CETC Cyberspace Security Technology Co., Ltd. (SZSE:002268) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
CETC Cyberspace Security Technology Co., Ltd. (SZSE:002268) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
CETC Cyberspace Security Technology (SZSE:002268) has had a rough three months with its share price down 27%. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study CETC Cyberspace Security Technology's ROE in this article.
电科网安（SZSE：002268）在过去的三个月里股价下跌了27％。但是，如果你仔细关注，你可能会发现其主要的财务指标看起来相当不错，这可能意味着股票在长期内可能会上涨，因为市场通常会奖励更强的长期基本面。特别是，我们决定在本文中研究电科网安的roe。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具，用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说，它揭示了公司将股东的投资变成利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for CETC Cyberspace Security Technology is:
因此，根据上述公式，电科网安的roe为:
3.5% = CN¥188m ÷ CN¥5.3b (Based on the trailing twelve months to March 2024).
3.5％= CN¥188m ÷ CN¥5.3b（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.04 in profit.
“回报”是过去十二个月的利润。一个概念化表示这个的方式是，对于每个CN¥1的股东资本，公司获得了CN¥0.04的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准，用于评估公司未来的盈利能力，我们现在需要评估公司“保留”为未来增长而重新投资的利润多少，这使我们对公司的增长潜力有了一个了解。一般而言，在其他条件相等的情况下，ROE和利润留存高的公司，增长率比没有这些属性的公司要高。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确认roe是一个有效的盈利指标，用于衡量公司未来的盈利能力。现在我们需要评估公司为未来增长重新投资或“保留”的利润有多少，这将给我们提供有关公司增长潜力的想法。假设其他一切相等，具有更高回报率和更高盈利保留的公司通常比没有同样特点的公司具有更高的增长率。
A Side By Side comparison of CETC Cyberspace Security Technology's Earnings Growth And 3.5% ROE
业绩增长和3.5％roe的电子科技控股侧-by-side比较
As you can see, CETC Cyberspace Security Technology's ROE looks pretty weak. A comparison with the industry shows that the company's ROE is pretty similar to the average industry ROE of 4.1%. Looking at CETC Cyberspace Security Technology's exceptional 20% five-year net income growth in particular, we are definitely impressed. Considering the low ROE, it is quite possible that there might also be some other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
正如您所看到的，电科网安的roe看起来相当弱。与行业的比较表明，公司的roe与行业平均roe相当类似4.1％。特别是看着电科网安在最近五年内非常卓越的20％的净利润增长，我们绝对印象深刻。考虑到低roe，可能还有其他一些方面正在积极影响公司的盈利增长。例如，公司的管理层可能做出了一些良好的战略决策，或者公司的派息比率较低。
Given that the industry shrunk its earnings at a rate of 3.2% over the last few years, the net income growth of the company is quite impressive.
考虑到该行业在过去几年中以3.2%的速度萎缩了其盈利能力，该公司的净收入增长非常令人印象深刻。
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. This then helps them determine if the stock is placed for a bright or bleak future. Is CETC Cyberspace Security Technology fairly valued compared to other companies? These 3 valuation measures might help you decide.
赋予公司价值的基础，在很大程度上与其盈利增长有关。投资者应该尽力确定预期的盈利增长或下降，无论哪种情况，是否定价。然后，这有助于他们确定股票是否面临光明或黯淡的未来。与其他公司相比，电科网安是否被公平价值化？这3个估值措施可能会帮助您决定。
Is CETC Cyberspace Security Technology Making Efficient Use Of Its Profits?
电科网安是否有效利用其利润？
CETC Cyberspace Security Technology's three-year median payout ratio to shareholders is 15%, which is quite low. This implies that the company is retaining 85% of its profits. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.
电科网安向股东的三年中位支付比率为15％，相当低。这意味着公司保留了其85％的利润。这表明管理层正在重新投资大部分利润以促进公司的增长，正如公司所展示的增长所表明的那样。
Additionally, CETC Cyberspace Security Technology has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
此外，电科网安已经连续支付股息至少十年，这意味着公司非常重视与股东分享其利润。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
In total, it does look like CETC Cyberspace Security Technology has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings.
总体而言，电科网安业务具有一些积极方面。尽管roe较低，但在高比率的再投资下，公司设法实现了收益的相当增长。
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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.
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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