Naruida Technology Co., Ltd.'s (SHSE:688522) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Naruida Technology Co., Ltd.'s (SHSE:688522) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Most readers would already be aware that Naruida Technology's (SHSE:688522) stock increased significantly by 21% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. In this article, we decided to focus on Naruida Technology's ROE.
大多數讀者可能已經意識到,沃特世(SHSE:688522)的股票在過去三個月內顯著增長了21%。但該公司的關鍵財務指標似乎在各個方面存在分歧,這讓我們質疑該公司目前的股價勢頭是否能夠持續。在本文中,我們決定聚焦於沃特世的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Naruida Technology is:
因此,根據上述公式,納瑞達科技的roe爲:
2.6% = CN¥56m ÷ CN¥2.2b (Based on the trailing twelve months to September 2024).
2.6% = 5600萬人民幣 ÷ 22億人民幣(基於截至2024年9月的過去十二個月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.
「回報」是企業過去一年賺取的收入。換句話說,對於每1元股權,公司能夠獲得0.03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。
A Side By Side comparison of Naruida Technology's Earnings Growth And 2.6% ROE
納瑞達科技的盈利增長和2.6%的roe的並排比較
As you can see, Naruida Technology's ROE looks pretty weak. Even when compared to the industry average of 6.3%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 3.8% seen by Naruida Technology over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
如您所見,納瑞達科技的roe看起來相當弱。 即使與行業平均roe 6.3%相比,roe數據仍然令人失望。 鑑於納瑞達科技在過去五年中淨收入下降了3.8%,這種明顯的下降並不令人意外。 我們認爲還可能有其他方面對公司的盈利前景產生負面影響。 例如,公司對資金的配置不當,或者公司有非常高的派息比率。
However, when we compared Naruida Technology's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 4.5% in the same period. This is quite worrisome.
然而,當我們將納瑞達科技的增長與行業進行比較時,我們發現公司的盈利正在減少,而同期行業卻實現了4.5%的盈利增長。 這是相當令人擔憂的。

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. If you're wondering about Naruida Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長在股票估值中是一個重要因素。投資者應該嘗試確定預期收益增長或下降(不論哪種情況)是否已經被定價。通過這樣做,他們將知道股票是朝着清澈明朗的未來前進,還是會遇到困難。如果你想了解Naruida Technology的估值情況,請查看其市盈率與行業相比的情況。
Is Naruida Technology Using Its Retained Earnings Effectively?
納瑞達科技是否有效地利用其留存收益?
In spite of a normal three-year median payout ratio of 49% (that is, a retention ratio of 51%), the fact that Naruida Technology's earnings have shrunk is quite puzzling. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
儘管三年的中位數分紅比率爲49%(即留存比率爲51%),但Naruida Technology的收益下降的事實相當令人費解。因此,在這裏可能存在其他影響增長的因素。例如,該公司遭遇了一些不利因素。
Additionally, Naruida Technology started paying a dividend only recently. So it looks like the management may have perceived that shareholders favor dividends even though earnings have been in decline.
此外,Naruida Technology最近才開始支付股息。因此,管理層可能已經意識到,即使收益下降,股東也更青睞分紅。
Conclusion
結論
Overall, we have mixed feelings about Naruida Technology. 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. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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Naruida Technology持有褒貶不一的態度。儘管該公司似乎保留了大部分利潤,但鑑於較低的roe,投資者可能並未從所有的再投資中受益。低收益增長率表明我們的理論是正確的。話雖如此,查看目前分析師的預估,我們發現該公司的收益增長率有望大幅提升。想了解更多關於該公司最新分析師預測,請查看這個公司的分析師預測可視化。
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