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Here's Why We Think First Tractor (HKG:38) Is Well Worth Watching

Here's Why We Think First Tractor (HKG:38) Is Well Worth Watching

以下是我们认为一拖股份(HKG:38)值得关注的原因
Simply Wall St ·  10/10 00:17

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story even if these companies are loss-making. But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' A loss-making company is yet to prove itself with profit, and eventually the inflow of external capital may dry up.

对于许多投资者,尤其是那些缺乏经验的投资者,购买故事好的公司的股票是很常见的,即使这些公司是亏损的。但正如彼得·林奇在《华尔街智慧》中所说的,“长跑几乎从来没有收益”。亏损公司还没有通过盈利证明自己,最终外部资金的流入可能会干涸。

In contrast to all that, many investors prefer to focus on companies like First Tractor (HKG:38), which has not only revenues, but also profits. Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business.

与所有板块相比,许多投资者更喜欢关注一拖股份(HKG:38)这样不仅有营业收入,还有利润的公司。 这并不是说该公司提供了最佳的投资机会,但盈利是成功的关键因素之一。

How Fast Is First Tractor Growing?

一拖股份的增长速度如何?

If you believe that markets are even vaguely efficient, then over the long term you'd expect a company's share price to follow its earnings per share (EPS) outcomes. That means EPS growth is considered a real positive by most successful long-term investors. It certainly is nice to see that First Tractor has managed to grow EPS by 32% per year over three years. If growth like this continues on into the future, then shareholders will have plenty to smile about.

如果你认为市场是稍微有效的,那么长期以来,你会希望一家公司的股价跟随其每股收益(EPS)的表现。 这意味着大多数成功的长期投资者认为EPS增长是一个真正的积极因素。 非常高兴看到一拖股份在过去三年里每年成功增长32%的EPS。 如果这样的增长继续下去,那么股东们将有很多理由微笑。

Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth. First Tractor's EBIT margins are flat but, worryingly, its revenue is actually down. While this may raise concerns, investors should investigate the reasoning behind this.

仔细考虑营业收入增长和利润增长前的利息和税前税后利润(EBIT)率可以帮助了解最近利润增长的可持续性。 一拖股份的EBIT率持平,但令人担忧的是其营业收入实际上有所下降。 虽然这可能引起担忧,但投资者应该调查背后的原因。

The chart below shows how the company's bottom and top lines have progressed over time. For finer detail, click on the image.

下图显示了该公司底线和顶线随着时间的推移而发展的情况。点击图片以获取更精细的详细信息。

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SEHK:38 Earnings and Revenue History October 10th 2024
SEHK:38营业收入与收益历史2024年10月10日

While profitability drives the upside, prudent investors always check the balance sheet, too.

尽管利润带来上行动能,但审慎投资者也应检查资产负债表。

Are First Tractor Insiders Aligned With All Shareholders?

一拖股份内部人员与所有股东是否保持一致?

It's a good habit to check into a company's remuneration policies to ensure that the CEO and management team aren't putting their own interests before that of the shareholder with excessive salary packages. The median total compensation for CEOs of companies similar in size to First Tractor, with market caps between CN¥7.1b and CN¥23b, is around CN¥4.2m.

检查公司的薪酬政策是一个好习惯,以确保CEO和管理团队不会通过过高的薪酬套餐将自身利益置于股东利益之前。与一拖股份相似规模,并且市值在71亿至230亿人民币之间的公司的CEO的中位数总补偿约为420万元。

First Tractor's CEO took home a total compensation package of CN¥1.8m in the year prior to December 2023. That's clearly well below average, so at a glance that arrangement seems generous to shareholders and points to a modest remuneration culture. CEO remuneration levels are not the most important metric for investors, but when the pay is modest, that does support enhanced alignment between the CEO and the ordinary shareholders. Generally, arguments can be made that reasonable pay levels attest to good decision-making.

一拖股份的CEO在2023年12月之前的一年中获得了总补偿包,金额为180万元。那明显低于平均水平,因此乍一看该安排对股东慷慨,并且表明了一种温和的薪酬文化。 CEO薪酬水平并不是投资者最重要的指标,但当薪酬较为温和时,这确实支持CEO与普通股东之间的增强一致性。一般来说,可以提出合理的薪酬水平证明有效的决策。

Is First Tractor Worth Keeping An Eye On?

一拖股份值得关注吗?

You can't deny that First Tractor has grown its earnings per share at a very impressive rate. That's attractive. Strong EPS growth is a great look for the company and reasonable CEO compensation sweetens the deal for investors ass it alludes to management being conscious of frivolous spending. We think that based on its merits alone, this stock is worth watching into the future. It's still necessary to consider the ever-present spectre of investment risk. We've identified 1 warning sign with First Tractor , and understanding it should be part of your investment process.

您无法否认一拖股份以非常令人印象深刻的速度增长了每股收益。这是非常吸引人的。强劲的每股收益增长对公司来说是一种很好的展示,而合理的CEO薪酬使投资者感到甜美,因为这表明管理层意识到不必要的支出。我们认为单单基于其优点,这支股票值得未来关注。考虑到投资风险的普遍存在仍然是必要的。我们已经发现了一项关于一拖股份的警告信号,理解这一点应该成为您投资过程的一部分。

While opting for stocks without growing earnings and absent insider buying can yield results, for investors valuing these key metrics, here is a carefully selected list of companies in HK with promising growth potential and insider confidence.

尽管选择那些没有增长盈利和没有内部人员买入的股票也可能带来结果,但对于重视这些重要指标的投资者,在香港具有潜在增长潜力和内部信心的公司中,这里是一个经过精心挑选的列表。

Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.

请注意,本文讨论的内部交易是指在相关司法管辖区中报告的交易。

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.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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