<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>勞斯萊斯（LON: RR）股價今年保持穩定，成為富時 100 指數中表現最佳的公司之一。今年上漲超過 64%，市值超過 410 億英鎊。</p>
<h2>勞斯萊斯表現良好</h2>
<p>作為全球領先的工業公司之一，勞斯萊斯表現良好，受益於其三大關鍵部門需求的增長和出色的執行。</p>
<p>最近公佈的上半年財報證實了這一觀點。數據顯示，今年其基礎收入達到 81.8 億英鎊，高於去年的 69.5 億英鎊。</p>
<p>其營業利潤幾乎翻了一番，從 6.73 億英鎊增至 11.4 億英鎊，税前利潤飆升至 10.3 億英鎊。最重要的是，勞斯萊斯創造了超過 11.5 億英鎊的自由現金流。</p>
<p>這些結果表明，在持續存在供應鏈約束的情況下，管理層表現出色。其改善大部分來自民用航空業務，公司在該業務中銷售發動機並簽訂長期服務協議（LTSA）。</p>
<p>當一切順利時，LTSA 策略非常有利可圖，因為其航空公司客户按飛行小時付費，這一過程分攤成本，使其更加負擔得起。這是勞斯萊斯最大的現金收入來源。</p>
<p>勞斯萊斯還在各個部門擴大利潤率。其民用航空業務的營業利潤率提高至 18%，國防和動力系統分別提高至 15.5% 和 10.3%。如果這一趨勢持續下去，意味着公司有望提前實現中期目標。</p>
<p>與此同時，勞斯萊斯控股還受益於數據中心業務，隨着人工智能熱潮持續。其動力業務收入超過 18 億美元，營業利潤超過 1.89 億英鎊。</p>
<p>最重要的是，勞斯萊斯改善了資產負債表。上個季度末，其可用流動性超過 68 億英鎊，現金及等價物達到 43 億英鎊。其淨債務也減少至 8 億英鎊，從疫情高峰時的 52 億英鎊下降。</p>
<p>此外，勞斯萊斯投資者現在將受益於股價上漲和股息，股息將佔基礎利潤的 30% 至 40%。</p>
<h2>勞斯萊斯估值和催化劑</h2>
<p>投資者最關注的問題是勞斯萊斯是被高估還是被低估。最新數據顯示，該公司市值超過 410 億英鎊或 520 億美元，使其成為英國第 16 大公司。</p>
<p>這一估值使其遠遠小於通用電氣航空，全球最大的噴氣發動機製造商，後者市值超過 1790 億美元。通用電氣航空上季度收入超過 91 億美元。</p>
<p>就倍數而言，數據顯示，勞斯萊斯控股的市盈率為 17，低於標普 500 指數的 21 和富時 100 指數的 19。這意味着該公司仍處於折價狀態，因為其收入增長率優於標普 500 和富時 100。</p>
<p>勞斯萊斯還低於大多數工業競爭對手。通用電氣航空的市盈率為 45，而霍威特航空（HWM）、賽峯和 RTX 等公司的市盈率超過 40。這些倍數表明該公司正在以折價交易。</p>
<p>其他指標顯示該公司被低估。折現自由現金流（DCF）估值顯示該公司相對便宜。根據 Simply Wall St 的數據，該公司的股價較公允價值折價 54%。</p>
<p>因此，從基本面上看，該公司似乎被低估。此外，公司正在增長，業務需求強勁，並且比新冠疫情期間更為精簡。它還獲得了三家主要評級機構 Moody's、惠譽和標普全球的評級提升。</p>
<p>然而，管理層需要執行良好以證明當前估值的合理性。這意味着他們需要確保發動機質量，以防止幾年前出現的維護問題。</p>
<h2>勞斯萊斯股價預測</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>日線圖顯示，勞斯萊斯股價今年一直處於強勁的牛市，並最近飆升至 502 便士的歷史高位。股價保持在 50 日和 100 日指數移動平均線之上。</p>
<p>相對強弱指數（RSI）和隨機震盪指標繼續上升，意味着股價有強勁的動能。股價形成了一個看起來像雙頂形態的圖案。</p>
<p>因此，股價需要突破 502 便士的阻力以確認牛市趨勢。如果發生這種情況，下一個關注點將是 600 便士。</p>
<p>本文最初發表於 Invezz，轉載請註明來源。</p>

羅爾斯·羅伊斯

<p>羅爾斯·羅伊斯（LON: RR）股價今年已上漲超過 64%，市值超過 410 億英鎊。公司上半年的財務業績顯示收入和盈利能力有所改善。羅爾斯·羅伊斯還在增加利潤率，並改善了資產負債表。與其工業競爭對手相比，其股價折讓，被認為是被低估的。然而，管理層需要執行良好以證明當前的估值</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>勞斯萊斯（LON: RR）股價今年保持穩定，成為富時 100 指數中表現最佳的公司之一。今年上漲超過 64%，市值超過 410 億英鎊。</p>
</div><h2>Rolls-Royce is doing well</h2>
