Jiangsu JieJie Microelectronics Co.,Ltd.'s (SZSE:300623) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Jiangsu JieJie Microelectronics Co.,Ltd.'s (SZSE:300623) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at Jiangsu JieJie MicroelectronicsLtd's (SZSE:300623) recent performance, when its stock has declined 29% over the past three months. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to Jiangsu JieJie MicroelectronicsLtd's ROE today.
看到江蘇捷捷微電子股份有限公司(SZSE：300623)最近的表現，很難感到興奮，其股價在過去三個月裏下跌了29%。然而，仔細看看它穩健的財務狀況可能會讓你重新考慮。鑑於基本面因素通常會推動長期市場結果，該公司值得關注。今天我們特別關注江蘇捷捷微電子股份有限公司的淨資產收益率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。換句話説，它揭示了該公司成功地將股東投資轉化為利潤。
See our latest analysis for Jiangsu JieJie MicroelectronicsLtd
查看我們對江蘇捷傑微電子有限公司的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for return on equity is:
這個股本回報率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Jiangsu JieJie MicroelectronicsLtd is:
因此，根據上述公式，江蘇捷傑微電子有限公司的淨資產收益率為：
12% = CN¥493m ÷ CN¥4.0b (Based on the trailing twelve months to March 2022).
12%=CN元4.93億×CN元40億元(以截至2022年3月的12個月為基礎)。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.12 in profit.
“回報”就是年度利潤。另一種説法是，公司每持有價值1元的股權，就能賺取0.12元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前為止，我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長，這就讓我們對公司的增長潛力有了一個瞭解。假設其他條件相同，與沒有相同特徵的公司相比，擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
Jiangsu JieJie MicroelectronicsLtd's Earnings Growth And 12% ROE
江蘇捷捷微電子有限公司盈利增長和12%的淨資產收益率
To begin with, Jiangsu JieJie MicroelectronicsLtd seems to have a respectable ROE. On comparing with the average industry ROE of 9.5% the company's ROE looks pretty remarkable. This probably laid the ground for Jiangsu JieJie MicroelectronicsLtd's significant 30% net income growth seen over the past five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
首先，江蘇捷捷微電子股份有限公司似乎擁有令人尊敬的淨資產收益率。與9.5%的行業平均淨資產收益率相比，該公司的淨資產收益率看起來相當驚人。這可能為江蘇捷捷微電子有限公司在過去五年中淨收入大幅增長30%奠定了基礎。我們認為，可能還有其他方面正在積極影響公司的收益增長。例如-高收益留存或有效的管理到位。
Next, on comparing Jiangsu JieJie MicroelectronicsLtd's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 31% in the same period.
接下來，將江蘇傑傑微電子有限公司的淨收入增長與行業進行比較，我們發現該公司的報告增長與同期31%的行業平均增長率相似。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). 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 Jiangsu JieJie MicroelectronicsLtd is trading on a high P/E or a low P/E, relative to its industry.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。對於投資者來説，重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。衡量預期收益增長的一個很好的指標是市盈率，它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此，你可能想看看江蘇捷捷微電子有限公司的市盈率相對於其行業是高市盈率還是低市盈率。
Is Jiangsu JieJie MicroelectronicsLtd Using Its Retained Earnings Effectively?
江蘇傑傑微電子股份有限公司是否有效利用其留存收益？
Jiangsu JieJie MicroelectronicsLtd's three-year median payout ratio is a pretty moderate 26%, meaning the company retains 74% of its income. By the looks of it, the dividend is well covered and Jiangsu JieJie MicroelectronicsLtd is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
江蘇捷捷微電子有限公司的三年中值派息率為26%，相當適中，這意味着該公司保留了74%的收入。從表面上看，股息得到了很好的覆蓋，江蘇捷傑微電子有限公司正在有效地將其利潤進行再投資，這一點從我們上面討論的非凡增長中可見一斑。
Moreover, Jiangsu JieJie MicroelectronicsLtd is determined to keep sharing its profits with shareholders which we infer from its long history of five years of paying a dividend.
此外，江蘇傑傑微電子有限公司決心繼續與股東分享利潤，這是我們從其五年來派息的悠久歷史中推斷出來的。
Conclusion
結論
Overall, we are quite pleased with Jiangsu JieJie MicroelectronicsLtd's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Remember, the price of a stock is also dependent on the perceived risk. Therefore investors must keep themselves informed about the risks involved before investing in any company. You can see the 3 risks we have identified for Jiangsu JieJie MicroelectronicsLtd by visiting our risks dashboard for free on our platform here.
總體而言，我們對江蘇傑傑微電子有限公司的表現相當滿意。特別是，很高興看到該公司在業務上投入了大量資金，並獲得了高回報率，這導致了其收益的可觀增長。如果該公司繼續以目前的方式增長收益，考慮到每股收益對長期股價的影響，這可能會對其股價產生積極影響。記住，股票的價格也取決於感知到的風險。因此，投資者在投資任何公司之前，必須隨時瞭解所涉及的風險。您可以通過訪問我們的網站查看我們為江蘇傑傑微電子有限公司確定的3個風險風險控制面板在我們的平臺上是免費的。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。