Could The Market Be Wrong About Zhejiang Yaguang Technology Co.,Ltd. (SHSE:603282) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About Zhejiang Yaguang Technology Co.,Ltd. (SHSE:603282) Given Its Attractive Financial Prospects?
With its stock down 16% over the past three months, it is easy to disregard Zhejiang Yaguang TechnologyLtd (SHSE:603282). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Zhejiang Yaguang TechnologyLtd's ROE.
在過去的三個月裡，浙江亞光科技股份有限公司(上交所：603282)的股價下跌了16%，人們很容易忽視它。然而，股價通常是由一家公司的長期財務表現推動的，在這種情況下，這看起來相當有希望。在本文中，我們決定將重點放在浙江亞光科技有限公司的淨資產收益率上。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。簡而言之，它是用來評估一家公司相對於其權益資本的盈利能力。
View our latest analysis for Zhejiang Yaguang TechnologyLtd
查看我們對浙江亞光科技有限公司的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for ROE is:
這個淨資產收益率公式是：
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 Zhejiang Yaguang TechnologyLtd is:
因此，根據上述公式，浙江亞光科技有限公司的淨資產收益率為：
16% = CN¥186m ÷ CN¥1.1b (Based on the trailing twelve months to March 2023).
16%=CN元1.86億×CN元11億元(以截至2023年3月的12個月為基礎)。
The 'return' is the amount earned after tax 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¥0.16.
“報稅表”是過去12個月的稅後收入。因此，這意味著股東每投資1元人民幣，公司就會產生0.16元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我們已經證實，淨資產收益率是一家公司未來收益的有效盈利指標。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。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。
Zhejiang Yaguang TechnologyLtd's Earnings Growth And 16% ROE
浙江亞光科技有限公司盈利增長和16%的淨資產收益率
To begin with, Zhejiang Yaguang TechnologyLtd seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 7.4%. This probably laid the ground for Zhejiang Yaguang TechnologyLtd's significant 33% net income growth seen over the past five years. However, there could also be other causes behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
首先，浙江亞光科技有限公司似乎擁有可觀的淨資產收益率。此外，該公司的淨資產收益率(ROE)與7.4%的行業平均水準相比相當有利。這可能為浙江亞光科技有限公司在過去五年中淨利潤大幅增長33%奠定了基礎。然而，這種增長背後也可能有其他原因。例如，該公司的派息率較低或管理效率較高。
Next, on comparing with the industry net income growth, we found that Zhejiang Yaguang TechnologyLtd's growth is quite high when compared to the industry average growth of 11% in the same period, which is great to see.
接下來，與行業淨收入增長進行比較，我們發現浙江亞光科技有限公司的增長與同期行業平均11%的增長相比是相當高的，這是令人欣喜的。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is Zhejiang Yaguang TechnologyLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。投資者應該嘗試確定預期的收益增長或下降是否已計入價格，無論是哪種情況。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。與其他公司相比，浙江亞光科技有限公司的價值是否公平？這3個估值指標可能會幫助你做出決定。
Is Zhejiang Yaguang TechnologyLtd Efficiently Re-investing Its Profits?
浙江亞光科技有限公司是否有效地將利潤進行了再投資？
Given that Zhejiang Yaguang TechnologyLtd doesn't pay any dividend to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
鑑於浙江亞光科技有限公司不向股東支付任何股息，我們推斷該公司一直在將所有利潤再投資於業務增長。
Conclusion
結論
On the whole, we feel that Zhejiang Yaguang TechnologyLtd's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Remember, the price of a stock is also dependent on the perceived risk. Therefore investors must keep themselves informed about the risks involved before investing in any company. You can see the 1 risk we have identified for Zhejiang Yaguang TechnologyLtd by visiting our risks dashboard for free on our platform here.
總的來說，我們覺得浙江亞光科技有限公司的業績是相當好的。特別是，很高興看到該公司在業務上投入了大量資金，並獲得了高回報率，這導致了其收益的可觀增長。如果該公司繼續以目前的方式增長收益，考慮到每股收益對長期股價的影響，這可能會對其股價產生積極影響。記住，股票的價格也取決於感知到的風險。因此，投資者在投資任何公司之前，必須隨時瞭解所涉及的風險。您可以訪問我們的網站查看我們為浙江亞光科技有限公司確定的1個風險風險控制面板在我們的平臺上是免費的。
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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。