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Kangmei Pharmaceutical Co., Ltd. (SHSE:600518) On An Uptrend: Could Fundamentals Be Driving The Stock?

Kangmei Pharmaceutical Co., Ltd. (SHSE:600518) On An Uptrend: Could Fundamentals Be Driving The Stock?

康美药业有限公司(SHSE: 600518)呈上升趋势:基本面能否推动该股?
Simply Wall St ·  2024/04/18 04:04

Kangmei Pharmaceutical's (SHSE:600518) stock up by 6.1% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to investigate if the company's decent financials had a hand to play in the recent price move. Specifically, we decided to study Kangmei Pharmaceutical's ROE in this article.

康美药业(上海证券交易所代码:600518)的股票在过去三个月中上涨了6.1%。鉴于股票价格通常与公司的长期财务表现一致,我们决定调查该公司的良好财务状况是否在近期的价格变动中发挥了作用。具体而言,我们决定在本文中研究康美药业的投资回报率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

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,它衡量公司相对于股东权益的盈利能力。

How To Calculate Return On Equity?

如何计算股本回报率?

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 Kangmei Pharmaceutical is:

因此,根据上述公式,康美药业的投资回报率为:

1.5% = CN¥104m ÷ CN¥7.1b (Based on the trailing twelve months to December 2023).

1.5% = 1.04亿元人民币 ÷ 71亿元人民币(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. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.01 in profit.

“回报” 是企业在过去一年中获得的收入。一种概念化这一点的方法是,每拥有1元人民币的股东资本,公司就会获得0.01元人民币的利润。

Why Is ROE Important For Earnings Growth?

为什么投资回报率对收益增长很重要?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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,投资回报率衡量的是公司创造利润的效率。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。

Kangmei Pharmaceutical's Earnings Growth And 1.5% ROE

康美药业的收益增长和1.5%的投资回报率

As you can see, Kangmei Pharmaceutical's ROE looks pretty weak. Even when compared to the industry average of 8.2%, the ROE figure is pretty disappointing. Although, we can see that Kangmei Pharmaceutical saw a modest net income growth of 11% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

如你所见,康美药业的投资回报率看起来相当疲软。即使与行业平均水平的8.2%相比,投资回报率的数字也相当令人失望。但是,我们可以看到,康美药业在过去五年中实现了11%的温和净收入增长。我们认为,可能还有其他方面对公司的收益增长产生积极影响。例如,公司的管理层可能做出了一些良好的战略决策,或者公司的派息率很低。

We then performed a comparison between Kangmei Pharmaceutical's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 11% in the same 5-year period.

然后,我们将康美药业的净收入增长与该行业进行了比较,结果显示该公司的增长与5年同期11%的行业平均增长率相似。

past-earnings-growth
SHSE:600518 Past Earnings Growth April 18th 2024
SHSE: 600518 过去的收益增长 2024 年 4 月 18 日

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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Kangmei 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。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。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,您可能需要检查康美药业相对于其行业是高市盈率还是低市盈率。

Is Kangmei Pharmaceutical Efficiently Re-investing Its Profits?

康美药业是否有效地将其利润再投资?

Given that Kangmei Pharmaceutical doesn't pay any regular dividends to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.

鉴于康美药业不向股东支付任何定期股息,我们推断该公司一直在将所有利润再投资以发展业务。

Summary

摘要

On the whole, we do feel that Kangmei Pharmaceutical has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. 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 Kangmei Pharmaceutical.

总的来说,我们确实认为康美药业有一些积极的属性。尽管回报率很低,但该公司将其利润的很大一部分再投资于其业务这一事实无疑促进了其高收益增长。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康美药业确定的1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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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