
- 要闻
- 获得航天电子股份有限公司(SHSE:600879)的低价可能会有困难
Getting In Cheap On China Aerospace Times Electronics CO., LTD. (SHSE:600879) Might Be Difficult
Getting In Cheap On China Aerospace Times Electronics CO., LTD. (SHSE:600879) Might Be Difficult
With a price-to-earnings (or "P/E") ratio of 69.1x China Aerospace Times Electronics CO., LTD. (SHSE:600879) may be sending very bearish signals at the moment, given that almost half of all companies in China have P/E ratios under 32x and even P/E's lower than 19x are not unusual. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so lofty.
Recent times haven't been advantageous for China Aerospace Times Electronics as its earnings have been falling quicker than most other companies. It might be that many expect the dismal earnings performance to recover substantially, which has kept the P/E from collapsing. If not, then existing shareholders may be very nervous about the viability of the share price.

Does Growth Match The High P/E?
There's an inherent assumption that a company should far outperform the market for P/E ratios like China Aerospace Times Electronics' to be considered reasonable.
If we review the last year of earnings, dishearteningly the company's profits fell to the tune of 50%. The last three years don't look nice either as the company has shrunk EPS by 47% in aggregate. Therefore, it's fair to say the earnings growth recently has been undesirable for the company.
Shifting to the future, estimates from the six analysts covering the company suggest earnings should grow by 36% each year over the next three years. That's shaping up to be materially higher than the 19% per annum growth forecast for the broader market.
In light of this, it's understandable that China Aerospace Times Electronics' P/E sits above the majority of other companies. Apparently shareholders aren't keen to offload something that is potentially eyeing a more prosperous future.
The Final Word
Generally, our preference is to limit the use of the price-to-earnings ratio to establishing what the market thinks about the overall health of a company.
We've established that China Aerospace Times Electronics maintains its high P/E on the strength of its forecast growth being higher than the wider market, as expected. At this stage investors feel the potential for a deterioration in earnings isn't great enough to justify a lower P/E ratio. Unless these conditions change, they will continue to provide strong support to the share price.
You always need to take note of risks, for example - China Aerospace Times Electronics has 3 warning signs we think you should be aware of.
If these risks are making you reconsider your opinion on China Aerospace Times Electronics, explore our interactive list of high quality stocks to get an idea of what else is out there.
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.
中国航天电子股份有限公司(SHSE:600879)的市盈率为69.1倍,目前可能正在发送非常消极的信号,因为中国近半数公司的市盈率低于32倍,甚至低于19倍的市盈率也不飞凡。尽管如此,仅仅看市盈率本身并不聪明,因为可能有解释为什么如此之高。
最近一段时间对中国航天电子来说并不如意,其收益下降速度比大多数公司都要快。很多人可能期待糟糕的收益表现能够有相当程度的恢复,因此市盈率没有暴跌。如果收益不能恢复,那么现有股东可能会非常担心股价的可持续性。

增长是否匹配高市盈率?
固有的假设是,一家公司应该远远超过市场表现才能被认为其市盈率像中国航天电子这样被视为合理。
如果我们回顾过去一年的收益,令人沮丧的是公司的利润下降了50%。过去三年情况也不容乐观,公司总体上每股收益减少了47%。因此,可以说最近的收益增长对公司来说是不理想的。
转向未来,覆盖该公司的六位分析师的估算显示,未来三年每年收益将增长36%。这将远高于广泛市场预测的每年19%的增长率。
基于这一点,可以理解为何航天电子的市盈率高于大多数其他公司。显然,股东们不急于抛售可能朝着更加繁荣的未来发展的资产。
最终结论
通常,我们比较偏向于限制使用市盈率来确定市场对一家公司整体健康状况的看法。
我们已经确定,航天电子公司维持着其高市盈率,依赖于其预测增长高于更广泛市场,这是可以预料的。在此阶段,投资者认为盈利恶化的潜力还不足以证明降低市盈率。除非这些条件发生变化,他们将继续给予股价强劲的支撑。
您始终需要注意风险,例如 - 航天电子有3个警示信号,我们认为您应该注意。
如果这些风险让您重新考虑对中国航天电子的看法,请查看我们互动展示的优质股票清单,了解其他有哪些选择。
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
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在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Moomoo Securities Australia Limited提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Moomoo Securities Australia Limited, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Moomoo Securities Australia Limited提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Moomoo Securities Australia Limited, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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