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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.
在過去三個月股價下跌24%的情況下,人們很容易忽視浙江彰化汽車零部件(上交所:605018)。然而,我們決定研究該公司的財務狀況,以確定它們是否與價格下跌有關。基本面通常決定市場結果,因此研究該公司的財務狀況是有意義的。在本文中,我們決定將重點放在浙江彰化汽配的淨資產收益率上。
股本回報率或淨資產收益率是股東要考慮的一個重要因素,因為它告訴他們他們的資本再投資的效率。換句話説,這是一個衡量公司股東提供的資本回報率的盈利比率。
請看我們對浙江彰化汽車零部件的最新分析
淨資產收益率是如何計算的?
這個淨資產收益率公式是:
股本回報率=(持續經營的)淨利潤?股東權益
因此,根據上述公式,浙江彰化汽配的淨資產收益率為:
3.7%=人民幣9800萬×人民幣27億元(基於截至2022年6月的12個月)。
“收益”是過去12個月的利潤。一種概念化的方法是,公司每擁有1元人民幣的股東資本,就會獲得0.04元人民幣的利潤。
淨資產收益率與盈利增長有什麼關係?
到目前為止,我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。根據公司將這些利潤再投資或“保留”多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
浙江彰化汽配盈利增長3.7%淨資產收益率
很明顯,浙江彰化汽配的淨資產收益率相當低。不僅如此,即使與6.4%的行業平均水平相比,該公司的淨資產收益率也完全不起眼。因此,説浙江彰化汽配五年淨利潤下降7.9%可能是由於其淨資產收益率較低,這可能是沒有錯的。我們認為,可能還有其他因素在起作用。例如,企業的資本配置不佳,或者公司的派息率非常高。
因此,作為下一步,我們將浙江彰化汽車零部件的表現與行業進行了比較,令人失望的是,儘管該公司的收益一直在萎縮,但同期該行業的收益一直以1.7%的速度增長。
上海證券交易所:過去605018的收益增長2022年10月20日盈利增長是股票估值的一個重要因素。對於投資者來説,重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。如果你想知道浙江彰化汽車配件的估值,看看這個衡量其市盈率的指標,與其行業相比。
浙江彰化汽配能否有效利用利潤?
浙江彰化汽車零部件的三年派息率中值為41%(或者説留存率為59%),這相當正常,這讓人感到困惑,因為當一家公司保留了很大一部分利潤時,人們預計會看到相當大的增長。因此,在這方面可能會有其他一些解釋。例如,該公司的業務可能正在惡化。
就在最近,浙江彰化汽配才宣佈分紅。這可能意味着,管理層可能已經得出結論,其股東對股息有強烈的偏好。
摘要
總體而言,我們對浙江彰化汽車零部件有複雜的感受。雖然該公司的再投資率確實很高,但低ROE意味着所有的再投資都沒有給投資者帶來任何好處,而且對收益增長產生了負面影響。總而言之,我們將謹慎對待這家公司,其中一種方法是查看業務的風險概況。我們的風險控制面板將包含我們為浙江彰化汽車零部件確定的4個風險。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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