<p>耀才证券金融（香港证券交易所代码：1428）刚刚发布了其半年度业绩，收入基本持平，但净收入和每股收益有所上升，暗示其背后有更好的成本控制。</p>
<p>查看我们对耀才证券金融的最新分析。</p>
<p>半年度收益改变了耀才证券金融的叙述，1 年总股东回报率为 247.35%，仍然表现强劲。同时，90 天的股价回报率为负 33.25%，显示出在年初至今大幅上涨后，动能正在减弱，暗示投资者正在重新评估这一运营改善在每股 7.85 港元的价格中已经反映了多少。</p>
<p>如果这种波动的表现让你考虑多元化投资，现在可能是探索高内部持股的快速增长股票作为其他高潜力投资想法的好时机。</p>
<p>随着盈利能力的提升速度超过收入增长，而股价又回吐了部分早期的涨幅，关键问题是耀才证券金融是否低于其真实价值，还是市场已经将其未来增长的预期价格化。</p>
<h2>21.1 倍的市盈率：是否合理？</h2>
<p>在 21.1 倍的市盈率与最后收盘价 7.85 港元相比，耀才证券金融的估值略显昂贵，而非便宜。</p>
<p>市盈率比较了投资者今天为每一美元当前收益支付的价格，这是资本市场业务的一个关键标准，因为利润可能是周期性的，并且对杠杆敏感。由于收益在经历了一段下降期后最近才加速增长，因此支付高于香港资本市场行业平均水平的价格暗示市场正在对最新的盈利能力上升给予溢价。</p>
<p>然而，这一溢价是适度的，耀才证券金融的市盈率为 21.1 倍，而行业平均为 20.5 倍。这表明投资者对整体行业的乐观程度仅略高。同时，该股票的估值低于更窄的同行组，后者的平均倍数为 25.3 倍。这突显出该股票在整体行业中看起来相对昂贵，但在与更接近的可比公司相比时提供了相对更好的价值之间的紧张关系。</p>
<p>查看数字如何说明这一价格——在我们的估值分析中找到答案。</p>
<p><strong>结果：21.1 倍的市盈率（被高估）</strong></p>
<p>然而，持续的股价波动和高度周期性的交易收入可能迅速挑战近期收益强劲代表持久结构重置的假设。</p>
<p>了解耀才证券金融叙述的关键风险。</p>
<h2>使用我们的 DCF 模型的另一种观点</h2>
<p>我们的 DCF 模型描绘了不同的图景。根据 5.24 港元的公允价值估计与当前 7.85 港元的股价相比，耀才证券金融看起来被高估，而不仅仅是略显昂贵。如果现金流未能跟上预期，投资者在这里实际上承受了多少下行风险？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8661ced0-4b88-4954-a837-40f829a5288a/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8661ced0-4b88-4954-a837-40f829a5288a/chart/dcf"/></p>
<p>1428 年截至 2025 年 12 月的折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看耀才证券金融）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 905 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的耀才证券金融叙述</h2>
<p>如果您对这种观点并不完全信服，或者只是更喜欢自己深入数字，您可以在几分钟内快速制定个性化的前景，按您的方式进行。</p>
<p>您对耀才证券金融研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的 3 个重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>耀才证券金融只是一个机会，如果您在这里停下，您可能会错过其他选项，而您本可以使用 Simply Wall St 的目标股票筛选器识别更多潜在投资。</p>
<ul>
<li>通过查看这些基于现金流的 905 只被低估股票，提前探索潜在的错误定价，这些股票可能在折现现金流基本面上看起来具有吸引力。</li>
<li>通过扫描这 26 只涉及自动化、分析和智能软件的 AI 便士股票，考虑下一波创新。</li>
<li>通过瞄准这些 15 只收益率超过 3% 的股息股票，评估您的收入流，这些股票结合了股息支付和可能支持不同市场条件下持续分配的财务特征。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

耀才证券金融

<p>耀才证券金融集团在其半年业绩中公布了持平的收入，但净收入和每股收益有所改善。尽管过去一年股东回报强劲，但近期股价动能已减弱。该股票似乎被高估，市盈率为 21.1 倍，超过其公允价值估计的 5.24 港元。投资者正在重新评估其在周期性交易收入和股价波动中的增长潜力</p>

<p>Bright Smart Securities &amp; Commodities Group (SEHK:1428) just posted its half year results, with revenue broadly flat but net income and earnings per share edging higher, hinting at better cost discipline behind the scenes.</p>
<div class="lb-trans"><p>耀才证券金融（香港证券交易所代码：1428）刚刚发布了其半年度业绩，收入基本持平，但净收入和每股收益有所上升，暗示其背后有更好的成本控制。</p>
</div><p>See our latest analysis for Bright Smart Securities &amp; Commodities Group.</p>
<div class="lb-trans"><p>查看我们对耀才证券金融的最新分析。</p>
</div><p>The half year earnings tweak the narrative for Bright Smart Securities &amp; Commodities Group, with a 1 year total shareholder return of 247.35 percent still looking strong. At the same time, the 90 day share price return of negative 33.25 percent shows momentum cooling after a huge year to date move, suggesting investors are reassessing how much of that operational improvement is already priced in at HK$7.85.</p>
