Dongguan Tarry Electronics Co.,Ltd's (SZSE:300976) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Dongguan Tarry Electronics Co.,Ltd's (SZSE:300976) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Dongguan Tarry ElectronicsLtd's (SZSE:300976) stock is up by a considerable 17% over the past three months. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. In this article, we decided to focus on Dongguan Tarry ElectronicsLtd's ROE.
東莞達瑞電子有限公司(深圳證券交易所代碼:300976)的股票在過去三個月中大幅上漲了17%。但是,我們決定關注公司的基本面,這些基本面似乎並未給公司的財務狀況提供明確的信號。在這篇文章中,我們決定重點介紹東莞達瑞電子有限公司的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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對公司增值和管理投資者資金的有效性的考驗。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 return on equity is:
股本回報率的公式是:
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 Dongguan Tarry ElectronicsLtd is:
因此,根據上述公式,東莞達瑞電子有限公司的投資回報率爲:
3.0% = CN¥96m ÷ CN¥3.2b (Based on the trailing twelve months to March 2024).
3.0% = 9600萬元人民幣 ÷ 32元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.
「回報」 是過去十二個月的利潤。因此,這意味着該公司每投資1元人民幣,就會產生0.03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。
Dongguan Tarry ElectronicsLtd's Earnings Growth And 3.0% ROE
東莞達瑞電子有限公司的收益增長和3.0%的投資回報率
As you can see, Dongguan Tarry ElectronicsLtd's ROE looks pretty weak. Even when compared to the industry average of 6.3%, the ROE figure is pretty disappointing. Therefore, it might not be wrong to say that the five year net income decline of 19% seen by Dongguan Tarry ElectronicsLtd was possibly a result of it having a lower ROE. We reckon that there could also be other factors at play here. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
如你所見,東莞達瑞電子有限公司的投資回報率看起來相當疲軟。即使與6.3%的行業平均水平相比,投資回報率的數字也相當令人失望。因此,說東莞達瑞電子有限公司五年淨收入下降19%可能是其投資回報率降低的結果,這可能沒有錯。我們認爲,這裏可能還有其他因素在起作用。例如,該企業的資本分配不佳,或者該公司的派息率非常高。
However, when we compared Dongguan Tarry ElectronicsLtd's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 6.4% in the same period. This is quite worrisome.
但是,當我們將東莞達瑞電子有限公司的增長與行業的增長進行比較時,我們發現,儘管該公司的收益一直在萎縮,但同期該行業的收益增長了6.4%。這非常令人擔憂。
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Earnings growth is an important metric to consider when valuing a stock. 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 Dongguan Tarry ElectronicsLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是對股票進行估值時要考慮的重要指標。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,東莞達瑞電子有限公司的估值是否合理?這3種估值指標可能會幫助您做出決定。
Is Dongguan Tarry ElectronicsLtd Efficiently Re-investing Its Profits?
東莞達瑞電子有限公司是否有效地將利潤再投資?
Looking at its three-year median payout ratio of 38% (or a retention ratio of 62%) which is pretty normal, Dongguan Tarry ElectronicsLtd's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
縱觀其三年派息率中位數38%(或62%的留存率),這是很正常的,東莞達瑞電子有限公司的收益下降相當令人困惑,因爲當一家公司保留很大一部分利潤時,人們預計會看到相當大的增長。看來可能還有其他一些原因可以解釋這方面的不足。例如,業務可能會下滑。
Additionally, Dongguan Tarry ElectronicsLtd has paid dividends over a period of three years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外,東莞達瑞電子有限公司已在三年內派發了股息,這意味着無論收益如何萎縮,該公司的管理層都相當專注於維持股息支付。
Summary
摘要
In total, we're a bit ambivalent about Dongguan Tarry ElectronicsLtd's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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,我們對東莞達瑞電子有限公司的表現有點矛盾。儘管鑑於投資回報率低,它似乎保留了大部分利潤,但投資者畢竟可能無法從所有這些再投資中受益。低收入增長表明我們的理論是正確的。既然如此,最新的行業分析師預測顯示,分析師預計公司的收益增長率將得到巨大改善。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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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