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.
超級微型計算機（納斯達克股票代碼：SMCI）的股票在過去三個月中上漲了52％。鑑於該公司的出色表現，我們決定更仔細地研究其財務指標，因爲公司的長期財務狀況通常決定市場業績。特別是，我們今天將關注超級微電腦的投資回報率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Super Micro Computer is:
因此，根據上述公式，超級微型計算機的投資回報率爲：
24% = US$732m ÷ US$3.1b (Based on the trailing twelve months to December 2023).
24% = 7.32億美元 ÷ 31億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.24 in profit.
“回報” 是每年的利潤。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.24美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
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.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所了解。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Super Micro Computer's Earnings Growth And 24% ROE
超級微電腦的收益增長和24％的投資回報率
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，我們承認超級微型計算機的投資回報率非常高。其次，即使與行業平均水平的10％相比，該公司的投資回報率也相當可觀。在這種情況下，Super Micro Computer的五年淨收入可觀增長53％是可以預料的。
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.
接下來，與行業淨收入增長相比，我們發現，與同期22％的行業平均增長率相比，超級微電腦的增長相當高，這真是太好了。
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.
收益增長是股票估值的重要因素。無論情況如何，投資者都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。如果你想知道超級微電腦的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is Super Micro Computer Making Efficient Use Of Its Profits?
超級微型計算機能否有效利用其利潤？
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，這實質上意味着它一直在將所有利潤再投資於該業務。這無疑促成了我們上面討論的高收益增長數字。
Conclusion
結論
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.
總的來說，我們覺得超級微電腦的性能相當不錯。特別是，很高興看到該公司正在對其業務進行大量投資，再加上高回報率，這爲其收益帶來了可觀的增長。話雖如此，正如分析師目前的估計所預測的那樣，該公司的收益增長預計將放緩。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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