<div class="lb-trans"><p>半年度收益改变了耀才证券金融的叙述，1 年总股东回报率为 247.35%，仍然表现强劲。同时，90 天的股价回报率为负 33.25%，显示出在年初至今大幅上涨后，动能正在减弱，暗示投资者正在重新评估这一运营改善在每股 7.85 港元的价格中已经反映了多少。</p>
</div><p>If this jumpy performance has you thinking about diversification, it could be a good moment to explore fast growing stocks with high insider ownership as a source of other high potential ideas.</p>
<div class="lb-trans"><p>如果这种波动的表现让你考虑多元化投资，现在可能是探索高内部持股的快速增长股票作为其他高潜力投资想法的好时机。</p>
</div><p>With profitability improving faster than revenue and the share price giving back a chunk of its earlier surge, the key question now is whether Bright Smart is trading below its true worth or if the market has already priced in its future growth.</p>
<div class="lb-trans"><p>随着盈利能力的提升速度超过收入增长，而股价又回吐了部分早期的涨幅，关键问题是耀才证券金融是否低于其真实价值，还是市场已经将其未来增长的预期价格化。</p>
</div><h2>Price-to-Earnings of 21.1x: Is it justified?</h2>
<div class="lb-trans"><h2>21.1 倍的市盈率：是否合理？</h2>
</div><p>On a price-to-earnings ratio of 21.1x versus a last close of HK$7.85, Bright Smart Securities &amp; Commodities Group screens as slightly expensive rather than a bargain against its peers.</p>
<div class="lb-trans"><p>在 21.1 倍的市盈率与最后收盘价 7.85 港元相比，耀才证券金融的估值略显昂贵，而非便宜。</p>
</div><p>The price to earnings multiple compares what investors pay today for each dollar of current earnings, a key yardstick for capital markets businesses where profits can be cyclical and sensitive to leverage. With earnings having only recently accelerated after a period of decline, paying above the wider Hong Kong Capital Markets industry average hints that the market is assigning a premium to the latest upswing in profitability.</p>
<div class="lb-trans"><p>市盈率比较了投资者今天为每一美元当前收益支付的价格，这是资本市场业务的一个关键标准，因为利润可能是周期性的，并且对杠杆敏感。由于收益在经历了一段下降期后最近才加速增长，因此支付高于香港资本市场行业平均水平的价格暗示市场正在对最新的盈利能力上升给予溢价。</p>
</div><p>That premium, however, is modest, with Bright Smart trading on 21.1x earnings compared to the industry average of 20.5x. This suggests investors are only marginally more optimistic than they are for the broader sector. At the same time, the stock looks cheaper than a narrower peer set where the average multiple is 25.3x. This highlights a tension between the shares appearing relatively expensive for the industry overall yet offering comparatively better value against closer comparables.</p>
<div class="lb-trans"><p>然而，这一溢价是适度的，耀才证券金融的市盈率为 21.1 倍，而行业平均为 20.5 倍。这表明投资者对整体行业的乐观程度仅略高。同时，该股票的估值低于更窄的同行组，后者的平均倍数为 25.3 倍。这突显出该股票在整体行业中看起来相对昂贵，但在与更接近的可比公司相比时提供了相对更好的价值之间的紧张关系。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字如何说明这一价格——在我们的估值分析中找到答案。</p>
</div><p><strong>Result: Price-to-Earnings of 21.1x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：21.1 倍的市盈率（被高估）</strong></p>
</div><p>However, sustained share price volatility and highly cyclical trading revenue could quickly challenge assumptions that recent earnings strength represents a durable structural reset.</p>
<div class="lb-trans"><p>然而，持续的股价波动和高度周期性的交易收入可能迅速挑战近期收益强劲代表持久结构重置的假设。</p>
</div><p>Find out about the key risks to this Bright Smart Securities &amp; Commodities Group narrative.</p>
<div class="lb-trans"><p>了解耀才证券金融叙述的关键风险。</p>
