Declining Stock and Solid Fundamentals: Is The Market Wrong About Zhejiang Jingxin Pharmaceutical Co., Ltd. (SZSE:002020)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Zhejiang Jingxin Pharmaceutical Co., Ltd. (SZSE:002020)?
It is hard to get excited after looking at Zhejiang Jingxin Pharmaceutical's (SZSE:002020) recent performance, when its stock has declined 10% over the past week. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. In this article, we decided to focus on Zhejiang Jingxin Pharmaceutical's ROE.
看到浙江晶鑫药业(SZSE:002020)最近的表现,很难感到兴奋,其股价在过去一周里下跌了10%。然而,仔细看看它稳健的财务状况可能会让你重新考虑。鉴于基本面因素通常会推动长期市场结果,该公司值得关注。在本文中,我们决定将焦点放在浙江晶鑫药业的净资产收益率上。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
Check out our latest analysis for Zhejiang Jingxin Pharmaceutical
查看我们对浙江晶鑫药业的最新分析
How To Calculate Return On Equity?
如何计算股本回报率?
The formula for ROE is:
这个净资产收益率公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润?股东权益
So, based on the above formula, the ROE for Zhejiang Jingxin Pharmaceutical is:
因此,根据上述公式,浙江晶鑫药业的净资产收益率为:
13% = CN¥687m ÷ CN¥5.2b (Based on the trailing twelve months to June 2023).
13%=6.87亿元×52亿元(以截至2023年6月的12个月为基础)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.13 in profit.
“报税表”是过去12个月的税后收入。这意味着,每增加价值1元的股东权益,公司就会产生0.13元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我们已经证实,净资产收益率是一家公司未来收益的有效盈利指标。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长,这就让我们对公司的增长潜力有了一个了解。假设其他条件相同,与没有相同特征的公司相比,拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Zhejiang Jingxin Pharmaceutical's Earnings Growth And 13% ROE
浙江晶鑫药业盈利增长和13%的净资产收益率
To begin with, Zhejiang Jingxin Pharmaceutical seems to have a respectable ROE. On comparing with the average industry ROE of 8.9% the company's ROE looks pretty remarkable. This probably laid the ground for Zhejiang Jingxin Pharmaceutical's moderate 13% net income growth seen over the past five years.
首先,浙江晶鑫药业的净资产收益率(ROE)似乎还不错。与8.9%的行业平均净资产收益率相比,该公司的净资产收益率看起来相当可观。这可能为浙江晶鑫药业在过去五年中实现13%的净利润温和增长奠定了基础。
We then compared Zhejiang Jingxin Pharmaceutical's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 9.8% in the same 5-year period.
然后,我们将浙江京信药业的净收入增长与行业进行了比较,我们很高兴地看到,与同期9.8%的行业增长率相比,该公司的增长数字更高。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is Zhejiang Jingxin Pharmaceutical fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的一个重要因素。投资者下一步需要确定的是,预期的收益增长是否已经计入了股价。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。与其他公司相比,浙江晶鑫药业的估值是否公平?这3个估值指标可能会帮助你做出决定。
Is Zhejiang Jingxin Pharmaceutical Efficiently Re-investing Its Profits?
浙江晶鑫药业是否有效地将利润进行了再投资?
Zhejiang Jingxin Pharmaceutical has a healthy combination of a moderate three-year median payout ratio of 39% (or a retention ratio of 61%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
如上所述,浙江晶鑫药业拥有39%的适度三年中值派息率(或61%的留存比率)和可观的收益增长的健康组合,这意味着该公司一直在有效利用其利润。
Moreover, Zhejiang Jingxin Pharmaceutical is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外,浙江晶鑫药业决心继续与股东分享利润,这是我们从其至少十年的派息历史中推断出来的。
Conclusion
结论
On the whole, we feel that Zhejiang Jingxin Pharmaceutical's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
总体来说,我们觉得浙江晶鑫药业的业绩已经相当不错了。具体地说,我们喜欢该公司将一大笔利润以高回报率进行再投资。当然,这导致该公司的收益出现了大幅增长。话虽如此,但从目前分析师的预估来看,我们发现该公司的盈利势头有望增强。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。