子的收益增长和8.1%的投资回报率
At first glance, Ningbo Huaxiang Electronic's ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 7.6%, we may spare it some thought. Even so, Ningbo Huaxiang Electronic has shown a fairly decent growth in its net income which grew at a rate of 6.7%. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看,宁波华翔电子的投资回报率看起来并不十分乐观。但是,鉴于该公司的投资回报率与7.6%的平均行业投资回报率相似,我们可以考虑一下。即便如此,宁波华翔电子的净收入仍表现出相当不错的增长,增长率为6.7%。考虑到投资回报率不是特别高,我们认为还可能有其他因素在起作用,这些因素可能会影响公司的增长。例如,公司的管理层可能做出了一些良好的战略决策,或者公司的派息率很低。
As a next step, we compared Ningbo Huaxiang Electronic's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 5.0%.
下一步,我们将宁波华翔电子的净收入增长与行业进行了比较,令人高兴的是,我们发现该公司的增长高于行业平均增长5.0%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240421/0-a69b297ca347daa30c242dd708a02dfd-0-52bc40773059c2faeeaf1941ce08bdfc.png/big)
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. 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 Ningbo Huaxiang Electronic is trading on a high P/E or a low P/E, relative to its industry.
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。然后,这可以帮助他们确定股票是面向光明还是暗淡的未来。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查宁波华翔电子相对于其行业是高市盈率还是低市盈率。
Is Ningbo Huaxiang Electronic Making Efficient Use Of Its Profits?
宁波华翔电子在有效利用利润吗?
With a three-year median payout ratio of 29% (implying that the company retains 71% of its profits), it seems that Ningbo Huaxiang Electronic is reinvesting efficiently in a way that it sees respectable amount growth in its earnings and pays a dividend that's well covered.
宁波华翔电子的三年派息率中位数为29%(这意味着该公司保留了71%的利润),看来宁波华翔电子正在进行有效的再投资,其收益将实现可观的增长,并支付可观的股息。
Moreover, Ningbo Huaxiang Electronic is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 28%. Regardless, the future ROE for Ningbo Huaxiang Electronic is predicted to rise to 11% despite there being not much change expected in its payout ratio.
此外,宁波华翔电子决心继续与股东分享利润,这是我们从其至少十年派息的长期历史中推断出来的。我们最新的分析师数据显示,公司未来三年的派息率预计约为28%。无论如何,尽管预计其派息率没有太大变化,但宁波华翔电子的未来投资回报率预计将上升至11%。
Conclusion
结论
On the whole, we do feel that Ningbo Huaxiang Electronic has some positive attributes. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. 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.
总的来说,我们确实认为宁波华翔电子具有一些积极的属性。尽管投资回报率很低,但由于再投资率很高,该公司的收益实现了可观的增长。既然如此,分析师的最新预测显示,该公司的收益将继续扩大。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们分析师对公司的预测页面。
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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。