<div class="lb-trans"><h2>勞斯萊斯表現良好</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>作為全球領先的工業公司之一，勞斯萊斯表現良好，受益於其三大關鍵部門需求的增長和出色的執行。</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>最近公佈的上半年財報證實了這一觀點。數據顯示，今年其基礎收入達到 81.8 億英鎊，高於去年的 69.5 億英鎊。</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>其營業利潤幾乎翻了一番，從 6.73 億英鎊增至 11.4 億英鎊，税前利潤飆升至 10.3 億英鎊。最重要的是，勞斯萊斯創造了超過 11.5 億英鎊的自由現金流。</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>這些結果表明，在持續存在供應鏈約束的情況下，管理層表現出色。其改善大部分來自民用航空業務，公司在該業務中銷售發動機並簽訂長期服務協議（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>當一切順利時，LTSA 策略非常有利可圖，因為其航空公司客户按飛行小時付費，這一過程分攤成本，使其更加負擔得起。這是勞斯萊斯最大的現金收入來源。</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>勞斯萊斯還在各個部門擴大利潤率。其民用航空業務的營業利潤率提高至 18%，國防和動力系統分別提高至 15.5% 和 10.3%。如果這一趨勢持續下去，意味着公司有望提前實現中期目標。</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>與此同時，勞斯萊斯控股還受益於數據中心業務，隨着人工智能熱潮持續。其動力業務收入超過 18 億美元，營業利潤超過 1.89 億英鎊。</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，勞斯萊斯改善了資產負債表。上個季度末，其可用流動性超過 68 億英鎊，現金及等價物達到 43 億英鎊。其淨債務也減少至 8 億英鎊，從疫情高峰時的 52 億英鎊下降。</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，勞斯萊斯投資者現在將受益於股價上漲和股息，股息將佔基礎利潤的 30% 至 40%。</p>
</div><h2>Rolls-Royce valuation and catalysts</h2>
<div class="lb-trans"><h2>勞斯萊斯估值和催化劑</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>投資者最關注的問題是勞斯萊斯是被高估還是被低估。最新數據顯示，該公司市值超過 410 億英鎊或 520 億美元，使其成為英國第 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>這一估值使其遠遠小於通用電氣航空，全球最大的噴氣發動機製造商，後者市值超過 1790 億美元。通用電氣航空上季度收入超過 91 億美元。</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>就倍數而言，數據顯示，勞斯萊斯控股的市盈率為 17，低於標普 500 指數的 21 和富時 100 指數的 19。這意味着該公司仍處於折價狀態，因為其收入增長率優於標普 500 和富時 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>勞斯萊斯還低於大多數工業競爭對手。通用電氣航空的市盈率為 45，而霍威特航空（HWM）、賽峯和 RTX 等公司的市盈率超過 40。這些倍數表明該公司正在以折價交易。</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>其他指標顯示該公司被低估。折現自由現金流（DCF）估值顯示該公司相對便宜。根據 Simply Wall St 的數據，該公司的股價較公允價值折價 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，從基本面上看，該公司似乎被低估。此外，公司正在增長，業務需求強勁，並且比新冠疫情期間更為精簡。它還獲得了三家主要評級機構 Moody's、惠譽和標普全球的評級提升。</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，管理層需要執行良好以證明當前估值的合理性。這意味着他們需要確保發動機質量，以防止幾年前出現的維護問題。</p>
</div><h2>Rolls-Royce share price forecast</h2>
<div class="lb-trans"><h2>勞斯萊斯股價預測</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>日線圖顯示，勞斯萊斯股價今年一直處於強勁的牛市，並最近飆升至 502 便士的歷史高位。股價保持在 50 日和 100 日指數移動平均線之上。</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>相對強弱指數（RSI）和隨機震盪指標繼續上升，意味着股價有強勁的動能。股價形成了一個看起來像雙頂形態的圖案。</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，股價需要突破 502 便士的阻力以確認牛市趨勢。如果發生這種情況，下一個關注點將是 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>本文最初發表於 Invezz，轉載請註明來源。</p>
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羅爾斯·羅伊斯股票價格分析：是買入、賣出還是持有？