Do Its Financials Have Any Role To Play In Driving SG Micro Corp's (SZSE:300661) Stock Up Recently?
Do Its Financials Have Any Role To Play In Driving SG Micro Corp's (SZSE:300661) Stock Up Recently?
SG Micro (SZSE:300661) has had a great run on the share market with its stock up by a significant 18% over the last month. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. Particularly, we will be paying attention to SG Micro's ROE today.
新科微电子(深圳证券交易所股票代码：300661)在过去一个月中股价大幅上涨了18%。正如大多数人都知道的那样，基本面因素通常是长期市场价格走势的指引，因此我们决定今天查看该公司的关键财务指标，以确定它们是否对最近的价格走势起到了作用。特别是，我们今天将关注SG Micro的净资产收益率(ROE)。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for SG Micro
查看我们对新科微电子的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for SG Micro is:
因此，根据上述公式，新科微电子的净资产收益率为：
6.9% = CN¥253m ÷ CN¥3.7b (Based on the trailing twelve months to September 2023).
6.9%=2.53亿元×37亿元(基于截至2023年9月的12个月)。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.07 in profit.
“收益”是过去12个月的利润。这意味着，股东权益每增加1元，公司就会产生0.07元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
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.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
A Side By Side comparison of SG Micro's Earnings Growth And 6.9% ROE
新科微电子盈利增长与净资产收益率6.9%的并列比较
On the face of it, SG Micro's ROE is not much to talk about. However, its ROE is similar to the industry average of 5.8%, so we won't completely dismiss the company. Looking at SG Micro's exceptional 35% five-year net income growth in particular, we are definitely impressed. Given the slightly low ROE, it is likely that there could be some other aspects that are driving this growth. For instance, the company has a low payout ratio or is being managed efficiently.
从表面上看，新科微电子的净资产收益率(ROE)并不值得谈论。不过，其净资产收益率接近5.8%的行业平均水平，因此我们不会完全对该公司不屑一顾。特别是看到SG Micro五年来35%的非凡净收入增长，我们肯定印象深刻。鉴于净资产收益率略低，很可能还有其他一些方面在推动这一增长。例如，该公司的派息率较低或管理效率较高。
We then compared SG Micro's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 29% in the same 5-year period.
然后，我们将SG Micro的净收入增长与行业进行了比较，我们很高兴地看到，与行业相比，该公司的增长数字更高，后者在同一5年期间的增长率为29%。
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. Doing so will help them establish if the stock's future looks promising or ominous. 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 SG Micro is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是股票估值的一个重要因素。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。衡量预期收益增长的一个很好的指标是市盈率，它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此，你可能想看看SG Micro相对于其行业是高市盈率还是低市盈率。
Is SG Micro Making Efficient Use Of Its Profits?
新科微电子是否有效地利用了利润？
SG Micro's three-year median payout ratio to shareholders is 17%, which is quite low. This implies that the company is retaining 83% of its profits. So it looks like SG Micro is reinvesting profits heavily to grow its business, which shows in its earnings growth.
新科微电子对股东的三年派息率中值为17%，相当低。这意味着该公司将保留83%的利润。因此，看起来SG Micro正在将利润进行大量再投资，以实现业务增长，这从其收益增长中可见一斑。
Besides, SG Micro has been paying dividends over a period of five years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 24% over the next three years. However, SG Micro's future ROE is expected to rise to 19% despite the expected increase in the company's payout ratio. We infer that there could be other factors that could be driving the anticipated growth in the company's ROE.
此外，SG Micro在过去五年里一直在支付股息。这表明该公司致力于与股东分享利润。我们最新的分析师数据显示，该公司未来三年的派息率预计将升至24%。然而，尽管预计公司的派息率会上升，但新科微电子未来的净资产收益率预计将升至19%。我们推断，可能还有其他因素推动了该公司净资产收益率的预期增长。
Summary
摘要
Overall, we feel that SG Micro certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总体而言，我们觉得新科微电子确实有一些积极的因素需要考虑。尽管回报率很低，但该公司将很高比例的利润再投资于业务，无疑是其高收益增长的原因。既然如此，最新的分析师预测显示，该公司的收益将继续增长。要了解更多有关该公司未来收益增长预测的信息，请查看以下内容免费报告分析师对该公司的预测，以了解更多信息。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。