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Beijing YanDong MicroElectronic Co., Ltd.'s (SHSE:688172) Stock Is Going Strong: Have Financials A Role To Play?

Beijing YanDong MicroElectronic Co., Ltd.'s (SHSE:688172) Stock Is Going Strong: Have Financials A Role To Play?

北京燕東微電子有限公司's (SHSE: 688172) 股票走強:金融可以發揮作用嗎?
Simply Wall St ·  03/09 06:47

Beijing YanDong MicroElectronic (SHSE:688172) has had a great run on the share market with its stock up by a significant 23% over the last month. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Specifically, we decided to study Beijing YanDong MicroElectronic's ROE in this article.

北京燕東微電子(上海證券交易所代碼:688172)在股票市場上表現良好,其股票比上個月大幅上漲了23%。鑑於股票價格通常與公司的長期財務表現一致,我們決定更仔細地研究其財務指標,看看它們在近期的價格走勢中是否有機會發揮作用。具體而言,我們決定在本文中研究北京燕東微電子的投資回報率。

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 Beijing YanDong MicroElectronic is:

因此,根據上述公式,北京燕東微電子的投資回報率爲:

3.0% = CN¥447m ÷ CN¥15b (Based on the trailing twelve months to December 2023).

3.0% = 4.47億元人民幣 ÷ 15億元人民幣(基於截至2023年12月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.03 in profit.

“回報” 是過去十二個月的稅後收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.03元人民幣的利潤。

Why Is ROE Important For Earnings Growth?

爲什麼投資回報率對收益增長很重要?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.

我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。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。

Beijing YanDong MicroElectronic's Earnings Growth And 3.0% ROE

北京燕東微電子的收益增長和3.0%的投資回報率

It is hard to argue that Beijing YanDong MicroElectronic's ROE is much good in and of itself. Even when compared to the industry average of 6.3%, the ROE figure is pretty disappointing. In spite of this, Beijing YanDong MicroElectronic was able to grow its net income considerably, at a rate of 37% in the last five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. 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.

很難說北京燕東微電子的投資回報率本身就非常好。即使與6.3%的行業平均水平相比,投資回報率的數字也相當令人失望。儘管如此,北京燕東微電子仍得以大幅增長其淨收入,在過去五年中增長了37%。我們認爲,可能還有其他方面對公司的收益增長產生積極影響。例如,公司的管理層可能做出了一些良好的戰略決策,或者公司的派息率很低。

Next, on comparing with the industry net income growth, we found that Beijing YanDong MicroElectronic's growth is quite high when compared to the industry average growth of 26% in the same period, which is great to see.

接下來,與行業淨收入增長相比,我們發現,與同期行業平均增長26%相比,北京燕東微電子的增長相當高,這真是太好了。

past-earnings-growth
SHSE:688172 Past Earnings Growth March 8th 2024
SHSE: 688172 過去的收益增長 2024 年 3 月 8 日

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). This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Beijing YanDong MicroElectronic's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

爲公司附加價值的基礎在很大程度上與其收益增長息息相關。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。如果你想知道北京燕東微電子的估值,可以看看這個衡量其與行業相比的市盈率指標。

Is Beijing YanDong MicroElectronic Using Its Retained Earnings Effectively?

北京燕東微電子是否在有效使用其留存收益?

Beijing YanDong MicroElectronic doesn't pay any dividend to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.

北京燕東微電子沒有向其股東支付任何股息,這意味着該公司一直在將所有利潤再投資於該業務。這可能是推動上述高收益增長數字的原因。

Summary

摘要

In total, it does look like Beijing YanDong MicroElectronic has some positive aspects to its business. 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. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard will have the 1 risk we have identified for Beijing YanDong MicroElectronic.

總的來說,看來北京燕東微電子的業務確實有一些積極的方面。儘管回報率很低,但由於對業務進行了大量再投資,該公司的收益增長令人印象深刻。雖然我們不會完全解散公司,但我們要做的是努力確定業務的風險,以便在公司周圍做出更明智的決定。我們的風險儀表板將包含我們爲北京燕東微電子確定的第一種風險。

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.

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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