Could The Market Be Wrong About Zhe Kuang Heavy Industry Co.,Ltd. (SZSE:300837) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About Zhe Kuang Heavy Industry Co.,Ltd. (SZSE:300837) Given Its Attractive Financial Prospects?
It is hard to get excited after looking at Zhe Kuang Heavy IndustryLtd's (SZSE:300837) recent performance, when its stock has declined 28% over the past month. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to Zhe Kuang Heavy IndustryLtd's ROE today.
看了哲光重工有限公司（深圳證券交易所代碼：300837）最近的表現，很難感到興奮，當時該公司的股票在過去一個月中下跌了28％。但是，仔細觀察其良好的財務狀況可能會讓你重新考慮。鑑於基本面通常會推動長期市場業績，該公司值得關注。特別是，我們今天將關注哲光重工有限公司的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Zhe Kuang Heavy IndustryLtd is:
因此，根據上述公式，哲光重工有限公司的投資回報率爲：
12% = CN¥176m ÷ CN¥1.4b (Based on the trailing twelve months to September 2023).
12% = 1.76億元人民幣 ÷ 14億元人民幣（基於截至2023年9月的過去十二個月）。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.12 in profit.
“回報” 是每年的利潤。這意味着，公司每獲得價值1元人民幣的股東權益，就會產生0.12元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
到目前爲止，我們已經了解到，投資回報率是衡量公司盈利能力的指標。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
A Side By Side comparison of Zhe Kuang Heavy IndustryLtd's Earnings Growth And 12% ROE
哲礦重工的收益增長和12％的投資回報率的並排比較
At first glance, Zhe Kuang Heavy IndustryLtd seems to have a decent ROE. Especially when compared to the industry average of 7.6% the company's ROE looks pretty impressive. Probably as a result of this, Zhe Kuang Heavy IndustryLtd was able to see a decent growth of 18% over the last five years.
乍一看，哲光重工有限公司的投資回報率似乎不錯。特別是與7.6％的行業平均水平相比，該公司的投資回報率看起來相當可觀。可能是由於這個原因，哲光重工有限公司得以在過去五年中實現了18％的可觀增長。
As a next step, we compared Zhe Kuang Heavy IndustryLtd'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 12%.
下一步，我們將哲光重工的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於行業平均12％的增長。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Zhe Kuang Heavy IndustryLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道哲光重工有限公司的估值，可以看看這個衡量其與行業相比的市盈率指標。
Is Zhe Kuang Heavy IndustryLtd Using Its Retained Earnings Effectively?
浙光重工有限公司是否在有效使用其留存收益？
In Zhe Kuang Heavy IndustryLtd's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 18% (or a retention ratio of 82%), which suggests that the company is investing most of its profits to grow its business.
就哲光重工有限公司而言，其可觀的收益增長可能是由其三年中位數派息率低至18％（或82％的留存率）來解釋，這表明該公司正在將大部分利潤投資於業務增長。
Besides, Zhe Kuang Heavy IndustryLtd has been paying dividends over a period of three years. This shows that the company is committed to sharing profits with its shareholders.
此外，哲光重工有限公司已經在三年內派發了股息。這表明該公司致力於與股東分享利潤。
Conclusion
結論
In total, we are pretty happy with Zhe Kuang Heavy IndustryLtd's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們對哲光重工有限公司的表現非常滿意。特別是，很高興看到該公司正在對其業務進行大量投資，再加上高回報率，這爲其收益帶來了可觀的增長。話雖如此，最新的行業分析師預測顯示，該公司的收益有望加速。要詳細了解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。