Maxvision Technology Corp. (SZSE:002990) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Maxvision Technology Corp. (SZSE:002990) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Most readers would already be aware that Maxvision Technology's (SZSE:002990) stock increased significantly by 12% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Maxvision Technology's ROE in this article.
大多数读者已经意识到,盛视科技(深圳证券交易所:002990)的股票在过去三个月中大幅上涨了12%。但是该公司的关键财务指标似乎各不相同,这使我们质疑该公司目前的股价势头是否可以维持。具体而言,我们决定在本文中研究盛视科技的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. 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用于评估公司管理层利用公司资本效率的关键指标。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?
The formula for return on equity is:
股本回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营)÷ 股东权益
So, based on the above formula, the ROE for Maxvision Technology is:
因此,根据上述公式,盛视科技的投资回报率为:
5.9% = CN¥138m ÷ CN¥2.3b (Based on the trailing twelve months to September 2024).
5.9% = 13800万元人民币 ÷ 23元人民币(基于截至2024年9月的过去十二个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回报” 是每年的利润。将其概念化的一种方法是,公司每拥有1元人民币的股东资本,就会获得0.06元的利润。
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?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
A Side By Side comparison of Maxvision Technology's Earnings Growth And 5.9% ROE
盛视科技的盈利增长和5.9%的投资回报率的并排比较
When you first look at it, Maxvision Technology's ROE doesn't look that attractive. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.3%. But Maxvision Technology saw a five year net income decline of 10% over the past five years. Bear in mind, the company does have a slightly low ROE. Therefore, the decline in earnings could also be the result of this.
当你第一次看的时候,盛视科技的投资回报率看起来并不那么吸引人。然而,一项更仔细的研究表明,该公司的投资回报率与行业平均水平的6.3%相似。但是,在过去五年中,盛视科技的五年净收入下降了10%。请记住,该公司的投资回报率确实略低。因此,收入的下降也可能是由此造成的。
However, when we compared Maxvision Technology's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 3.9% in the same period. This is quite worrisome.
但是,当我们将盛视科技的增长与该行业的增长进行比较时,我们发现,尽管该公司的收益一直在萎缩,但该行业同期的收益增长了3.9%。这非常令人担忧。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Maxvision Technology is trading on a high P/E or a low P/E, relative to its industry.
收益增长是股票估值的重要因素。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。通过这样做,他们将知道股票是走向清澈的蓝色海水,还是沼泽的水域在等着你。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查盛视科技相对于其行业是高市盈率还是低市盈率。
Is Maxvision Technology Using Its Retained Earnings Effectively?
盛视科技是否有效地使用了其留存收益?
Despite having a normal three-year median payout ratio of 29% (where it is retaining 71% of its profits), Maxvision Technology has seen a decline in earnings as we saw above. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
尽管三年派息率中位数正常为29%(保留了71%的利润),但如上所示,盛视科技的收益却有所下降。因此,在这方面可能还有其他解释。例如,该公司的业务可能正在恶化。
In addition, Maxvision Technology has been paying dividends over a period of four years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline.
此外,盛视科技在四年内一直在派发股息,这表明尽管收益有所下降,但管理层仍倾向于继续支付股息。
Conclusion
结论
Overall, we have mixed feelings about Maxvision Technology. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说,我们对盛视科技有喜忧参半的感觉。尽管该公司的利润保留率确实很高,但其低回报率可能会阻碍其收益增长。话虽如此,从分析师目前的估计来看,我们发现该公司的收益增长率预计将出现巨大改善。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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