Jiangsu Tongrun Equipment Technology Co.,Ltd's (SZSE:002150) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Jiangsu Tongrun Equipment Technology Co.,Ltd's (SZSE:002150) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Most readers would already be aware that Jiangsu Tongrun Equipment TechnologyLtd's (SZSE:002150) stock increased significantly by 18% over the past month. 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. Particularly, we will be paying attention to Jiangsu Tongrun Equipment TechnologyLtd's ROE today.
大多数读者已经意识到，江苏通润装备科技有限公司（SZSE：002150）的股票在过去一个月中大幅上涨了18％。但是该公司的关键财务指标似乎各不相同，这使我们质疑该公司目前的股价势头能否保持下去。特别是，我们今天将关注江苏通润装备科技有限公司的投资回报率。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。换句话说，它是衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for Jiangsu Tongrun Equipment TechnologyLtd
查看我们对江苏通润装备科技有限公司的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for return on equity is:
股本回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Jiangsu Tongrun Equipment TechnologyLtd is:
因此，根据上述公式，江苏通润装备科技有限公司的投资回报率为：
5.7% = CN¥103m ÷ CN¥1.8b (Based on the trailing twelve months to September 2023).
5.7% = 1.03亿元人民币 ¥18亿元人民币（基于截至2023年9月的过去十二个月）。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.06.
“回报” 是过去十二个月的利润。因此，这意味着公司每投资1元人民币，公司就会产生0.06元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益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. 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.
到目前为止，我们已经了解到，投资回报率是衡量公司盈利能力的指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Jiangsu Tongrun Equipment TechnologyLtd's Earnings Growth And 5.7% ROE
江苏通润装备科技有限公司的收益增长和5.7％的投资回报率
On the face of it, Jiangsu Tongrun Equipment TechnologyLtd's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 10% either. Hence, the flat earnings seen by Jiangsu Tongrun Equipment TechnologyLtd over the past five years could probably be the result of it having a lower ROE.
从表面上看，江苏通润装备科技有限公司的投资回报率没什么好说的。一项快速的进一步研究表明，与行业平均水平的10％相比，该公司的投资回报率也不佳。因此，江苏通润装备科技有限公司在过去五年中实现的收益持平可能是其投资回报率较低的结果。
Next, on comparing with the industry net income growth, we found that the industry grew its earnings by 7.7% over the last few years.
接下来，与行业净收入增长相比，我们发现该行业的收益在过去几年中增长了7.7％。
Earnings 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). This then helps them determine if the stock is placed for a bright or bleak future. 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 Jiangsu Tongrun Equipment TechnologyLtd is trading on a high P/E or a low P/E, relative to its industry.
收益增长是股票估值的重要因素。对于投资者来说，重要的是要知道市场是否影响了公司的预期收益增长（或下降）。然后，这可以帮助他们确定股票是面向光明还是黯淡的未来。衡量预期收益增长的一个很好的指标是市盈率，它根据收益前景决定了市场愿意为股票支付的价格。因此，您可能需要检查江苏通润装备科技有限公司相对于其行业而言是高市盈率还是低市盈率。
Is Jiangsu Tongrun Equipment TechnologyLtd Making Efficient Use Of Its Profits?
江苏通润装备科技有限公司是否在有效利用其利润？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a dividend. We infer that the company has been reinvesting all of its profits to grow its business.
尽管该公司过去确实支付了部分股息，但目前不支付股息。我们推断，该公司一直在将其所有利润再投资于发展业务。
Conclusion
结论
Overall, we have mixed feelings about Jiangsu Tongrun Equipment TechnologyLtd. 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. Up till now, we've only made a short study of the company's growth data. To gain further insights into Jiangsu Tongrun Equipment TechnologyLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总体而言，我们对江苏通润装备科技有限公司有喜忧参半的感觉。尽管它似乎保留了大部分利润，但鉴于投资回报率低，投资者毕竟可能无法从所有这些再投资中受益。低收益增长表明我们的理论是正确的。到目前为止，我们只对公司的增长数据进行了简短的研究。要进一步了解江苏通润装备科技有限公司过去的利润增长，请查看这张过去的收益、收入和现金流的可视化。
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