<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/103137928-m-normal-none.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2507" height="1673" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/103137928-m-normal-none.jpg"/></p>
<p>劳斯莱斯（LON: RR）股价今年保持稳定，成为富时 100 指数中表现最佳的公司之一。今年上涨超过 64%，市值超过 410 亿英镑。</p>
<h2>劳斯莱斯表现良好</h2>
<p>作为全球领先的工业公司之一，劳斯莱斯表现良好，受益于其三大关键部门需求的增长和出色的执行。</p>
<p>最近公布的上半年财报证实了这一观点。数据显示，今年其基础收入达到 81.8 亿英镑，高于去年的 69.5 亿英镑。</p>
<p>其营业利润几乎翻了一番，从 6.73 亿英镑增至 11.4 亿英镑，税前利润飙升至 10.3 亿英镑。最重要的是，劳斯莱斯创造了超过 11.5 亿英镑的自由现金流。</p>
<p>这些结果表明，在持续存在供应链约束的情况下，管理层表现出色。其改善大部分来自民用航空业务，公司在该业务中销售发动机并签订长期服务协议（LTSA）。</p>
<p>当一切顺利时，LTSA 策略非常有利可图，因为其航空公司客户按飞行小时付费，这一过程分摊成本，使其更加负担得起。这是劳斯莱斯最大的现金收入来源。</p>
<p>劳斯莱斯还在各个部门扩大利润率。其民用航空业务的营业利润率提高至 18%，国防和动力系统分别提高至 15.5% 和 10.3%。如果这一趋势持续下去，意味着公司有望提前实现中期目标。</p>
<p>与此同时，劳斯莱斯控股还受益于数据中心业务，随着人工智能热潮持续。其动力业务收入超过 18 亿美元，营业利润超过 1.89 亿英镑。</p>
<p>最重要的是，劳斯莱斯改善了资产负债表。上个季度末，其可用流动性超过 68 亿英镑，现金及等价物达到 43 亿英镑。其净债务也减少至 8 亿英镑，从疫情高峰时的 52 亿英镑下降。</p>
<p>此外，劳斯莱斯投资者现在将受益于股价上涨和股息，股息将占基础利润的 30% 至 40%。</p>
<h2>劳斯莱斯估值和催化剂</h2>
<p>投资者最关注的问题是劳斯莱斯是被高估还是被低估。最新数据显示，该公司市值超过 410 亿英镑或 520 亿美元，使其成为英国第 16 大公司。</p>
<p>这一估值使其远远小于通用电气航空，全球最大的喷气发动机制造商，后者市值超过 1790 亿美元。通用电气航空上季度收入超过 91 亿美元。</p>
<p>就倍数而言，数据显示，劳斯莱斯控股的市盈率为 17，低于标普 500 指数的 21 和富时 100 指数的 19。这意味着该公司仍处于折价状态，因为其收入增长率优于标普 500 和富时 100。</p>
<p>劳斯莱斯还低于大多数工业竞争对手。通用电气航空的市盈率为 45，而霍威特航空（HWM）、赛峰和 RTX 等公司的市盈率超过 40。这些倍数表明该公司正在以折价交易。</p>
<p>其他指标显示该公司被低估。折现自由现金流（DCF）估值显示该公司相对便宜。根据 Simply Wall St 的数据，该公司的股价较公允价值折价 54%。</p>
<p>因此，从基本面上看，该公司似乎被低估。此外，公司正在增长，业务需求强劲，并且比新冠疫情期间更为精简。它还获得了三家主要评级机构 Moody's、惠誉和标普全球的评级提升。</p>
<p>然而，管理层需要执行良好以证明当前估值的合理性。这意味着他们需要确保发动机质量，以防止几年前出现的维护问题。</p>
<h2>劳斯莱斯股价预测</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Rolls-Royce-share-price-1-1024x568.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="568" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Rolls-Royce-share-price-1-1024x568.png"/></p>
<p>日线图显示，劳斯莱斯股价今年一直处于强劲的牛市，并最近飙升至 502 便士的历史高位。股价保持在 50 日和 100 日指数移动平均线之上。</p>
<p>相对强弱指数（RSI）和随机震荡指标继续上升，意味着股价有强劲的动能。股价形成了一个看起来像双顶形态的图案。</p>
<p>因此，股价需要突破 502 便士的阻力以确认牛市趋势。如果发生这种情况，下一个关注点将是 600 便士。</p>
<p>本文最初发表于 Invezz，转载请注明来源。</p>

罗尔斯·罗伊斯

<p>罗尔斯·罗伊斯（LON: RR）股价今年已上涨超过 64%，市值超过 410 亿英镑。公司上半年的财务业绩显示收入和盈利能力有所改善。罗尔斯·罗伊斯还在增加利润率，并改善了资产负债表。与其工业竞争对手相比，其股价折让，被认为是被低估的。然而，管理层需要执行良好以证明当前的估值</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/103137928-m-normal-none.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/07/103137928-m-normal-none.jpg"/></p>
<p>Rolls-Royce (LON: RR) share price has held steady this year, making it one of the best-performing companies in the FTSE 100 index. It has risen by over 64% this year, giving it a market cap of over £41 billion.</p>
<div class="lb-trans"><p>劳斯莱斯（LON: RR）股价今年保持稳定，成为富时 100 指数中表现最佳的公司之一。今年上涨超过 64%，市值超过 410 亿英镑。</p>
</div><h2>Rolls-Royce is doing well</h2>
<div class="lb-trans"><h2>劳斯莱斯表现良好</h2>
</div><p>Rolls Royce, one of the leading industrial companies in the world, is doing well, helped by the rising demand across its three key divisions and great execution.</p>
<div class="lb-trans"><p>作为全球领先的工业公司之一，劳斯莱斯表现良好，受益于其三大关键部门需求的增长和出色的执行。</p>
</div><p>It confirmed this view recently when it published its financial results for the first half of the year. The numbers showed that its underlying revenue rose to £8.18 billion this year, higher than the £6.95 billion it made a year earlier.</p>
