Should Weakness in Shenyang Fortune Precision Equipment Co., Ltd.'s (SHSE:688409) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Shenyang Fortune Precision Equipment Co., Ltd.'s (SHSE:688409) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
It is hard to get excited after looking at Shenyang Fortune Precision Equipment's (SHSE:688409) recent performance, when its stock has declined 14% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Shenyang Fortune Precision Equipment's ROE in this article.
看了瀋陽富強精密裝備（SHSE: 688409）最近的表現，很難感到興奮，當時其股票在過去一個月中下跌了14％。但是，從長遠來看，股票價格通常由公司的財務狀況驅動，在這種情況下，這看起來相當可觀。具體而言，我們決定在本文中研究瀋陽富程精密設備的投資回報率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for ROE is:
ROE 的公式是：
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 Shenyang Fortune Precision Equipment is:
因此，根據上述公式，瀋陽富程精密設備的投資回報率爲：
3.3% = CN¥158m ÷ CN¥4.8b (Based on the trailing twelve months to December 2023).
3.3% = 1.58億元人民幣 ÷ 48億元人民幣（基於截至2023年12月的過去十二個月）。
The 'return' is the profit 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¥0.03 in profit.
“回報” 是過去十二個月的利潤。將其概念化的一種方法是，每擁有1元人民幣的股東資本，公司的利潤爲0.03元人民幣。
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？
So far, we've learned that ROE is a measure of a company's profitability. 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 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，投資回報率是衡量公司盈利能力的指標。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。
Shenyang Fortune Precision Equipment's Earnings Growth And 3.3% ROE
瀋陽富程精密設備的收益增長和3.3％的投資回報率
It is quite clear that Shenyang Fortune Precision Equipment's ROE is rather low. Even when compared to the industry average of 5.9%, the ROE figure is pretty disappointing. However, we we're pleasantly surprised to see that Shenyang Fortune Precision Equipment grew its net income at a significant rate of 34% in the last five years. We reckon that there could be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
很明顯，瀋陽富程精密設備的投資回報率相當低。即使與行業平均水平的5.9％相比，投資回報率的數字也相當令人失望。但是，我們驚喜地看到，瀋陽富程精密設備在過去五年中淨收入大幅增長了34％。我們認爲這裏可能還有其他因素在起作用。例如，該公司的派息率很低或管理得很高效。
Next, on comparing with the industry net income growth, we found that Shenyang Fortune Precision Equipment's growth is quite high when compared to the industry average growth of 23% 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23％相比，瀋陽富程精密裝備的增長相當高，這真是令人欣喜。
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. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Shenyang Fortune Precision Equipment'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。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。如果你想知道瀋陽富程精密設備的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is Shenyang Fortune Precision Equipment Efficiently Re-investing Its Profits?
瀋陽富程精密設備是否在高效地將利潤再投資？
The high three-year median payout ratio of 54% (implying that it keeps only 46% of profits) for Shenyang Fortune Precision Equipment suggests that the company's growth wasn't really hampered despite it returning most of the earnings to its shareholders.
瀋陽富程精密設備三年來最高的派息率中位數爲54％（這意味着它僅保留了46％的利潤），這表明儘管該公司將大部分收益返還給了股東，但其增長並沒有真正受到阻礙。
Along with seeing a growth in earnings, Shenyang Fortune Precision Equipment only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
隨着收益的增長，瀋陽富程精密設備直到最近才開始派發股息。該公司很可能想給股東留下深刻的印象。
Summary
摘要
On the whole, we do feel that Shenyang Fortune Precision Equipment has some positive attributes. Namely, its high earnings growth. We do however feel that the earnings growth number could have been even higher, had the company been reinvesting more of its earnings and paid out less dividends. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.
總的來說，我們確實認爲瀋陽富騰精密設備具有一些積極的屬性。也就是說，其高收益增長。但是，我們確實認爲，如果該公司將更多的收益再投資並減少派發的股息，收益增長數字可能會更高。既然如此，分析師的最新預測顯示，該公司的收益將繼續擴大。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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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。