芜湖通证科学（深交所：300088）：ROE分析显示公司表现不佳

由于芜湖通证科技（SZSE：300088）的股价在过去一个月下跌了10%，因此很容易被忽视。市场可能忽略了该公司不同的财务状况，并决定迎合负面情绪。基本面通常决定市场结果，因此研究公司的财务状况是有意义的。今天我们重点关注芜湖通信的ROE。

Wuhu Token Sciences (SZSE:300088) stock is down 10% over the last month. Given the total market cap, small-caps tend to trade with a wider bid-ask spread and are usually more vulnerable to price movements.

芜湖通证科学（深交所：300088）股价较上月下跌10%。考虑到总市值，小型股往往以较大的买卖价差进行交易，并且通常更容易受到价格波动的影响。

However, we're interested to see if investors are ignoring a differing set of financials for the company, suggesting that the recent downturn in the stock price might be overblown.

然而，我们有兴趣看看投资者是否忽略了该公司的一组不同的财务数据，这表明最近股价的下跌可能被夸大了。

We will be examining Wuhu Token Sciences' return on equity (ROE) today.

今天我们将研究芜湖通证科学的股本回报率（ROE）。

Return on Equity - An Introduction

股本回报率 - 简介

ROE is a measure of a company's return on the money invested by its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.

ROE 是衡量公司股东投资回报的指标。换句话说，它揭示了该公司在将股东投资转化为利润方面的成功。

The formula used to calculate ROE is:

用于计算 ROE 的公式为：

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回报率 = 净利润（来自持续经营业务） ÷ 股东权益

Based on the above formula, Wuhu Token Sciences has an ROE of:

根据上述公式，芜湖通证科技的 ROE 为：

3.0% = CN¥264m ÷ CN¥8.9b (Based on the trailing twelve months to September 2024).

3.0% = 2.64 亿人民币 ÷ 8.9b 人民币（基于截至 2024 年 9 月的过去 12 个月）。

The 'return' is the yearly profit. Put another way, for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.

“回报”是每年的利润。换句话说，每1元的股权，公司就能赚取0.03元的利润。

Earnings Growth and Return on Equity

盈利增长和股本回报率

We've learned that ROE is a measure of a company's profitability. 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.

我们了解到，ROE 是衡量公司盈利能力的指标。根据公司选择再投资或“保留”的利润多少，我们就能够评估公司未来产生利润的能力。

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.

一般来说，在其他条件相同的情况下，股本回报率和利润保留率较高的公司比不具备这些属性的公司具有更高的增长率。

Wuhu Token Sciences' Earnings Growth and 3.0% ROE

芜湖Token Sciences的盈利增长和3.0%的ROE

As you can see, Wuhu Token Sciences' ROE looks very weak. Not just that, even compared to the industry average of 6.3%, the company's ROE is entirely unremarkable. For this reason, Wuhu Token Sciences' five year net income decline of 22% is not surprising given its lower ROE.

正如您所看到的，芜湖通证科技的 ROE 看起来非常弱。不仅如此，即使与6.3%的行业平均水平相比，该公司的ROE也完全不起眼。因此，鉴于其较低的 ROE，芜湖通信科学五年净利润下降 22% 并不令人意外。

However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.

然而，也可能有其他因素导致收益下降。例如，企业的资本配置不当，或者公司的派息率非常高。

However, when we compared Wuhu Token Sciences' 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.

然而，当我们将芜湖通信的增速与行业进行比较时，我们发现，在公司盈利不断萎缩的同时，行业同期的盈利却增长了3.9%。这是相当令人担忧的。

Earnings growth is an important metric to consider when valuing a stock. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future.

盈利增长是评估股票时需要考虑的重要指标。对于投资者来说，了解市场是否已经反映了公司预期盈利增长（或下降）是很重要的。这可以帮助他们确定股票的未来是光明的还是黯淡的。

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 Wuhu Token Sciences is trading on a high P/E or a low P/E, relative to its industry.

预期盈利增长的一个很好的指标是市盈率，它决定了市场愿意根据股票的盈利前景支付的价格。因此，您可能需要检查芜湖通证科学相对于其行业的市盈率是高还是低。

Wuhu Sciences Efficiently Re-investing Its Profits?

芜湖科学高效地进行利润再投资？

In spite of a normal three-year median payout ratio of 40% (that is, a retention ratio of 60%), the fact that Wuhu Token Sciences' earnings have shrunk is quite puzzling.

尽管三年正常的中位派息率为40%（即留存率为60%），但芜湖通信的盈利缩水却令人费解。

So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

因此，这里可能还有其他因素在起作用，这些因素可能会阻碍增长。例如，该业务面临一些阻力。

Additionally, Wuhu Token Sciences has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.

此外，芜湖通信已派息至少十年，这意味着公司管理层决心派息，即使这意味着盈利增长很少甚至没有。

Summary

概括

Overall, we have mixed feelings about Wuhu Token Sciences. 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.

总的来说，我们对芜湖通信科技的感受很复杂。尽管它似乎保留了大部分利润，但鉴于股本回报率较低，投资者可能最终无法从所有再投资中受益。低盈利增长表明我们的理论是正确的。

With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future.

话虽如此，我们研究了最新的分析师预测，发现虽然该公司过去的盈利有所缩减，但分析师预计其未来的盈利将会增长。

Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.

这些分析师的预期是基于对行业的广泛预期，还是基于公司的基本面？单击此处可进入我们分析师对该公司的预测页面。

Valuation is complex, but we're here to simplify it.

估值很复杂，但我们在这里是为了简化它。

Discover if Wuhu Token Sciences might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.

通过我们的详细分析，了解芜湖通证科学是否可能被低估或高估，包括公允价值估计、潜在风险、股息、内幕交易及其财务状况。