Declining Stock and Solid Fundamentals: Is The Market Wrong About YAPP Automotive Systems Co., Ltd. (SHSE:603013)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About YAPP Automotive Systems Co., Ltd. (SHSE:603013)?
It is hard to get excited after looking at YAPP Automotive Systems' (SHSE:603013) recent performance, when its stock has declined 7.3% over the past three months. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study YAPP Automotive Systems' ROE in this article.
看到雅普汽車系統公司(上海證券交易所股票代碼:603013)最近的表現,很難感到興奮,其股價在過去三個月裡下跌了7.3%。然而,仔細看看它穩健的財務狀況可能會讓你重新考慮。鑑於基本面因素通常會推動長期市場結果,該公司值得關注。具體地說,我們決定在本文中研究Yapp Automotive Systems的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
Check out our latest analysis for YAPP Automotive Systems
查看我們對Yapp Automotive Systems的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率?
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?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,雅普汽車系統的淨資產收益率為:
14% = CN¥560m ÷ CN¥4.0b (Based on the trailing twelve months to June 2023).
14%=CN元5.6億×CN元40億元(基於截至2023年6月的12個月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.14 in profit.
“收益”是過去12個月的利潤。將其概念化的一種方法是,公司每擁有1元人民幣的股東資本,就會獲得0.14元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係?
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. 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.
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長,這就讓我們對公司的增長潛力有了一個瞭解。一般來說,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
YAPP Automotive Systems' Earnings Growth And 14% ROE
雅普汽車系統的盈利增長和14%的淨資產收益率
To begin with, YAPP Automotive Systems seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 7.6%. This certainly adds some context to YAPP Automotive Systems' decent 9.4% net income growth seen over the past five years.
首先,Yapp Automotive Systems似乎擁有令人尊敬的淨資產收益率。此外,該公司的淨資產收益率(ROE)與行業平均水準7.6%相比相當有利。這無疑為Yapp Automotive Systems在過去五年中實現了9.4%的可觀淨利潤增長增添了一些背景。
We then compared YAPP Automotive Systems' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 3.8% in the same 5-year period.
然後,我們將Yapp Automotive Systems的淨收入增長與行業進行了比較,我們很高興地看到,與同期3.8%的行業增長率相比,該公司的增長數位更高。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is YAPP Automotive Systems fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。與其他公司相比,Yapp Automotive Systems的估值是否公平?這3個估值指標可能會幫助你做出決定。
Is YAPP Automotive Systems Efficiently Re-investing Its Profits?
Yapp Automotive Systems是否有效地將其利潤進行了再投資?
While YAPP Automotive Systems has a three-year median payout ratio of 64% (which means it retains 36% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.
雖然Yapp Automotive Systems的三年派息率中值為64%(這意味著該公司保留了36%的利潤),但該公司過去仍有相當大的收益增長,這意味著其高派息率並未阻礙其增長能力。
Additionally, YAPP Automotive Systems has paid dividends over a period of four years which means that the company is pretty serious about sharing its profits with shareholders.
此外,Yapp Automotive Systems在四年的時間裡支付了股息,這意味著該公司非常認真地與股東分享利潤。
Summary
摘要
On the whole, we feel that YAPP Automotive Systems' performance has been quite good. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into YAPP Automotive Systems' past profit growth, check out this visualization of past earnings, revenue and cash flows.
總體來說,我們覺得Yapp Automotive Systems的表現相當不錯。特別是,其高淨資產收益率相當值得注意,也是其可觀收益增長背後的可能解釋。然而,該公司保留了一小部分利潤。這意味著,儘管如此,該公司仍能實現收益增長,所以這並不是太糟糕。到目前為止,我們只是通過觀察公司的基本面來了解公司過去的業績。要進一步瞭解Yapp Automotive Systems過去的利潤增長,請查看這張過去收益、收入和現金流的可視化圖表。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.