<div class="lb-trans"><p>最近公布的上半年财报证实了这一观点。数据显示，今年其基础收入达到 81.8 亿英镑，高于去年的 69.5 亿英镑。</p>
</div><p>Its operating profit nearly doubled as it moved from £673 million to over £1.14 billion while its profit before taxation soared to over £1.03 billion. Most importantly, Rolls-Royce generated a free cash flow of over £1.15 billion.</p>
<div class="lb-trans"><p>其营业利润几乎翻了一番，从 6.73 亿英镑增至 11.4 亿英镑，税前利润飙升至 10.3 亿英镑。最重要的是，劳斯莱斯创造了超过 11.5 亿英镑的自由现金流。</p>
</div><p>These results demonstrated that the management was executing well at a time when supply chain constraints are continuing. Most of its improvement came from its civil aviation business, where the company sells engines and then takes Long Term Service Agreements (LTSA).</p>
<div class="lb-trans"><p>这些结果表明，在持续存在供应链约束的情况下，管理层表现出色。其改善大部分来自民用航空业务，公司在该业务中销售发动机并签订长期服务协议（LTSA）。</p>
</div><p>When everything is going on well, the LTSA strategy is highly profitable since its airline customers pay for every flight hour, a process that spreads costs, making it more affordable to them. It is Rolls-Royce’s biggest cash earner.</p>
<div class="lb-trans"><p>当一切顺利时，LTSA 策略非常有利可图，因为其航空公司客户按飞行小时付费，这一过程分摊成本，使其更加负担得起。这是劳斯莱斯最大的现金收入来源。</p>
</div><p>Rolls-Royce is also growing its margins across all its divisions. Its civil aviation’s operating margins rose to 18% while the defense and power systems rose to 15.5% and 10.3%, respectively. If this trend continues, it means that the company is set to hit its mid-term targets ahead of schedule.</p>
<div class="lb-trans"><p>劳斯莱斯还在各个部门扩大利润率。其民用航空业务的营业利润率提高至 18%，国防和动力系统分别提高至 15.5% 和 10.3%。如果这一趋势持续下去，意味着公司有望提前实现中期目标。</p>
</div><p>Meanwhile, Roll-Royce Holdings is also benefiting from the data center business as the artificial intelligence craze continues. Its power business had over $1.8 billion in revenues and an operating profit of over £189 million.</p>
<div class="lb-trans"><p>与此同时，劳斯莱斯控股还受益于数据中心业务，随着人工智能热潮持续。其动力业务收入超过 18 亿美元，营业利润超过 1.89 亿英镑。</p>
</div><p>Most importantly, Rolls-Royce has improved its balance sheet. It ended the last quarter with over £6.8 billion in available liquidity, with its cash and equivalents standing at £4.3 billion. It has also reduced its net debt to over £0.8 billion, down from the pandemic high of £5.2 billion.</p>
<div class="lb-trans"><p>最重要的是，劳斯莱斯改善了资产负债表。上个季度末，其可用流动性超过 68 亿英镑，现金及等价物达到 43 亿英镑。其净债务也减少至 8 亿英镑，从疫情高峰时的 52 亿英镑下降。</p>
</div><p>Additionally, Rolls-Royce investors will now benefit from the stock appreciation and a dividend, which will be between 30% and 40% of its underlying profit.</p>
<div class="lb-trans"><p>此外，劳斯莱斯投资者现在将受益于股价上涨和股息，股息将占基础利润的 30% 至 40%。</p>
</div><h2>Rolls-Royce valuation and catalysts</h2>
<div class="lb-trans"><h2>劳斯莱斯估值和催化剂</h2>
</div><p>The main concern among investors is whether Rolls-Royce is overvalued or undervalued. Recent data shows that the company has a market cap of over £41 billion or $52 billion, making it the 16th biggest company in the UK.</p>
<div class="lb-trans"><p>投资者最关注的问题是劳斯莱斯是被高估还是被低估。最新数据显示，该公司市值超过 410 亿英镑或 520 亿美元，使其成为英国第 16 大公司。</p>
</div><p>This valuation makes it significantly smaller than General Electric Aerospace, the biggest jet engine manufacturer in the world, which has a valuation of over $179 billion. GE Aerospace made over $9.1 billion in revenues in the last quarter.</p>
<div class="lb-trans"><p>这一估值使其远远小于通用电气航空，全球最大的喷气发动机制造商，后者市值超过 1790 亿美元。通用电气航空上季度收入超过 91 亿美元。</p>
