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Guoguang Electric Company Limited's (SZSE:002045) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

Guoguang Electric Company Limited's (SZSE:002045) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

國光電器有限公司(SZSE:002045)的股票有着強勁的動力:這是否需要更深入研究其財務前景?
Simply Wall St ·  12/05 07:04

Guoguang Electric (SZSE:002045) has had a great run on the share market with its stock up by a significant 53% over the last three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Specifically, we decided to study Guoguang Electric's ROE in this article.

國光電器(深交所代碼:002045)在股市上表現良好,最近三個月股票上漲了53%。考慮到股票價格通常與公司的長期財務表現密切相關,我們決定更仔細地研究其財務指標,以了解它們在最近的價格變動中是否發揮了作用。具體來說,我們決定在本文中研究國光電器的roe。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股東權益回報率ROE是測試公司增值能力和管理股東投資的有效性的指標。更簡單地說,它衡量公司在股東權益中的盈利能力。

How Is ROE Calculated?

淨資產收益率怎麼計算?

Return on equity can be calculated by using the formula:

股東權益報酬率可以使用以下公式計算:

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 Guoguang Electric is:

因此,根據上述公式,國光電器的roe爲:

7.0% = CN¥293m ÷ CN¥4.2b (Based on the trailing twelve months to September 2024).

7.0% = CN¥29300萬 ÷ CN¥42億(基於截至2024年9月的過去十二個月)。

The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.07 in profit.

「回報」是指公司過去一年的收入。一種概念化方法是,對於每一元股東資本,公司賺取了0.07元利潤。

What Is The Relationship Between ROE And Earnings Growth?

What Is The Relationship Between ROE And Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長「保留」的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。

Guoguang Electric's Earnings Growth And 7.0% ROE

國光電器的收益增長和7.0% roe

When you first look at it, Guoguang Electric's 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 9.3% either. Guoguang Electric was still able to see a decent net income growth of 7.8% over the past five years. So, the growth in the company's earnings could probably have been caused by other variables. 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,國光電器的 roe 看起來並不是那麼吸引人。進一步快速研究顯示,該公司的 roe 也不及行業平均的9.3%。不過,國光電器在過去五年裏仍然能夠實現7.8%的淨利潤增長。因此,公司的收益增長可能是由其他變量導致的。例如,公司的管理層可能做出了一些良好的戰略決策,或者公司有一個較低的分紅派息比例。

We then performed a comparison between Guoguang Electric's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 8.1% in the same 5-year period.

隨後我們對國光電器的淨利潤增長與行業進行了比較,結果顯示該公司的增長與同期8.1%的行業平均增長相似。

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SZSE:002045 Past Earnings Growth December 4th 2024
SZSE:002045 過去的收益增長 2024年12月4日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Guoguang Electric's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

給一家公司賦值的基礎在很大程度上與其盈利增長有關。投資者接下來需要判斷的是,預期的盈利增長或缺乏盈利增長是否已經體現在股票價格中。這將幫助他們判斷該股票未來是光明還是暗淡。如果你想了解國光電器的估值,可以查看其市盈率與行業的比較。

Is Guoguang Electric Making Efficient Use Of Its Profits?

國光電器是否有效利用其利潤?

Guoguang Electric doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.

國光電器目前不支付任何定期分紅,這基本上意味着它將所有利潤再投資於業務。這無疑有助於我們上面討論的可觀的盈利增長數字。

Summary

總結

Overall, we feel that Guoguang Electric certainly does have some positive factors to consider. 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.

總體而言,我們認爲國光電器確實有一些積極因素需要考慮。儘管roe較低,但高比例的再投資使公司在盈利上實現了顯著增長。也就是說,最新的分析師預測顯示,該公司將繼續實現盈利擴張。這些分析師的預期是基於行業的廣泛預期,還是基於公司的基本面?點擊這裏訪問我們分析師的公司預測頁面。

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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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