Is The Market Rewarding Bomin Electronics Co., Ltd. (SHSE:603936) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Bomin Electronics Co., Ltd. (SHSE:603936) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
With its stock down 15% over the past three months, it is easy to disregard Bomin Electronics (SHSE:603936). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Bomin Electronics' ROE.
在過去的三個月裡，博民的股價下跌了15%，人們很容易忽視博民電子(上交所：603936)。然而，我們決定研究該公司的財務狀況，以確定它們是否與價格下跌有關。基本面通常決定市場結果，因此研究該公司的財務狀況是有意義的。在本文中，我們決定將重點放在博民電子的淨資產收益率上。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
淨資產收益率，即股本回報率，是評估一家公司從股東那裡獲得投資回報的有效程度的有用工具。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
See our latest analysis for Bomin Electronics
查看我們對博民電子的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
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 Bomin Electronics is:
因此，根據上述公式，博民電子的淨資產收益率為：
0.8% = CN¥42m ÷ CN¥5.2b (Based on the trailing twelve months to June 2023).
0.8%=4200萬元×52億元(基於截至2023年6月的12個月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.01 in profit.
“回報”指的是企業在過去一年中獲得的收入。一種概念化的方法是，公司每擁有1元人民幣的股東資本，就會獲得0.01元人民幣的利潤。
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. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
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。根據公司選擇再投資或“保留”多少利潤，我們就能夠評估一家公司未來產生利潤的能力。一般來說，在其他條件相同的情況下，股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Bomin Electronics' Earnings Growth And 0.8% ROE
博民電子盈利增長0.8%淨資產收益率
It is quite clear that Bomin Electronics' ROE is rather low. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. As a result, Bomin Electronics' flat earnings over the past five years doesn't come as a surprise given its lower ROE.
很明顯，博民電子的淨資產收益率相當低。不僅如此，即使與7.4%的行業平均水準相比，該公司的淨資產收益率也完全不起眼。因此，博民電子過去五年的收益持平並不令人意外，因為它的淨資產收益率(ROE)較低。
We then compared Bomin Electronics' net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 12% in the same 5-year period, which is a bit concerning.
然後，我們將博民電子的淨收入增長與行業進行了比較，發現該公司的增長數位低於同期12%的行業平均增長率，這有點令人擔憂。
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. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Bomin Electronics''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的收益增長或下降是否已計入價格，無論是哪種情況。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。如果你想知道博民電子對S的估值，看看這個衡量其本益比的指標，它與其行業相比。
Is Bomin Electronics Making Efficient Use Of Its Profits?
博民電子是否在有效利用其利潤？
Bomin Electronics' low three-year median payout ratio of 10%, (meaning the company retains90% of profits) should mean that the company is retaining most of its earnings and consequently, should see higher growth than it has reported.
博民電子較低的三年派息率中值為10%(這意味著該公司保留了90%的利潤)，這應該意味著該公司將保留大部分收益，因此，應該會看到比報告更高的增長。
In addition, Bomin Electronics has been paying dividends over a period of seven years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外，博民電子在過去7年裡一直在發放股息，這表明，繼續支付股息對管理層來說要重要得多，即使這是以犧牲業務增長為代價的。
Summary
摘要
On the whole, we feel that the performance shown by Bomin Electronics can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體來說，我們覺得博民電子的表現可以有多種解讀。儘管它似乎保留了大部分利潤，但鑑於淨資產收益率較低，投資者可能終究不會從所有這些再投資中受益。低收益增長率表明我們的理論是正確的。儘管如此，最新的行業分析師預測顯示，該公司的收益預計將加速增長。要了解更多分析師對該公司的最新預測，請查看分析師對該公司預測的可視化。
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對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯繫直接與我們聯繫.或者，也可以給編輯組發電子郵件，地址是暗示Wallst.com。
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.