</div><p>In terms of multiples, data shows that Rolls-Royce Holdings trades at a price-to-earnings ratio of 17, which is lower than the S&amp;P 500 average of 21 and the FTSE 100 index average of 19. This means that the company is still at a discount since its revenue growth rate is better than that of the S&amp;P 500 and FTSE 100.</p>
<div class="lb-trans"><p>就倍数而言，数据显示，劳斯莱斯控股的市盈率为 17，低于标普 500 指数的 21 和富时 100 指数的 19。这意味着该公司仍处于折价状态，因为其收入增长率优于标普 500 和富时 100。</p>
</div><p>Rolls-Royce is also trading at a discount than most of its industrial rivals. GE Aviation has a price-to-earnings multiple of 45 while companies like Howmet Aerospace (HWM), Safran, and RTX have multiples of over 40. These multiples mean that the company is trading at a discount.</p>
<div class="lb-trans"><p>劳斯莱斯还低于大多数工业竞争对手。通用电气航空的市盈率为 45，而霍威特航空（HWM）、赛峰和 RTX 等公司的市盈率超过 40。这些倍数表明该公司正在以折价交易。</p>
</div><p>Other metrics show that the company is undervalued. A discounted free cash flow (DCF) valuation shows that the company is relatively cheap. According to Simply Wall St, the company was trading at a 54% discount to its fair value.</p>
<div class="lb-trans"><p>其他指标显示该公司被低估。折现自由现金流（DCF）估值显示该公司相对便宜。根据 Simply Wall St 的数据，该公司的股价较公允价值折价 54%。</p>
</div><p>Therefore, fundamentally, the company seems like it is undervalued. Besides, it is growing, its business is seeing strong demand, and is now a leaner company than what it was during the Covid-19 pandemic. It has also received upgrades from the three leading rating agencies like Moody’s, Fitch, and S&amp;P Global.</p>
<div class="lb-trans"><p>因此，从基本面上看，该公司似乎被低估。此外，公司正在增长，业务需求强劲，并且比新冠疫情期间更为精简。它还获得了三家主要评级机构 Moody's、惠誉和标普全球的评级提升。</p>
</div><p>However, the management will need to execute well to justify the current valuation. This means that they need to ensure the quality of its engines to prevent the maintenance woes it had a few years ago.</p>
<div class="lb-trans"><p>然而，管理层需要执行良好以证明当前估值的合理性。这意味着他们需要确保发动机质量，以防止几年前出现的维护问题。</p>
</div><h2>Rolls-Royce share price forecast</h2>
<div class="lb-trans"><h2>劳斯莱斯股价预测</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Rolls-Royce-share-price-1-1024x568.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/Rolls-Royce-share-price-1-1024x568.png"/></p>
<p>The daily chart shows that the RR stock price has been in a strong bull run this year and recently soared to a record high of 502p. It has remained above the 50-day and 100-day Exponential Moving Averages (EMA).</p>
<div class="lb-trans"><p>日线图显示，劳斯莱斯股价今年一直处于强劲的牛市，并最近飙升至 502 便士的历史高位。股价保持在 50 日和 100 日指数移动平均线之上。</p>
</div><p>The Relative Strength Index (RSI) and the Stochastic Oscillator have continued rising, meaning that it has strong momentum. The stock has formed what looks like a double-top pattern.</p>
<div class="lb-trans"><p>相对强弱指数（RSI）和随机震荡指标继续上升，意味着股价有强劲的动能。股价形成了一个看起来像双顶形态的图案。</p>
</div><p>Therefore, the stock needs to move above that resistance at 502p to confirm the bullish trend. If this happens, the next point to watch will be at 600p.</p>
<div class="lb-trans"><p>因此，股价需要突破 502 便士的阻力以确认牛市趋势。如果发生这种情况，下一个关注点将是 600 便士。</p>
</div><p>The post Rolls-Royce share price analysis: buy, sell or hold? appeared first on Invezz</p>
<div class="lb-trans"><p>本文最初发表于 Invezz，转载请注明来源。</p>
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罗尔斯·罗伊斯股票价格分析：是买入、卖出还是持有？