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Could The Market Be Wrong About Avic Aviation High-Technology Co., Ltd. (SHSE:600862) Given Its Attractive Financial Prospects?

Could The Market Be Wrong About Avic Aviation High-Technology Co., Ltd. (SHSE:600862) Given Its Attractive Financial Prospects?

鑑於其具有吸引力的財務前景,中航航空高科技股份有限公司(SHET:600862),市場可能會出錯嗎?
Simply Wall St ·  2023/02/11 08:40

It is hard to get excited after looking at Avic Aviation High-Technology's (SHSE:600862) recent performance, when its stock has declined 10% over the past three months. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to Avic Aviation High-Technology's ROE today.

在看到Avic Aviation High-Technology(上海證券交易所股票代碼:600862)最近的表現後,很難感到興奮,因為它的股票在過去三個月裏下跌了10%。但如果你仔細觀察,你可能會猜到,它強勁的財務狀況可能意味着,考慮到市場通常會獎勵財務狀況良好的公司,該股可能會在長期內增值。特別是今天我們將關注中航高科的淨資產收益率。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,它衡量的是一家公司相對於股東權益的盈利能力。

View our latest analysis for Avic Aviation High-Technology

查看我們對中航高科技的最新分析

How Is ROE Calculated?

淨資產收益率是如何計算的?

ROE can be calculated by using the formula:

可使用以下公式計算淨資產收益率:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率=(持續經營的)淨利潤?股東權益

So, based on the above formula, the ROE for Avic Aviation High-Technology is:

因此,根據上述公式,中航高技術的淨資產收益率為:

12% = CN¥691m ÷ CN¥5.5b (Based on the trailing twelve months to September 2022).

12%=6.91億元×55億元(以截至2022年9月的12個月為基礎)。

The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.12 in profit.

“回報”指的是一家公司過去一年的收益。這意味着,每增加價值1元的股東權益,公司就會產生0.12元的利潤。

What Has ROE Got To Do With Earnings Growth?

淨資產收益率與盈利增長有什麼關係?

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

我們已經證實,淨資產收益率是一家公司未來收益的有效盈利指標。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。一般來説,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。

A Side By Side comparison of Avic Aviation High-Technology's Earnings Growth And 12% ROE

中航高技術盈利增長與12%淨資產收益率的並列比較

To start with, Avic Aviation High-Technology's ROE looks acceptable. On comparing with the average industry ROE of 7.9% the company's ROE looks pretty remarkable. This certainly adds some context to Avic Aviation High-Technology's exceptional 29% net income growth seen over the past five years. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.

首先,中航高技術的淨資產收益率看起來可以接受。與7.9%的行業平均淨資產收益率相比,該公司的淨資產收益率看起來相當可觀。這無疑為中航高技術在過去五年中29%的淨收入增長提供了一些背景。我們認為,可能還有其他因素在起作用。例如-高收益留存或有效的管理到位。

We then compared Avic Aviation High-Technology's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 13% in the same period.

然後,我們將中航高科技的淨收入增長與行業進行了比較,我們很高興地看到,與同期13%的行業增長率相比,該公司的增長數字更高。

past-earnings-growth
SHSE:600862 Past Earnings Growth February 11th 2023
上海證券交易所:過去600862的收益增長2023年2月11日

Earnings growth is an important metric to consider when valuing a stock. 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. 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 Avic Aviation High-Technology is trading on a high P/E or a low P/E, relative to its industry.

盈利增長是評估一隻股票時需要考慮的一個重要指標。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是市盈率,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看中航航空高科技相對於其行業是高市盈率還是低市盈率。

Is Avic Aviation High-Technology Making Efficient Use Of Its Profits?

中航高新是否在高效利用利潤?

Avic Aviation High-Technology has a three-year median payout ratio of 30% (where it is retaining 70% of its income) which is not too low or not too high. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Avic Aviation High-Technology is reinvesting its earnings efficiently.

中航航空高科技的三年中值派息率為30%(該公司將保留70%的收入),這不是太低也不是太高。這表明它的股息得到了很好的覆蓋,考慮到我們上面討論的高增長,它看起來像是在將收益進行有效的再投資。

Additionally, Avic Aviation High-Technology has paid dividends over a period of nine years which means that the company is pretty serious about sharing its profits with shareholders.

此外,中航高科在九年內派發了股息,這意味着該公司對與股東分享利潤是相當認真的。

Summary

摘要

On the whole, we feel that Avic Aviation High-Technology'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. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. 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.

整體而言,我們覺得中航高科的表現相當不錯。特別是,很高興看到該公司在業務上投入了大量資金,並獲得了高回報率,這導致了其收益的可觀增長。最新的行業分析師預測顯示,該公司有望保持目前的增長速度。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。

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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.

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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。

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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