Is Wuxi ETEK Microelectronics Co.,Ltd.'s (SHSE:688601) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is Wuxi ETEK Microelectronics Co.,Ltd.'s (SHSE:688601) Recent Stock Performance Tethered To Its Strong Fundamentals?
Wuxi ETEK MicroelectronicsLtd's (SHSE:688601) stock is up by a considerable 26% over the past week. 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 Wuxi ETEK MicroelectronicsLtd's ROE in this article.
無錫艾特克微電子有限公司（上海證券交易所代碼：688601）的股票在過去一週上漲了26％。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無錫易特微電子有限公司的投資回報率。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
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 Wuxi ETEK MicroelectronicsLtd is:
因此，根據上述公式，無錫易特微電子有限公司的投資回報率爲：
9.4% = CN¥118m ÷ CN¥1.3b (Based on the trailing twelve months to September 2023).
9.4% = 1.18億元人民幣 ÷ 13億元人民幣（基於截至2023年9月的過去十二個月）。
The 'return' is the amount earned after tax 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¥0.09 in profit.
“回報” 是過去十二個月的稅後收入。將其概念化的一種方法是，公司每擁有1元的股東資本，就能獲得0.09元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
So far, we've learned that ROE is a measure of a company's profitability. 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. 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.
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。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Wuxi ETEK MicroelectronicsLtd's Earnings Growth And 9.4% ROE
無錫艾特克微電子有限公司的收益增長和9.4％的投資回報率
On the face of it, Wuxi ETEK MicroelectronicsLtd's ROE is not much to talk about. However, the fact that the its ROE is quite higher to the industry average of 6.4% doesn't go unnoticed by us. Especially when you consider Wuxi ETEK MicroelectronicsLtd's exceptional 22% net income growth over the past five years. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. Therefore, the growth in earnings could also be the result of other factors. Such as- high earnings retention or the company belonging to a high growth industry.
從表面上看，無錫易特微電子有限公司的投資回報率沒什麼好說的。但是，其投資回報率遠高於行業平均水平的6.4％，這一事實並沒有被我們忽視。尤其是考慮到無錫易特微電子有限公司在過去五年中22％的驚人淨收入增長。請記住，該公司的投資回報率確實適度低。只是行業的投資回報率較低。因此，收益的增長也可能是其他因素的結果。例如-高收益留存率或屬於高增長行業的公司。
We then performed a comparison between Wuxi ETEK MicroelectronicsLtd's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 27% in the same 5-year period.
然後，我們對無錫易特微電子有限公司的淨收入增長與該行業的淨收入增長進行了比較，結果顯示該公司的增長與5年同期27％的行業平均增長率相似。
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. 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 Wuxi ETEK MicroelectronicsLtd is trading on a high P/E or a low P/E, relative to its industry.
收益增長是股票估值的重要因素。無論如何，投資者應設法確定預期的收益增長或下降是否已計入其中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。衡量預期收益增長的一個很好的指標是市盈率，它根據收益前景決定了市場願意爲股票支付的價格。因此，您可能需要檢查無錫易特微電子有限公司相對於其行業是高市盈率還是低市盈率。
Is Wuxi ETEK MicroelectronicsLtd Efficiently Re-investing Its Profits?
無錫易特微電子有限公司是否有效地將利潤再投資？
Wuxi ETEK MicroelectronicsLtd has a three-year median payout ratio of 29% (where it is retaining 71% of its income) which is not too low or not too high. So it seems that Wuxi ETEK MicroelectronicsLtd is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
無錫艾特克微電子有限公司的三年派息率中位數爲29％（保留了收入的71％），不太低或不太高。因此，無錫艾特克微電子有限公司似乎正在進行有效的再投資，其收益實現了可觀的增長（如上所述），並支付的股息覆蓋範圍廣。
While Wuxi ETEK MicroelectronicsLtd has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 41% over the next three years. However, Wuxi ETEK MicroelectronicsLtd's future ROE is expected to rise to 20% despite the expected increase in the company's payout ratio. We infer that there could be other factors that could be driving the anticipated growth in the company's ROE.
儘管無錫艾特克微電子有限公司的收益有所增長，但它直到最近才開始派發股息。該公司很可能決定通過分紅給新老股東留下深刻的印象。從目前的分析師共識數據來看，我們可以看出，該公司的未來派息率預計將在未來三年內升至41％。但是，儘管預計無錫艾特克微電子有限公司的派息率將提高，但該公司的未來投資回報率預計將升至20％。我們推斷，可能還有其他因素可以推動公司投資回報率的預期增長。
Summary
摘要
In total, we are pretty happy with Wuxi ETEK MicroelectronicsLtd's performance. Specifically, we like that it has been reinvesting a high portion of its profits at a moderate rate of return, resulting in earnings expansion. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說，我們對無錫易特微電子有限公司的表現非常滿意。具體而言，我們喜歡它一直在以適度的回報率再投資其很大一部分利潤，從而實現了收益的擴張。話雖如此，最新的行業分析師預測顯示，該公司的收益有望加速。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
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