Is The Market Rewarding Bomin Electronics Co., Ltd. (SHSE:603936) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Bomin Electronics Co., Ltd. (SHSE:603936) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
With its stock down 15% over the past three months, it is easy to disregard Bomin Electronics (SHSE:603936). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Bomin Electronics' ROE.
在过去的三个月里，博民的股价下跌了15%，人们很容易忽视博民电子(上交所：603936)。然而，我们决定研究该公司的财务状况，以确定它们是否与价格下跌有关。基本面通常决定市场结果，因此研究该公司的财务状况是有意义的。在本文中，我们决定将重点放在博民电子的净资产收益率上。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
See our latest analysis for Bomin Electronics
查看我们对博民电子的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Bomin Electronics is:
因此，根据上述公式，博民电子的净资产收益率为：
0.8% = CN¥42m ÷ CN¥5.2b (Based on the trailing twelve months to June 2023).
0.8%=4200万元×52亿元(基于截至2023年6月的12个月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.01 in profit.
“回报”指的是企业在过去一年中获得的收入。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.01元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利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. 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.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Bomin Electronics' Earnings Growth And 0.8% ROE
博民电子盈利增长0.8%净资产收益率
It is quite clear that Bomin Electronics' ROE is rather low. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. As a result, Bomin Electronics' flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明显，博民电子的净资产收益率相当低。不仅如此，即使与7.4%的行业平均水平相比，该公司的净资产收益率也完全不起眼。因此，博民电子过去五年的收益持平并不令人意外，因为它的净资产收益率(ROE)较低。
We then compared Bomin Electronics' net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 12% in the same 5-year period, which is a bit concerning.
然后，我们将博民电子的净收入增长与行业进行了比较，发现该公司的增长数字低于同期12%的行业平均增长率，这有点令人担忧。
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 Bomin Electronics''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的一个重要因素。投资者应该尝试确定预期的收益增长或下降是否已计入价格，无论是哪种情况。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。如果你想知道博民电子对S的估值，看看这个衡量其市盈率的指标，它与其行业相比。
Is Bomin Electronics Making Efficient Use Of Its Profits?
博民电子是否在有效利用其利润？
Bomin Electronics' low three-year median payout ratio of 10%, (meaning the company retains90% of profits) should mean that the company is retaining most of its earnings and consequently, should see higher growth than it has reported.
博民电子较低的三年派息率中值为10%(这意味着该公司保留了90%的利润)，这应该意味着该公司将保留大部分收益，因此，应该会看到比报告更高的增长。
In addition, Bomin Electronics has been paying dividends over a period of seven years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外，博民电子在过去7年里一直在发放股息，这表明，继续支付股息对管理层来说要重要得多，即使这是以牺牲业务增长为代价的。
Summary
摘要
On the whole, we feel that the performance shown by Bomin Electronics can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体来说，我们觉得博民电子的表现可以有多种解读。尽管它似乎保留了大部分利润，但鉴于净资产收益率较低，投资者可能终究不会从所有这些再投资中受益。低收益增长率表明我们的理论是正确的。尽管如此，最新的行业分析师预测显示，该公司的收益预计将加速增长。要了解更多分析师对该公司的最新预测，请查看分析师对该公司预测的可视化。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有什么反馈吗？担心内容吗？ 保持联系直接与我们联系。或者，也可以给编辑组发电子邮件，地址是implywallst.com。
本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。