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China Automotive Engineering Research Institute Co., Ltd.'s (SHSE:601965) Stock Is Going Strong: Is the Market Following Fundamentals?

China Automotive Engineering Research Institute Co., Ltd.'s (SHSE:601965) Stock Is Going Strong: Is the Market Following Fundamentals?

中國汽車工程研究院有限公司's(SHSE: 601965)股票走強:市場是否遵循基本面?
Simply Wall St ·  05/14 08:08

China Automotive Engineering Research Institute (SHSE:601965) has had a great run on the share market with its stock up by a significant 5.9% over the last month. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study China Automotive Engineering Research Institute's ROE in this article.

中國汽車工程研究院(SHSE: 601965)在股票市場上表現良好,其股票在上個月大幅上漲了5.9%。由於市場通常會爲公司的長期基本面買單,因此我們決定研究公司的關鍵績效指標,看看它們是否會影響市場。具體而言,我們決定在本文中研究中國汽車工程研究院的投資回報率。

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.

股本回報率或投資回報率是股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。簡而言之,它用於評估公司相對於其股權資本的盈利能力。

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:

股本回報率可以使用以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for China Automotive Engineering Research Institute is:

因此,根據上述公式,中國汽車工程研究院的投資回報率爲:

13% = CN¥882m ÷ CN¥7.0b (Based on the trailing twelve months to March 2024).

13% = 8.82億元人民幣 ÷ 7.0億元人民幣(基於截至2024年3月的過去十二個月)。

The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.13.

“回報” 是指公司去年的收益。因此,這意味着,其股東每投資1元人民幣,公司就會產生0.13元人民幣的利潤。

What Is The Relationship Between ROE And Earnings Growth?

投資回報率與收益增長之間有什麼關係?

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.

到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。然後,我們能夠評估公司的收益增長潛力,具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。

A Side By Side comparison of China Automotive Engineering Research Institute's Earnings Growth And 13% ROE

中國汽車工程研究院的收益增長和13%的投資回報率的並排比較

To start with, China Automotive Engineering Research Institute's ROE looks acceptable. On comparing with the average industry ROE of 5.4% the company's ROE looks pretty remarkable. This certainly adds some context to China Automotive Engineering Research Institute's decent 14% net income growth seen over the past five years.

首先,中國汽車工程研究院的投資回報率似乎可以接受。與5.4%的行業平均投資回報率相比,該公司的投資回報率看起來相當可觀。這無疑爲中國汽車工程研究院在過去五年中實現了14%的可觀淨收入增長增添了一些背景信息。

As a next step, we compared China Automotive Engineering Research Institute'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 14% in the same period.

下一步,我們將中國汽車工程研究院的淨收入增長與該行業進行了比較,發現與同期14%的行業平均增長率相比,該公司的增長數字相似。

past-earnings-growth
SHSE:601965 Past Earnings Growth May 14th 2024
SHSE: 601965 過去的收益增長 2024 年 5 月 14 日

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. Is 601965 fairly valued? This infographic on the company's intrinsic value has everything you need to know.

收益增長是股票估值的重要因素。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。然後,這可以幫助他們確定股票是爲光明還是暗淡的未來而佈局。601965 的估值是否合理?這張關於公司內在價值的信息圖包含了你需要知道的一切。

Is China Automotive Engineering Research Institute Making Efficient Use Of Its Profits?

中國汽車工程研究院是否在有效利用其利潤?

China Automotive Engineering Research Institute has a healthy combination of a moderate three-year median payout ratio of 41% (or a retention ratio of 59%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.

中國汽車工程研究院的三年派息率中位數爲41%(或59%的留存率)和可觀的收益增長(如上所示),這是一個健康的組合,這意味着該公司一直在有效利用其利潤。

Besides, China Automotive Engineering Research Institute has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 33%. Still, forecasts suggest that China Automotive Engineering Research Institute's future ROE will rise to 16% even though the the company's payout ratio is not expected to change by much.

此外,中國汽車工程研究院已經派發了至少十年或更長時間的股息。這表明該公司致力於與股東分享利潤。根據分析師的最新估計,我們發現該公司未來三年的派息率預計將穩定在33%。儘管如此,預測表明,中國汽車工程研究院未來的投資回報率將升至16%,儘管該公司的派息率預計不會有太大變化。

Summary

摘要

Overall, we are quite pleased with China Automotive Engineering Research Institute's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

總的來說,我們對中國汽車工程研究院的表現非常滿意。具體而言,我們喜歡該公司以高回報率再投資其利潤的很大一部分。當然,這導致該公司的收益大幅增長。話雖如此,從分析師目前的估計來看,我們發現該公司的收益有望增強。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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