Is Shanghai Shenqi Pharmaceutical Investment Management Co., Ltd.'s (SHSE:600613) Recent Performance Underpinned By Weak Financials?
Is Shanghai Shenqi Pharmaceutical Investment Management Co., Ltd.'s (SHSE:600613) Recent Performance Underpinned By Weak Financials?
Shanghai Shenqi Pharmaceutical Investment Management (SHSE:600613) has had a rough three months with its share price down 24%. We decided to study the company's financials to determine if the downtrend will continue as the long-term performance of a company usually dictates market outcomes. In this article, we decided to focus on Shanghai Shenqi Pharmaceutical Investment Management's ROE.
上海神奇药业投资管理公司(SHSE: 600613)经历了艰难的三个月,其股价下跌了24%。我们决定研究公司的财务状况,以确定下跌趋势是否会继续,因为公司的长期表现通常决定市场业绩。在本文中,我们决定重点关注上海神奇药业投资管理公司的投资回报率。
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.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之,投资回报率显示了每美元从其股东投资中产生的利润。
How Is ROE Calculated?
ROE 是如何计算的?
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算:
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
So, based on the above formula, the ROE for Shanghai Shenqi Pharmaceutical Investment Management is:
因此,根据上述公式,上海神奇医药投资管理的投资回报率为:
2.4% = CN¥57m ÷ CN¥2.4b (Based on the trailing twelve months to September 2023).
2.4% = 5700万元人民币 ÷ 24亿元人民币(基于截至2023年9月的过去十二个月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.02.
“回报” 是过去十二个月的利润。因此,这意味着该公司每投资1元人民币,就会产生0.02元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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.
到目前为止,我们已经了解到,投资回报率是衡量公司盈利能力的指标。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Shanghai Shenqi Pharmaceutical Investment Management's Earnings Growth And 2.4% ROE
上海神奇药业投资管理公司的收益增长和2.4%的投资回报率
It is hard to argue that Shanghai Shenqi Pharmaceutical Investment Management's ROE is much good in and of itself. Even when compared to the industry average of 8.5%, the ROE figure is pretty disappointing. Therefore, it might not be wrong to say that the five year net income decline of 9.6% seen by Shanghai Shenqi Pharmaceutical Investment Management was possibly a result of it having a lower ROE. We reckon that there could also be other factors at play here. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很难说上海神奇药业投资管理公司的投资回报率本身就非常好。即使与行业平均水平的8.5%相比,投资回报率的数字也相当令人失望。因此,说上海神奇医药投资管理公司五年净收入下降9.6%可能是其投资回报率降低的结果,这可能没有错。我们认为,这里可能还有其他因素在起作用。例如,该公司的派息率非常高,或者面临竞争压力。
So, as a next step, we compared Shanghai Shenqi Pharmaceutical Investment Management's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 11% over the last few years.
因此,下一步,我们将上海神奇药业投资管理公司的表现与行业进行了比较,失望地发现,尽管该公司一直在缩减收益,但该行业在过去几年中一直以11%的速度增长收益。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240202/0-0bf2b6c0c05d261af8c68a6a311403a9-0-7b816efdcf44a7f2770c1820da6e840d.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Shanghai Shenqi Pharmaceutical Investment Management's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
为公司附加价值的基础在很大程度上与其收益增长息息相关。无论情况如何,投资者都应设法确定预期的收益增长或下降是否已计入其中。这样做将帮助他们确定股票的未来是乐观还是不祥的。如果你想知道上海神奇医药投资管理公司的估值,可以看看这个衡量其市盈率与行业相比的指标。
Is Shanghai Shenqi Pharmaceutical Investment Management Using Its Retained Earnings Effectively?
上海神奇药业投资管理公司是否有效地使用了其留存收益?
Shanghai Shenqi Pharmaceutical Investment Management's declining earnings is not surprising given how the company is spending most of its profits in paying dividends, judging by its three-year median payout ratio of 91% (or a retention ratio of 8.8%). The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run. You can see the 3 risks we have identified for Shanghai Shenqi Pharmaceutical Investment Management by visiting our risks dashboard for free on our platform here.
从其三年派息率中位数为91%(或8.8%的留存率)来看,上海神奇药业投资管理公司的收益下降并不奇怪,因为该公司将大部分利润用于支付股息。该企业只剩下少量资金可供再投资——从长远来看,这种恶性循环对公司没有好处。您可以访问我们的 3 种风险来查看我们为上海神奇医药投资管理公司确定的三种风险 风险仪表板 在我们的平台上免费使用。
In addition, Shanghai Shenqi Pharmaceutical Investment Management has been paying dividends over a period of nine years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline.
此外,上海神奇药业投资管理公司在九年内一直在派发股息,这表明尽管收益有所下降,但管理层仍倾向于继续支付股息。
Summary
摘要
Overall, we would be extremely cautious before making any decision on Shanghai Shenqi Pharmaceutical Investment Management. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. You can do your own research on Shanghai Shenqi Pharmaceutical Investment Management and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总体而言,在就上海神奇药业投资管理做出任何决定之前,我们将非常谨慎。低的投资回报率,加上该公司将几乎甚至全部的利润作为股息支付,导致其收益缺乏或没有增长。到目前为止,我们只是通过研究公司的基本面来摸清公司过去业绩的表面。你可以自己研究上海神奇药业投资管理公司,看看这张免费的过去收益、收入和现金流的详细图表,看看它过去的表现。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。