Are Chengdu Leejun Industrial Co., Ltd.'s (SZSE:002651) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Chengdu Leejun Industrial Co., Ltd.'s (SZSE:002651) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
With its stock down 43% over the past three months, it is easy to disregard Chengdu Leejun Industrial (SZSE:002651). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Chengdu Leejun Industrial's ROE.
在過去的三個月裏，成都樂駿的股價下跌了43%，這很容易讓人忽視成都樂駿實業(SZSE：002651)。然而，該公司的基本面看起來相當不錯，長期財務狀況通常與未來的市場價格走勢保持一致。在本文中，我們決定將重點放在成都樂駿實業的淨資產收益率上。
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.
淨資產收益率，即股本回報率，是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
See our latest analysis for Chengdu Leejun Industrial
查看我們對成都利駿實業的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Chengdu Leejun Industrial is:
因此，根據上述公式，成都樂駿實業的淨資產收益率為：
9.7% = CN¥229m ÷ CN¥2.4b (Based on the trailing twelve months to September 2021).
9.7%=2.29億元×24億元(以截至2021年9月的12個月為基礎)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.10 in profit.
“回報”指的是一家公司過去一年的收益。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0.10元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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。根據公司選擇再投資或“保留”多少利潤，我們就能夠評估一家公司未來產生利潤的能力。一般來説，在其他條件相同的情況下，股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
A Side By Side comparison of Chengdu Leejun Industrial's Earnings Growth And 9.7% ROE
成都樂駿實業盈利增長與淨資產收益率9.7%的並列比較
On the face of it, Chengdu Leejun Industrial's ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 9.3%, we may spare it some thought. On the other hand, Chengdu Leejun Industrial reported a moderate 18% net income growth over the past five years. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
從表面上看，成都力駿實業的ROE並沒有太多可談。然而，鑑於該公司的淨資產收益率與9.3%的行業平均淨資產收益率相似，我們或許可以省去一些思考。另一方面，成都樂駿實業報告稱，在過去五年中，淨收入温和增長了18%。考慮到淨資產收益率不是特別高，我們認為也可能有其他因素在發揮作用，可能正在影響公司的增長。例如，公司管理層可能做出了一些良好的戰略決策，或者公司的派息率較低。
As a next step, we compared Chengdu Leejun Industrial's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 15% in the same period.
作為下一步，我們將成都樂駿實業的淨收入增長與行業進行了比較，發現該公司與同期15%的行業平均增長率相比，有着相似的增長數字。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Chengdu Leejun Industrial's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的一個重要因素。投資者下一步需要確定的是，預期的收益增長是否已經計入了股價。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。如果你想知道成都樂駿實業的估值，看看這個衡量其市盈率的指標，與其行業相比。
Is Chengdu Leejun Industrial Using Its Retained Earnings Effectively?
成都樂駿實業是否有效利用其留存收益？
Chengdu Leejun Industrial has a healthy combination of a moderate three-year median payout ratio of 46% (or a retention ratio of 54%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
如上所述，成都樂駿實業擁有46%的適度三年中值派息率(或54%的留存率)和可觀的收益增長的健康組合，這意味着該公司一直在有效利用其利潤。
Moreover, Chengdu Leejun Industrial is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外，成都樂駿實業決心繼續與股東分享利潤，這是我們從其至少十年的派息歷史中推斷出來的。
Summary
摘要
On the whole, we do feel that Chengdu Leejun Industrial has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. You can see the 3 risks we have identified for Chengdu Leejun Industrial by visiting our risks dashboard for free on our platform here.
總體而言，我們確實覺得成都樂駿實業有一些積極的屬性。儘管回報率很低，但該公司將很高比例的利潤再投資於業務，無疑是其高收益增長的原因。雖然我們不會完全解僱這家公司，但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。您可以訪問我們為成都樂駿實業確定的3個風險風險控制面板在我們的平臺上是免費的。
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這篇由《華爾街日報》撰寫的文章本質上是籠統的。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。簡單地説，華爾街在提到的任何股票中都沒有頭寸。