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Is YAPP Automotive Systems Co., Ltd.'s (SHSE:603013) Recent Stock Performance Influenced By Its Fundamentals In Any Way?

Is YAPP Automotive Systems Co., Ltd.'s (SHSE:603013) Recent Stock Performance Influenced By Its Fundamentals In Any Way?

亞普股份有限公司(SHSE:603013)最近的股票表現是否在任何方面受其基本面的影響?
Simply Wall St ·  2024/11/30 06:59

YAPP Automotive Systems' (SHSE:603013) stock is up by a considerable 22% over the past three months. As most would know, fundamentals are what usually guide market price movements over the long-term, 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 YAPP Automotive Systems' ROE.

亞普股份(SHSE:603013)的股票在過去三個月上漲了相當可觀的22%。如大多數人所知,基本面通常是指導市場價格波動的因素,因此我們決定今天查看公司的關鍵財務指標,以判斷它們在最近的價格波動中是否有任何作用。本文中,我們決定重點關注亞普股份的roe。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.

ROE(淨資產收益率)是股東需考慮的一個重要因素,因爲它告訴他們資本被有效地再投資的效果如何。換句話說,它揭示了公司將股東的投資轉化爲利潤的成功程度。

How To Calculate Return On Equity?

如何計算股東權益報酬率?

The formula for ROE is:

roe的公式是:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

淨資產收益率 = 淨利潤(來自持續經營) ÷ 股東權益

So, based on the above formula, the ROE for YAPP Automotive Systems is:

因此,根據上述公式,亞普股份的roe爲:

11% = CN¥468m ÷ CN¥4.3b (Based on the trailing twelve months to September 2024).

11% = CN¥46800萬 ÷ CN¥43億(基於截至2024年9月的12個月的財務數據)。

The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.11.

「回報」是企業在過去一年中賺取的收入。因此,這意味着對於其每1元股東投資,公司創造了0.11元的利潤。

What Has ROE Got To Do With Earnings Growth?

roe與盈利增長有何關係?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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,ROE是公司未來賺錢能力的有效衡量標準。現在我們需要評估公司爲未來增長而再投資或「保留」的利潤。這樣,我們就能了解公司的增長潛力。一般而言,在其他條件相等的情況下,具有高淨資產收益率和利潤保留率的公司,比那些不具備這些特點的公司有更高的增長率。

YAPP Automotive Systems' Earnings Growth And 11% ROE

亞普股份的盈利增長和11%的roe

To start with, YAPP Automotive Systems' ROE looks acceptable. Especially when compared to the industry average of 8.3% the company's ROE looks pretty impressive. Given the circumstances, we can't help but wonder why YAPP Automotive Systems saw little to no growth in the past five years. We reckon that there could be some other factors at play here that's limiting the company's growth. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.

首先,亞普股份的roe看起來是可接受的。特別是與8.3%的行業平均水平相比,該公司的roe顯得相當令人印象深刻。在這種情況下,我們不禁想知道,爲什麼亞普股份在過去五年幾乎沒有增長。我們認爲,可能還有其他因素在限制公司的增長。例如,該公司可能有較高的分紅派息比率,或者業務資本配置不當。

As a next step, we compared YAPP Automotive Systems' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 9.2% in the same period.

接下來,我們將亞普股份的淨利潤增長與行業進行了比較,令人失望的是,公司的增長低於同一時期行業平均增長9.2%。

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SHSE:603013 Past Earnings Growth November 29th 2024
SHSE:603013 過去的盈利增長 2024年11月29日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 YAPP Automotive Systems is trading on a high P/E or a low P/E, relative to its industry.

對一家公司的估值基礎在很大程度上與其盈利增長有關。投資者應該努力判斷預期的盈利增長或下降是否已被價格反映。不論哪種情況,這樣可以讓他們了解股票是進入清澈的沃特世還是等待着泥濘的水域。一個好的預期盈利增長指標是市盈率,市盈率決定市場願意爲股票支付的價格,基於其盈利前景。因此,您可能想要檢查亞普股份相對於其行業是以高市盈率還是低市盈率交易。

Is YAPP Automotive Systems Making Efficient Use Of Its Profits?

亞普股份是否有效利用其利潤?

With a high three-year median payout ratio of 52% (implying that the company keeps only 48% of its income) of its business to reinvest into its business), most of YAPP Automotive Systems' profits are being paid to shareholders, which explains the absence of growth in earnings.

有着高達52%的三年中位支付比例(意味着公司僅保留48%的收入用於再投資),亞普股份的大部分利潤都被支付給股東,這也解釋了盈利增長的缺乏。

Additionally, YAPP Automotive Systems has paid dividends over a period of five years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.

此外,亞普股份在五年內支付了分紅,這意味着公司的管理層決心支付分紅,即使這意味着幾乎沒有或很少的盈利增長。

Summary

總結

Overall, we feel that YAPP Automotive Systems certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return. Investors could have benefitted from the high ROE, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. So far, we've only made a quick discussion around the company's earnings growth. So it may be worth checking this free detailed graph of YAPP Automotive Systems' past earnings, as well as revenue and cash flows to get a deeper insight into the company's performance.

總體上,我們認爲亞普股份確實有一些積極因素值得考慮。 然而,低收入增長讓人有些擔憂,尤其是考慮到該公司的高回報率。如果該公司能夠更多地將收益進行再投資,投資者本可以從高roe中受益。正如之前討論的,該公司保留了小部分利潤。到目前爲止,我們只是快速討論了公司的收入增長。因此,查看這個免費的YAPP汽車系統過去收入的詳細圖表,以及營業收入和現金流,以深入了解公司的績效,可能是值得的。

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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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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