Declining Stock and Decent Financials: Is The Market Wrong About Beijing Shenzhou Aerospace Software Technology Co., Ltd (SHSE:688562)?
Declining Stock and Decent Financials: Is The Market Wrong About Beijing Shenzhou Aerospace Software Technology Co., Ltd (SHSE:688562)?
Beijing Shenzhou Aerospace Software Technology (SHSE:688562) has had a rough three months with its share price down 21%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Beijing Shenzhou Aerospace Software Technology's ROE.
北京神州航空航天软件技术公司（SHSE: 688562）经历了艰难的三个月，其股价下跌了21％。但是，从长远来看，股票价格通常由公司的财务状况驱动，在这种情况下，这看起来相当可观。在本文中，我们决定重点关注北京神舟航天软件技术的投资回报率。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。换句话说，它是衡量公司股东提供的资本回报率的盈利比率。
How Is ROE Calculated?
ROE 是如何计算的？
The formula for return on equity is:
股本回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Beijing Shenzhou Aerospace Software Technology is:
因此，根据上述公式，北京神舟航天软件技术的投资回报率为：
3.4% = CN¥61m ÷ CN¥1.8b (Based on the trailing twelve months to December 2023).
3.4% = 6100万元人民币 ÷ 18亿元人民币（基于截至2023年12月的过去十二个月）。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.
“回报” 是每年的利润。另一种思考方式是，每持有价值1元人民币的股权，该公司就能获得0.03元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确定，投资回报率是衡量公司未来收益的有效盈利指标。现在，我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长，从而使我们对公司的增长潜力有所了解。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Beijing Shenzhou Aerospace Software Technology's Earnings Growth And 3.4% ROE
北京神舟航天软件科技的收益增长和3.4％的投资回报率
It is quite clear that Beijing Shenzhou Aerospace Software Technology's ROE is rather low. Not just that, even compared to the industry average of 5.1%, the company's ROE is entirely unremarkable. However, we we're pleasantly surprised to see that Beijing Shenzhou Aerospace Software Technology grew its net income at a significant rate of 58% in the last five years. We reckon that there could be other factors at play here. 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.
很明显，北京神舟航天软件技术的投资回报率相当低。不仅如此，即使与行业平均水平的5.1％相比，该公司的投资回报率也完全不引人注目。但是，我们惊喜地看到，北京神舟航天软件技术有限公司在过去五年中净收入大幅增长了58％。我们认为这里可能还有其他因素在起作用。例如，公司的管理层可能做出了一些良好的战略决策，或者公司的派息率很低。
Next, on comparing with the industry net income growth, we found that Beijing Shenzhou Aerospace Software Technology's growth is quite high when compared to the industry average growth of 6.8% in the same period, which is great to see.
接下来，与行业净收入增长相比，我们发现，与同期行业平均增长6.8％相比，北京神舟航天软件科技的增长相当高，这真是太好了。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Beijing Shenzhou Aerospace Software Technology is trading on a high P/E or a low P/E, relative to its industry.
为公司附加价值的基础在很大程度上与其收益增长息息相关。对于投资者来说，重要的是要知道市场是否对公司的预期收益增长（或下降）进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。衡量预期收益增长的一个很好的指标是市盈率，它根据收益前景决定了市场愿意为股票支付的价格。因此，您可能需要检查北京神舟航空航天软件科技相对于其行业的市盈率是高还是低。
Is Beijing Shenzhou Aerospace Software Technology Making Efficient Use Of Its Profits?
北京神舟航空航天软件技术是否在有效利用其利润？
Beijing Shenzhou Aerospace Software Technology doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
北京神舟航空航天软件技术公司目前不支付任何定期分红，这实质上意味着它一直在将所有利润再投资于该业务。这无疑促成了我们上面讨论的高收益增长数字。
Conclusion
结论
On the whole, we do feel that Beijing Shenzhou Aerospace Software Technology has some positive attributes. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business.
总的来说，我们确实认为北京神舟航天软件技术具有一些积极的属性。尽管回报率很低，但由于对业务进行了大量再投资，该公司的收益增长令人印象深刻。
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。
译文内容由第三方软件翻译。