</div><h2>Another View Using Our DCF Model</h2>
<div class="lb-trans"><h2>使用我们的 DCF 模型的另一种观点</h2>
</div><p>Our DCF model paints a different picture. With a fair value estimate of HK$5.24 versus the current HK$7.85 share price, Bright Smart looks overvalued, not just slightly pricey. If cash flows do not keep pace with expectations, how much downside are investors really carrying here?</p>
<div class="lb-trans"><p>我们的 DCF 模型描绘了不同的图景。根据 5.24 港元的公允价值估计与当前 7.85 港元的股价相比，耀才证券金融看起来被高估，而不仅仅是略显昂贵。如果现金流未能跟上预期，投资者在这里实际上承受了多少下行风险？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8661ced0-4b88-4954-a837-40f829a5288a/chart/dcf" alt="" original-src="https://images.simplywall.st/company/8661ced0-4b88-4954-a837-40f829a5288a/chart/dcf"/></p>
<p>1428 Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>1428 年截至 2025 年 12 月的折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Bright Smart Securities &amp; Commodities Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 905 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看耀才证券金融）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 905 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Bright Smart Securities &amp; Commodities Group Narrative</h2>
<div class="lb-trans"><h2>构建您自己的耀才证券金融叙述</h2>
</div><p>If you are not fully convinced by this view or simply prefer to dig into the numbers yourself, you can quickly craft a personalised outlook in just a few minutes, Do it your way.</p>
<div class="lb-trans"><p>如果您对这种观点并不完全信服，或者只是更喜欢自己深入数字，您可以在几分钟内快速制定个性化的前景，按您的方式进行。</p>
</div><p>A great starting point for your Bright Smart Securities &amp; Commodities Group research is our analysis highlighting 3 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对耀才证券金融研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的 3 个重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Bright Smart is only one opportunity, and you may miss additional options if you stop here when you could instead identify more potential investments using targeted stock screeners on Simply Wall St.</p>
<div class="lb-trans"><p>耀才证券金融只是一个机会，如果您在这里停下，您可能会错过其他选项，而您本可以使用 Simply Wall St 的目标股票筛选器识别更多潜在投资。</p>
</div><ul>
<li>Explore potential mispricings early by reviewing these 905 undervalued stocks based on cash flows that may appear attractive based on discounted cash flow fundamentals.</li>
<li>Consider the next wave of innovation by scanning these 26 AI penny stocks involved in real world applications in automation, analytics, and intelligent software.</li>
<li>Assess your income stream by targeting these 15 dividend stocks with yields &gt; 3% that combine dividend payments with financial characteristics that may support ongoing distributions through different market conditions.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过查看这些基于现金流的 905 只被低估股票，提前探索潜在的错误定价，这些股票可能在折现现金流基本面上看起来具有吸引力。</li>
<li>通过扫描这 26 只涉及自动化、分析和智能软件的 AI 便士股票，考虑下一波创新。</li>
<li>通过瞄准这些 15 只收益率超过 3% 的股息股票，评估您的收入流，这些股票结合了股息支付和可能支持不同市场条件下持续分配的财务特征。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

在耀才证券金融（SEHK:1428）公布利润改善的半年业绩后进行评估