Should Weakness in Shenyang Fortune Precision Equipment Co., Ltd.'s (SHSE:688409) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Shenyang Fortune Precision Equipment Co., Ltd.'s (SHSE:688409) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
It is hard to get excited after looking at Shenyang Fortune Precision Equipment's (SHSE:688409) recent performance, when its stock has declined 14% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Shenyang Fortune Precision Equipment's ROE in this article.
看了沈阳富强精密装备（SHSE: 688409）最近的表现，很难感到兴奋，当时其股票在过去一个月中下跌了14％。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。具体而言，我们决定在本文中研究沈阳富程精密设备的投资回报率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。换句话说，它揭示了公司成功地将股东投资转化为利润。
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
ROE 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 Shenyang Fortune Precision Equipment is:
因此，根据上述公式，沈阳富程精密设备的投资回报率为：
3.3% = CN¥158m ÷ CN¥4.8b (Based on the trailing twelve months to December 2023).
3.3% = 1.58亿元人民币 ÷ 48亿元人民币（基于截至2023年12月的过去十二个月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
“回报” 是过去十二个月的利润。将其概念化的一种方法是，每拥有1元人民币的股东资本，公司的利润为0.03元人民币。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系？
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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止，我们已经了解到，投资回报率是衡量公司盈利能力的指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
Shenyang Fortune Precision Equipment's Earnings Growth And 3.3% ROE
沈阳富程精密设备的收益增长和3.3％的投资回报率
It is quite clear that Shenyang Fortune Precision Equipment's ROE is rather low. Even when compared to the industry average of 5.9%, the ROE figure is pretty disappointing. However, we we're pleasantly surprised to see that Shenyang Fortune Precision Equipment grew its net income at a significant rate of 34% in the last five years. We reckon that there could be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
很明显，沈阳富程精密设备的投资回报率相当低。即使与行业平均水平的5.9％相比，投资回报率的数字也相当令人失望。但是，我们惊喜地看到，沈阳富程精密设备在过去五年中净收入大幅增长了34％。我们认为这里可能还有其他因素在起作用。例如，该公司的派息率很低或管理得很高效。
Next, on comparing with the industry net income growth, we found that Shenyang Fortune Precision Equipment's growth is quite high when compared to the industry average growth of 23% 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23％相比，沈阳富程精密装备的增长相当高，这真是令人欣喜。
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about Shenyang Fortune Precision Equipment's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是股票估值的重要因素。无论情况如何，投资者都应设法确定预期的收益增长或下降是否已计入其中。然后，这可以帮助他们确定股票是为光明还是暗淡的未来而布局。如果你想知道沈阳富程精密设备的估值，可以看看这个衡量其市盈率与行业相比的指标。
Is Shenyang Fortune Precision Equipment Efficiently Re-investing Its Profits?
沈阳富程精密设备是否在高效地将利润再投资？
The high three-year median payout ratio of 54% (implying that it keeps only 46% of profits) for Shenyang Fortune Precision Equipment suggests that the company's growth wasn't really hampered despite it returning most of the earnings to its shareholders.
沈阳富程精密设备三年来最高的派息率中位数为54％（这意味着它仅保留了46％的利润），这表明尽管该公司将大部分收益返还给了股东，但其增长并没有真正受到阻碍。
Along with seeing a growth in earnings, Shenyang Fortune Precision Equipment only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
随着收益的增长，沈阳富程精密设备直到最近才开始派发股息。该公司很可能想给股东留下深刻的印象。
Summary
摘要
On the whole, we do feel that Shenyang Fortune Precision Equipment has some positive attributes. Namely, its high earnings growth. We do however feel that the earnings growth number could have been even higher, had the company been reinvesting more of its earnings and paid out less dividends. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总的来说，我们确实认为沈阳富腾精密设备具有一些积极的属性。也就是说，其高收益增长。但是，我们确实认为，如果该公司将更多的收益再投资并减少派发的股息，收益增长数字可能会更高。既然如此，分析师的最新预测显示，该公司的收益将继续扩大。这些分析师的预期是基于对该行业的广泛预期，还是基于公司的基本面？点击此处进入我们分析师对公司的预测页面。
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。