Should Weakness in Changzhou Tenglong AutoPartsCo.,Ltd.'s (SHSE:603158) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Changzhou Tenglong AutoPartsCo.,Ltd.'s (SHSE:603158) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) has had a rough three months with its share price down 32%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Changzhou Tenglong AutoPartsCo.Ltd's ROE today.
常州腾龙汽车零部件股份有限公司(上海证券交易所代码：603158)经历了艰难的三个月，股价下跌了32%。然而，该公司的基本面看起来相当不错，长期财务状况通常与未来的市场价格走势保持一致。今天我们特别关注常州腾龙汽车零部件股份有限公司的净资产收益率。
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.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for Changzhou Tenglong AutoPartsCo.Ltd
查看我们对常州腾龙汽车零部件有限公司的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Changzhou Tenglong AutoPartsCo.Ltd is:
因此，根据上述公式，常州腾龙汽车零部件有限公司的净资产收益率为：
4.2% = CN¥91m ÷ CN¥2.2b (Based on the trailing twelve months to March 2022).
4.2%=CN元9100万×CN元22亿元(以截至2022年3月的12个月为基础)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.04 in profit.
“回报”指的是企业在过去一年中获得的收入。这意味着，股东权益每增加1元，公司就会产生0.04元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Changzhou Tenglong AutoPartsCo.Ltd's Earnings Growth And 4.2% ROE
常州腾龙汽车零部件股份有限公司盈利增长与净资产收益率4.2%的并列比较
It is quite clear that Changzhou Tenglong AutoPartsCo.Ltd's ROE is rather low. Even when compared to the industry average of 6.7%, the ROE figure is pretty disappointing. As a result, Changzhou Tenglong AutoPartsCo.Ltd's flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明显，常州腾龙汽车零部件有限公司的净资产收益率(ROE)相当低。即使与6.7%的行业平均水平相比，净资产收益率也是相当令人失望的。因此，考虑到较低的净资产收益率，常州腾龙汽车零部件有限公司过去五年的收益持平并不令人意外。
We then performed a comparison between Changzhou Tenglong AutoPartsCo.Ltd's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 1.4% in the same period.
然后，我们将常州腾龙汽车零部件有限公司的净收入增长与行业进行了比较，结果显示，该公司的增长与同期1.4%的行业平均增长相似。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Changzhou Tenglong AutoPartsCo.Ltd fairly valued compared to other companies? These 3 valuation measures might help you decide.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。与其他公司相比，常州腾龙汽车零部件有限公司的价值是否公平？这3个估值指标可能会帮助你做出决定。
Is Changzhou Tenglong AutoPartsCo.Ltd Efficiently Re-investing Its Profits?
常州腾龙汽车零部件有限公司是否有效地将利润再投资？
Changzhou Tenglong AutoPartsCo.Ltd's low three-year median payout ratio of 21%, (meaning the company retains79% of profits) should mean that the company is retaining most of its earnings and consequently, should see higher growth than it has reported.
常州腾龙汽车零部件股份有限公司的三年派息率中值为21%，这应该意味着该公司将保留大部分收益，因此，应该会看到比报告中更高的增长。
Additionally, Changzhou Tenglong AutoPartsCo.Ltd has paid dividends over a period of six years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
此外，常州腾龙汽车零部件有限公司在六年的时间里分红，这意味着公司管理层决心分红，即使这意味着收益几乎没有增长。
Conclusion
结论
In total, it does look like Changzhou Tenglong AutoPartsCo.Ltd has some positive aspects to its business. Specifically, its fairly high earnings growth number, which no doubt was backed by the company's high earnings retention. Still, the low ROE means that all that reinvestment is not reaping a lot of benefit to the investors. Up till now, we've only made a short study of the company's growth data. You can do your own research on Changzhou Tenglong AutoPartsCo.Ltd and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总体而言，常州腾龙汽车零部件有限公司的业务确实有一些积极的方面。具体地说，它相当高的收益增长数字，这无疑得到了该公司高收益留存的支持。尽管如此，较低的净资产收益率意味着，所有这些再投资并没有给投资者带来很多好处。到目前为止，我们只对该公司的增长数据进行了简短的研究。你可以自己研究一下常州腾龙汽车零部件有限公司，看看它过去的表现如何，看看这个免费的详细图表过去的收益、收入和现金流。
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