Will Weakness in Aehr Test Systems' (NASDAQ:AEHR) Stock Prove Temporary Given Strong Fundamentals?
Will Weakness in Aehr Test Systems' (NASDAQ:AEHR) Stock Prove Temporary Given Strong Fundamentals?
Aehr Test Systems (NASDAQ:AEHR) has had a rough three months with its share price down 18%. 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. In this article, we decided to focus on Aehr Test Systems' ROE.
Aehr Test Systems (納斯達克：AEHR）的股價在過去三個月中下跌了18％。但細心觀察，強勁的財務狀況可能意味着股票在長期內可能會看到增值，因爲市場通常會獎勵財務健康良好的公司。在本文中，我們決定專注於Aehr Test Systems的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即淨資產收益率，測試一家公司有效增加價值和管理股東資金的能力。換句話說，它揭示了公司將股東投資轉化爲利潤的成功程度。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Aehr Test Systems is:
因此，根據上述公式，Aehr Test Systems的ROE爲：
18% = US$15m ÷ US$86m (Based on the trailing twelve months to February 2024).
18％= US $ 15m ÷ US $ 86m（基於截至2024年2月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.18 in profit.
“回報”指的是公司過去一年的收益。換句話說，每1美元的股本，公司就能賺取0.18美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
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. 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.
到目前爲止，我們已經了解了ROE衡量公司產生利潤的效率。現在，我們需要評估公司爲未來增長“留存”的利潤或“保留”多少，這就讓我們對公司的增長潛力有了一個想法。一般來說，其他條件相同的情況下，ROE和利潤保留較高的公司比沒有這些屬性的公司具有更高的增長率。
A Side By Side comparison of Aehr Test Systems' Earnings Growth And 18% ROE
Aehr Test Systems收益增長和18％ROE的並排比較
To begin with, Aehr Test Systems seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 15%. This certainly adds some context to Aehr Test Systems' exceptional 71% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
首先，Aehr Test Systems似乎具有令人尊敬的ROE。此外，公司的ROE與行業平均水平相比非常有利。這當然爲Aehr Test Systems在過去五年中出色的71％淨收入增長增加了一些背景。我們認爲這裏也可能存在其他因素。例如，公司的派息比率很低或者被有效管理。
As a next step, we compared Aehr Test Systems' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 31%.
作爲下一步，我們將Aehr Test Systems的淨收入增長與行業進行了比較，令人高興的是，我們發現公司的增長率高於行業平均增長率31％。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Aehr Test Systems fairly valued compared to other companies? These 3 valuation measures might help you decide.
我們評估一家公司的價值的依據在很大程度上與其收益增長相關聯。投資者應該嘗試確定預期的收益增長或下降是否已經價格反映在內。這樣做，他們就會有一個想法，股票是走向大清朗的水域，還是走向等待着沼澤的水域。Aehr Test Systems是否與其他公司價值相當？這3個估值措施可能會幫助您決定。
Is Aehr Test Systems Making Efficient Use Of Its Profits?
Aehr Test Systems是否有效地利用了其利潤？
Given that Aehr Test Systems doesn't pay any regular dividends to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
鑑於Aehr Test Systems不向股東支付任何常規股息，我們推斷該公司一直在重新投資所有利潤以增長業務。
Conclusion
結論
Overall, we are quite pleased with Aehr Test Systems' performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言，我們對Aehr Test Systems的表現相當滿意。特別是，我們喜歡該公司以高回報率再投資其利潤的大量資金。當然，這導致公司的收益大幅增長。話雖如此，在研究當前分析師的預測時，我們擔心看到，儘管公司過去實現了收益增長，但分析師預計其收益將在未來下降。要了解有關公司最新分析師預測的更多信息，請查看此可視化工具。
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