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.
大多數讀者已經知道,寧波華翔電子(深圳證券交易所:002048)的股票在過去三個月中上漲了9.6%。鑑於股票價格通常與公司的長期財務表現一致,我們決定調查該公司的良好財務狀況是否在近期的價格變動中發揮了作用。在本文中,我們決定重點關注寧波華翔電子的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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。簡而言之,它衡量公司相對於股東權益的盈利能力。
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 Ningbo Huaxiang Electronic is:
因此,根據上述公式,寧波華翔電子的投資回報率爲:
8.1% = CN¥1.1b ÷ CN¥14b (Based on the trailing twelve months to December 2023).
8.1% = 11億元人民幣 ÷ 140億元人民幣(基於截至2023年12月的過去十二個月)。
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.
“回報” 是指公司去年的收益。這意味着,每持有價值1元人民幣的股權,公司就會產生0.08元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要?
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.
我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。然後,我們能夠評估公司的收益增長潛力,具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Ningbo Huaxiang Electronic's Earnings Growth And 8.1% ROE
寧波華翔電子的收益增長和8.1%的投資回報率
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,寧波華翔電子的投資回報率看起來並不十分樂觀。但是,鑑於該公司的投資回報率與7.6%的平均行業投資回報率相似,我們可以考慮一下。即便如此,寧波華翔電子的淨收入仍表現出相當不錯的增長,增長率爲6.7%。考慮到投資回報率不是特別高,我們認爲還可能有其他因素在起作用,這些因素可能會影響公司的增長。例如,公司的管理層可能做出了一些良好的戰略決策,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,我們將寧波華翔電子的淨收入增長與行業進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長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.
收益增長是股票估值的重要因素。無論如何,投資者應設法確定預期的收益增長或下降是否已計入其中。然後,這可以幫助他們確定股票是面向光明還是暗淡的未來。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,您可能需要檢查寧波華翔電子相對於其行業是高市盈率還是低市盈率。
Is Ningbo Huaxiang Electronic Making Efficient Use Of Its Profits?
寧波華翔電子在有效利用利潤嗎?
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.
寧波華翔電子的三年派息率中位數爲29%(這意味着該公司保留了71%的利潤),看來寧波華翔電子正在進行有效的再投資,其收益將實現可觀的增長,並支付可觀的股息。
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,寧波華翔電子決心繼續與股東分享利潤,這是我們從其至少十年派息的長期歷史中推斷出來的。我們最新的分析師數據顯示,公司未來三年的派息率預計約爲28%。無論如何,儘管預計其派息率沒有太大變化,但寧波華翔電子的未來投資回報率預計將上升至11%。
Conclusion
結論
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.
總的來說,我們確實認爲寧波華翔電子具有一些積極的屬性。儘管投資回報率很低,但由於再投資率很高,該公司的收益實現了可觀的增長。既然如此,分析師的最新預測顯示,該公司的收益將繼續擴大。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。
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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。