Tong Petrotech Corp. (SZSE:300164) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Tong Petrotech Corp. (SZSE:300164) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Tong Petrotech (SZSE:300164) has had a great run on the share market with its stock up by a significant 26% over the last three months. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. Particularly, we will be paying attention to Tong Petrotech's ROE today.
同石油(SZSE：300164)的股票在過去三個月裡大幅上漲了26%。然而，我們決定關注該公司的基本面，這些基本面似乎並未給出該公司財務健康狀況的明確跡象。特別是，我們今天將關注通石油科技的淨資產收益率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
淨資產收益率，即股本回報率，是評估一家公司從股東那裡獲得投資回報的有效程度的有用工具。換句話說，它揭示了該公司成功地將股東投資轉化為利潤。
View our latest analysis for Tong Petrotech
查看我們對通石油科技的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
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 Tong Petrotech is:
因此，根據上述公式，通石油科技的淨資產收益率為：
5.7% = CN¥77m ÷ CN¥1.4b (Based on the trailing twelve months to June 2023).
5.7%=7700萬元×14億元(以截至2023年6月的12個月為基礎)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回報”就是年度利潤。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0.06元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
到目前為止，我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長，這就讓我們對公司的增長潛力有了一個瞭解。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。
Tong Petrotech's Earnings Growth And 5.7% ROE
通石油的盈利增長和5.7%的淨資產收益率
At first glance, Tong Petrotech's ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 7.0%, we may spare it some thought. But then again, Tong Petrotech's five year net income shrunk at a rate of 19%. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
乍一看，通石油的淨資產收益率看起來並不是很有希望。然而，鑑於該公司的淨資產收益率(ROE)與7.0%的行業平均ROE相似，我們或許可以省去一些思考。但話又說回來，通石油科技的五年淨利潤以19%的速度縮水。請記住，該公司的淨資產收益率從一開始就有點低。因此，這可能是導致收益增長放緩的原因。
However, when we compared Tong Petrotech's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 12% in the same period. This is quite worrisome.
然而，當我們將通石油科技的增長與行業進行比較時發現，儘管該公司的收益一直在縮水，但同期該行業的收益增長了12%。這相當令人擔憂。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Tong Petrotech fairly valued compared to other companies? These 3 valuation measures might help you decide.
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。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。與其他公司相比，同石油科技的估值是否公平？這3個估值指標可能會幫助你做出決定。
Is Tong Petrotech Efficiently Re-investing Its Profits?
同石油科技是否有效地將利潤進行了再投資？
Tong Petrotech doesn't pay any dividend, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
通石油不支付任何股息，這意味著該公司將保留所有利潤，這讓我們不禁要問，如果不能利用這些利潤來增長業務，它為什麼還要保留收益。因此，可能還有其他因素在起作用，可能會阻礙經濟增長。例如，該業務一直面臨一些不利因素。
Conclusion
結論
In total, we're a bit ambivalent about Tong Petrotech's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its 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. You can see the 2 risks we have identified for Tong Petrotech by visiting our risks dashboard for free on our platform here.
總體而言，我們對通石油的表現有點矛盾。雖然該公司的利潤留存率確實很高，但其低迴報率可能正在阻礙其收益增長。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。您可以通過訪問我們的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.