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Are Zhejiang Changhua Auto Parts Co., Ltd.'s (SHSE:605018) Mixed Financials Driving The Negative Sentiment?
Are Zhejiang Changhua Auto Parts Co., Ltd.'s (SHSE:605018) Mixed Financials Driving The Negative Sentiment?
Zhejiang Changhua Auto Parts (SHSE:605018) has had a rough three months with its share price down 20%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study Zhejiang Changhua Auto Parts' ROE in this article.
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
Check out our latest analysis for Zhejiang Changhua Auto Parts
How Do You Calculate Return On Equity?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Zhejiang Changhua Auto Parts is:
5.5% = CN¥154m ÷ CN¥2.8b (Based on the trailing twelve months to March 2022).
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.06.
What Has ROE Got To Do With Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
A Side By Side comparison of Zhejiang Changhua Auto Parts' Earnings Growth And 5.5% ROE
On the face of it, Zhejiang Changhua Auto Parts' ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.7%. But Zhejiang Changhua Auto Parts saw a five year net income decline of 4.1% over the past five years. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
That being said, we compared Zhejiang Changhua Auto Parts' performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 1.5% in the same period.
SHSE:605018 Past Earnings Growth July 6th 2022The 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). Doing so will help them establish if the stock's future looks promising or ominous. 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 Zhejiang Changhua Auto Parts is trading on a high P/E or a low P/E, relative to its industry.
Is Zhejiang Changhua Auto Parts Efficiently Re-investing Its Profits?
In spite of a normal three-year median payout ratio of 40% (that is, a retention ratio of 60%), the fact that Zhejiang Changhua Auto Parts' 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.
Only recently, Zhejiang Changhua Auto Parts stated paying a dividend. This likely means that the management might have concluded that its shareholders have a strong preference for dividends.
Summary
Overall, we have mixed feelings about Zhejiang Changhua Auto Parts. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. To know the 5 risks we have identified for Zhejiang Changhua Auto Parts visit our risks dashboard for free.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
浙江彰化汽车配件(上海证券交易所代码:605018)经历了艰难的三个月,股价下跌了20%。然而,我们决定研究该公司的财务状况,以确定它们是否与价格下跌有关。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。具体地说,我们决定在本文中对浙江彰化汽配的净资产收益率进行研究。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对浙江彰化汽车零部件的最新分析
你如何计算股本回报率?
这个股本回报率公式是:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上述公式,浙江彰化汽配的净资产收益率为:
5.5%=1.54亿元×28亿元(以截至2022年3月的12个月为基础)。
“回报”指的是一家公司过去一年的收益。因此,这意味着股东每投资1元人民币,公司就会产生0.06元的利润。
净资产收益率与盈利增长有什么关系?
到目前为止,我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。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。
浙江彰化汽配盈利增长与净资产收益率5.5%的对比分析
从表面上看,浙江彰化汽配的ROE并没有太多可谈。然而,一项更仔细的研究表明,该公司的净资产收益率接近6.7%的行业平均水平。但浙江彰化汽车零部件公司过去五年的净利润下降了4.1%。请记住,该公司的净资产收益率从一开始就有点低。因此,这可能是导致收益增长放缓的原因。
话虽如此,我们将浙江彰化汽车零部件的表现与行业进行了比较,当我们发现该公司在同期盈利缩水的同时,该行业的盈利却以1.5%的速度增长,这让我们感到担忧。
上证所:过去605018的收益增长2022年7月6日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)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看浙江彰化汽车零部件相对于其行业的市盈率是高还是低。
浙江彰化汽配能否有效地将利润再投资?
尽管正常的三年中值派息率为40%(即留存率为60%),但浙江彰化汽配的盈利缩水的事实相当令人费解。因此,可能还有其他因素在起作用,可能会阻碍经济增长。例如,该业务一直面临一些不利因素。
就在最近,浙江彰化汽配才宣布分红。这可能意味着,管理层可能已经得出结论,其股东对股息有强烈的偏好。
摘要
总体而言,我们对浙江彰化汽车零部件有复杂的感受。虽然该公司的再投资率确实很高,但低ROE意味着所有的再投资都没有给投资者带来任何好处,而且对收益增长产生了负面影响。总而言之,我们将谨慎对待这家公司,其中一种方法是查看业务的风险概况。要了解我们为浙江彰化汽车零部件确定的5个风险,请免费访问我们的风险仪表板。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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