Antong Holdings Co., Ltd. (SHSE:600179) On An Uptrend: Could Fundamentals Be Driving The Stock?
Antong Holdings Co., Ltd. (SHSE:600179) On An Uptrend: Could Fundamentals Be Driving The Stock?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity Antong Holdings' (SHSE:600179) stock is up by 4.6% over the past week. As most would know, long-term fundamentals have a strong correlation with market price movements, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. In this article, we decided to focus on Antong Holdings' ROE.
安通控股（上海證券交易所代碼：600179）的股票在過去一週上漲了4.6％。正如大多數人所知道的那樣，長期基本面與市場價格走勢有很強的相關性，因此我們決定今天查看該公司的關鍵財務指標，以確定它們在近期的價格走勢中是否可以發揮任何作用。在本文中，我們決定重點關注安通控股的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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，它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Antong Holdings is:
因此，根據上述公式，安通控股的投資回報率爲：
5.3% = CN¥536m ÷ CN¥10b (Based on the trailing twelve months to March 2024).
5.3% = 53600萬元人民幣 ÷ 100元人民幣（基於截至2024年3月的過去十二個月）。
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¥0.05 in profit.
「回報」 是每年的利潤。另一種看法是，每持有價值1元人民幣的股權，公司就能獲得0.05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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。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。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
Antong Holdings' Earnings Growth And 5.3% ROE
安通控股的收益增長和5.3％的投資回報率
When you first look at it, Antong Holdings' ROE doesn't look that attractive. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 8.6% either. However, we we're pleasantly surprised to see that Antong Holdings grew its net income at a significant rate of 43% in the last five years. Therefore, there could be other reasons behind this 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.
當你第一次看時，安通控股的投資回報率看起來並不那麼吸引人。一項快速的進一步研究表明，該公司的投資回報率與行業平均水平的8.6％相比也並不理想。但是，我們驚喜地看到，安通控股在過去五年中淨收入大幅增長了43％。因此，這種增長背後可能還有其他原因。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 Antong Holdings' 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 15%.
下一步，我們將安通控股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15％的平均增長。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Antong Holdings fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是股票估值的重要因素。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。與其他公司相比，安通控股的估值是否合理？這3種估值指標可能會幫助您做出決定。
Is Antong Holdings Making Efficient Use Of Its Profits?
安通控股是否在有效利用其利潤？
Antong Holdings doesn't pay any regular dividends to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
安通控股不定期向股東支付任何股息，這意味着該公司一直在將所有利潤再投資於該業務。這可能是推動上述高收益增長數字的原因。
Summary
摘要
On the whole, we do feel that Antong Holdings 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. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard would have the 2 risks we have identified for Antong Holdings.
總的來說，我們確實認爲安通控股有一些積極的屬性。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。雖然我們不會完全解散公司，但我們要做的是努力確定業務的風險，以便在公司周圍做出更明智的決定。我們的風險儀表板將包含我們爲安通控股確定的兩種風險。
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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.
對這篇文章有反饋嗎？對內容感到擔憂嗎？請直接聯繫我們。或者，也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎？擔心內容嗎？直接聯繫我們。或者，發送電子郵件至 editorial-team@simplywallst.com