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Does The Market Have A Low Tolerance For Zhejiang Changhua Auto Parts Co., Ltd.'s (SHSE:605018) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Zhejiang Changhua Auto Parts Co., Ltd.'s (SHSE:605018) Mixed Fundamentals?
With its stock down 24% over the past three months, it is easy to disregard Zhejiang Changhua Auto Parts (SHSE:605018). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Zhejiang Changhua Auto Parts' ROE.
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
See our latest analysis for Zhejiang Changhua Auto Parts
How Is ROE Calculated?
The formula for ROE 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:
3.7% = CN¥98m ÷ CN¥2.7b (Based on the trailing twelve months to June 2022).
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¥0.04 in profit.
What Has ROE Got To Do With Earnings Growth?
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 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.
Zhejiang Changhua Auto Parts' Earnings Growth And 3.7% ROE
It is quite clear that Zhejiang Changhua Auto Parts' ROE is rather low. Not just that, even compared to the industry average of 6.4%, the company's ROE is entirely unremarkable. Therefore, it might not be wrong to say that the five year net income decline of 7.9% seen by Zhejiang Changhua Auto Parts was possibly a result of it having a lower ROE. We reckon that there could also be other factors at play here. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
So, as a next step, we compared Zhejiang Changhua Auto Parts' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 1.7% in the same period.
SHSE:605018 Past Earnings Growth October 20th 2022Earnings growth is a huge factor in stock valuation. 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. If you're wondering about Zhejiang Changhua Auto Parts''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Zhejiang Changhua Auto Parts Making Efficient Use Of Its Profits?
Looking at its three-year median payout ratio of 41% (or a retention ratio of 59%) which is pretty normal, Zhejiang Changhua Auto Parts' declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
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. Our risks dashboard would have the 4 risks we have identified for Zhejiang Changhua Auto Parts.
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.
在过去三个月股价下跌24%的情况下,人们很容易忽视浙江彰化汽车零部件(上交所:605018)。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。基本面通常决定市场结果,因此研究该公司的财务状况是有意义的。在本文中,我们决定将重点放在浙江彰化汽配的净资产收益率上。
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。换句话说,这是一个衡量公司股东提供的资本回报率的盈利比率。
请看我们对浙江彰化汽车零部件的最新分析
净资产收益率是如何计算的?
这个净资产收益率公式是:
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:
3.7%=人民币9800万×人民币27亿元(基于截至2022年6月的12个月)。
“收益”是过去12个月的利润。一种概念化的方法是,公司每拥有1元人民币的股东资本,就会获得0.04元人民币的利润。
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。假设其他条件相同,与没有相同特征的公司相比,拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
浙江彰化汽配盈利增长3.7%净资产收益率
很明显,浙江彰化汽配的净资产收益率相当低。不仅如此,即使与6.4%的行业平均水平相比,该公司的净资产收益率也完全不起眼。因此,说浙江彰化汽配五年净利润下降7.9%可能是由于其净资产收益率较低,这可能是没有错的。我们认为,可能还有其他因素在起作用。例如,企业的资本配置不佳,或者公司的派息率非常高。
因此,作为下一步,我们将浙江彰化汽车零部件的表现与行业进行了比较,令人失望的是,尽管该公司的收益一直在萎缩,但同期该行业的收益一直以1.7%的速度增长。
上海证券交易所:过去605018的收益增长2022年10月20日盈利增长是股票估值的一个重要因素。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。如果你想知道浙江彰化汽车配件的估值,看看这个衡量其市盈率的指标,与其行业相比。
浙江彰化汽配能否有效利用利润?
浙江彰化汽车零部件的三年派息率中值为41%(或者说留存率为59%),这相当正常,这让人感到困惑,因为当一家公司保留了很大一部分利润时,人们预计会看到相当大的增长。因此,在这方面可能会有其他一些解释。例如,该公司的业务可能正在恶化。
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。我们的风险控制面板将包含我们为浙江彰化汽车零部件确定的4个风险。
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。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
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。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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