Is Super Micro Computer, Inc.'s (NASDAQ:SMCI) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Super Micro Computer, Inc.'s (NASDAQ:SMCI) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Super Micro Computer's (NASDAQ:SMCI) stock is up by a considerable 52% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Particularly, we will be paying attention to Super Micro Computer's ROE today.
超级微型计算机（纳斯达克股票代码：SMCI）的股票在过去三个月中上涨了52％。鉴于该公司的出色表现，我们决定更仔细地研究其财务指标，因为公司的长期财务状况通常决定市场业绩。特别是，我们今天将关注超级微电脑的投资回报率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
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 Super Micro Computer is:
因此，根据上述公式，超级微型计算机的投资回报率为：
24% = US$732m ÷ US$3.1b (Based on the trailing twelve months to December 2023).
24% = 7.32亿美元 ÷ 31亿美元（基于截至2023年12月的过去十二个月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.24 in profit.
“回报” 是每年的利润。这意味着，每获得价值1美元的股东权益，该公司就会产生0.24美元的利润。
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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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，投资回报率衡量的是公司创造利润的效率。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。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。
Super Micro Computer's Earnings Growth And 24% ROE
超级微电脑的收益增长和24％的投资回报率
Firstly, we acknowledge that Super Micro Computer has a significantly high ROE. Secondly, even when compared to the industry average of 10% the company's ROE is quite impressive. Under the circumstances, Super Micro Computer's considerable five year net income growth of 53% was to be expected.
首先，我们承认超级微型计算机的投资回报率非常高。其次，即使与行业平均水平的10％相比，该公司的投资回报率也相当可观。在这种情况下，Super Micro Computer的五年净收入可观增长53％是可以预料的。
Next, on comparing with the industry net income growth, we found that Super Micro Computer's growth is quite high when compared to the industry average growth of 22% 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22％的行业平均增长率相比，超级微电脑的增长相当高，这真是太好了。
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. If you're wondering about Super Micro Computer'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。这样做将帮助他们确定股票的未来是乐观还是不祥的。如果你想知道超级微电脑的估值，可以看看这个衡量其市盈率与行业相比的指标。
Is Super Micro Computer Making Efficient Use Of Its Profits?
超级微型计算机能否有效利用其利润？
Super Micro Computer 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.
Super Micro Computer目前不支付任何定期股息，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 feel that Super Micro Computer's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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.
总的来说，我们觉得超级微电脑的性能相当不错。特别是，很高兴看到该公司正在对其业务进行大量投资，再加上高回报率，这为其收益带来了可观的增长。话虽如此，正如分析师目前的估计所预测的那样，该公司的收益增长预计将放缓。要了解有关公司未来收益增长预测的更多信息，请查看这份关于分析师预测的免费报告，以了解更多信息。
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