HPGC Renmintongtai Pharmaceutical Corporation's (SHSE:600829) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
HPGC Renmintongtai Pharmaceutical Corporation's (SHSE:600829) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
It is hard to get excited after looking at HPGC Renmintongtai Pharmaceutical's (SHSE:600829) recent performance, when its stock has declined 24% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study HPGC Renmintongtai Pharmaceutical's ROE in this article.
看了HPGC人民同泰制药(上海证券交易所代码:600829)最近的表现,很难感到兴奋,当时其股价在过去三个月中下跌了24%。但是,从长远来看,股票价格通常由公司的财务状况驱动,在这种情况下,这看起来相当可观。具体而言,我们决定在本文中研究HPGC人民同泰制药的投资回报率。
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 To Calculate Return On Equity?
如何计算股本回报率?
The formula for ROE is:
ROE 的公式是:
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 HPGC Renmintongtai Pharmaceutical is:
因此,根据上述公式,HPGC人民通泰药业的投资回报率为:
11% = CN¥292m ÷ CN¥2.8b (Based on the trailing twelve months to December 2023).
11% = 2.92亿元人民币 ÷ 28亿元人民币(基于截至2023年12月的过去十二个月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.11 in profit.
“回报” 是企业在过去一年中获得的收入。这意味着,每持有价值1元人民币的股权,公司就会产生0.11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. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
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。然后,我们能够评估公司的收益增长潜力,具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
HPGC Renmintongtai Pharmaceutical's Earnings Growth And 11% ROE
HPGC 人民同泰制药的收益增长和 11% 的投资回报率
At first glance, HPGC Renmintongtai Pharmaceutical's ROE doesn't look very promising. Although a closer study shows that the company's ROE is higher than the industry average of 7.9% which we definitely can't overlook. Still, HPGC Renmintongtai Pharmaceutical's net income growth of 4.3% over the past five years was mediocre at best. Bear in mind, the company does have a low ROE. It is just that the industry ROE is lower. So that could be one of the factors that are causing earnings growth to stay low.
乍一看,HPGC人民同泰制药的投资回报率看起来并不十分乐观。尽管一项更仔细的研究表明,该公司的投资回报率高于行业平均水平的7.9%,这是我们绝对不能忽视的。尽管如此,HPGC人民同泰制药在过去五年中4.3%的净收入增长充其量只能说是平庸的。请记住,该公司的投资回报率确实很低。只是行业的投资回报率较低。因此,这可能是导致收益增长保持低迷的因素之一。
We then compared HPGC Renmintongtai Pharmaceutical's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 7.0% in the same 5-year period, which is a bit concerning.
然后,我们将HPGC人民同泰制药的净收入增长与该行业进行了比较,发现该公司的增长数字低于同期7.0%的行业平均增长率,这有点令人担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240417/0-6900fa5ce75fa6299a5fe5797e3fbb04-0-7f20e966c294a90e6590eaff852c0e63.png/big)
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if HPGC Renmintongtai Pharmaceutical is trading on a high P/E or a low P/E, relative to its industry.
收益增长是对股票进行估值时要考虑的重要指标。投资者接下来需要确定的是,预期的收益增长或缺乏收益是否已经包含在股价中。这样做将帮助他们确定股票的未来是乐观还是不祥的。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查HPGC人民同泰药业相对于其行业是高市盈率还是低市盈率。
Is HPGC Renmintongtai Pharmaceutical Efficiently Re-investing Its Profits?
HPGC 人民通泰药业是否能有效地将其利润再投资?
Despite having a normal three-year median payout ratio of 35% (or a retention ratio of 65% over the past three years, HPGC Renmintongtai Pharmaceutical has seen very little growth in earnings as we saw above. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管HPGC人民同泰制药的三年中位数派息率正常为35%(或65%的留存率),但正如我们上面所看到的,HPGC人民同泰制药的收益几乎没有增长。因此,可能还有其他一些原因可以解释这方面的不足。例如,业务可能会下滑。
Additionally, HPGC Renmintongtai Pharmaceutical has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
此外,HPGC Remintongtai Pharmaceutical已在至少十年内派发了股息,这意味着即使收益增长微乎其微,公司的管理层也决心派发股息。
Summary
摘要
On the whole, we do feel that HPGC Renmintongtai Pharmaceutical has some positive attributes. Although, we are disappointed to see a lack of growth in earnings even in spite of a moderate ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard will have the 1 risk we have identified for HPGC Renmintongtai Pharmaceutical.
总的来说,我们确实认为HPGC人民同泰药业有一些积极的属性。但是,尽管投资回报率适中,再投资率很高,但我们仍然对收益缺乏增长感到失望。我们认为,可能会有一些外部因素对业务产生负面影响。虽然我们不会完全解散公司,但我们要做的是努力确定业务的风险,以便在公司周围做出更明智的决定。我们的风险仪表板将包含我们为HPGC人民同泰制药确定的一种风险。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. 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. 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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。