Is Micro-Tech (Nanjing) Co.,Ltd's (SHSE:688029) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is Micro-Tech (Nanjing) Co.,Ltd's (SHSE:688029) Recent Stock Performance Tethered To Its Strong Fundamentals?
Micro-Tech (Nanjing)Ltd's (SHSE:688029) stock is up by a considerable 14% over the past month. 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 Micro-Tech (Nanjing)Ltd's ROE today.
微科技（南京）有限公司（上海证券交易所代码：688029）的股票在过去一个月中大幅上涨了14％。鉴于该公司的出色表现，我们决定更仔细地研究其财务指标，因为公司的长期财务状况通常决定市场业绩。特别是，我们今天将关注微科技（南京）有限公司的投资回报率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Micro-Tech (Nanjing)Ltd is:
因此，根据上述公式，微科技（南京）有限公司的投资回报率为：
14% = CN¥539m ÷ CN¥3.8b (Based on the trailing twelve months to March 2024).
14% = 5.39亿元人民币 ÷ 38亿元人民币（基于截至2024年3月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.14 in profit.
“回报” 是过去十二个月的税后收入。另一种思考方式是，每持有价值1元人民币的股权，该公司就能获得0.14元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系？
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.
到目前为止，我们已经了解到，投资回报率是衡量公司盈利能力的指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
A Side By Side comparison of Micro-Tech (Nanjing)Ltd's Earnings Growth And 14% ROE
微科技（南京）有限公司的收益增长和14％的投资回报率的并排比较
To begin with, Micro-Tech (Nanjing)Ltd seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 7.4%. This probably laid the ground for Micro-Tech (Nanjing)Ltd's moderate 16% net income growth seen over the past five years.
首先，微科技（南京）有限公司的投资回报率似乎不错。此外，该公司的投资回报率与行业平均水平的7.4％相比相当不错。这可能为微科技（南京）有限公司在过去五年中实现16％的温和净收入增长奠定了基础。
Next, on comparing with the industry net income growth, we found that Micro-Tech (Nanjing)Ltd's growth is quite high when compared to the industry average growth of 6.9% in the same period, which is great to see.
接下来，与行业净收入增长相比，我们发现微科技（南京）有限公司的增长与同期6.9％的行业平均增长率相比相当高，这真是令人欣喜。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is Micro-Tech (Nanjing)Ltd fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是股票估值的重要因素。投资者接下来需要确定的是，预期的收益增长或缺乏收益是否已经包含在股价中。然后，这可以帮助他们确定股票是面向光明还是暗淡的未来。与其他公司相比，微科技（南京）有限公司的估值是否合理？这3种估值指标可能会帮助您做出决定。
Is Micro-Tech (Nanjing)Ltd Making Efficient Use Of Its Profits?
微科技（南京）有限公司是否在有效利用其利润？
Micro-Tech (Nanjing)Ltd has a healthy combination of a moderate three-year median payout ratio of 31% (or a retention ratio of 69%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
微科技（南京）有限公司的三年派息率中位数为31％（或69％的留存率），以及可观的收益增长，如上所示，这意味着该公司一直在有效利用其利润。
Moreover, Micro-Tech (Nanjing)Ltd is determined to keep sharing its profits with shareholders which we infer from its long history of four years of paying a dividend.
此外，微科技（南京）有限公司决心继续与股东分享利润，这是我们从其四年派息的长期历史中推断出来的。
Summary
摘要
Overall, we are quite pleased with Micro-Tech (Nanjing)Ltd's 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. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，我们对微科技（南京）有限公司的表现非常满意。具体而言，我们喜欢该公司以高回报率再投资其利润的很大一部分。当然，这导致该公司的收益大幅增长。既然如此，分析师的最新预测显示，该公司的收益将继续扩大。要详细了解分析师对公司的最新预测，请查看该公司的分析师预测的可视化。
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