ChengDa Pharmaceuticals Co., Ltd.'s (SZSE:301201) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
ChengDa Pharmaceuticals Co., Ltd.'s (SZSE:301201) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
ChengDa Pharmaceuticals (SZSE:301201) has had a great run on the share market with its stock up by a significant 32% over the last three months. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. In this article, we decided to focus on ChengDa Pharmaceuticals' ROE.
成大制药(深圳证券交易所代码:301201)在股票市场上表现良好,其股票在过去三个月中大幅上涨了32%。正如大多数人所知道的那样,基本面通常是指导市场价格长期走势的因素,因此我们今天决定研究公司的关键财务指标,以确定它们在近期的价格走势中是否可以发挥任何作用。在这篇文章中,我们决定重点关注成大制药的投资回报率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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,它用于评估公司相对于其股权资本的盈利能力。
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 ChengDa Pharmaceuticals is:
因此,根据上述公式,成大制药的投资回报率为:
4.0% = CN¥91m ÷ CN¥2.3b (Based on the trailing twelve months to December 2023).
4.0% = 9100万元人民币 ÷ 23亿元人民币(基于截至2023年12月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.04 in profit.
“回报” 是过去十二个月的税后收入。另一种思考方式是,公司每拥有价值1元人民币的股权,就能获得0.04元的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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,投资回报率衡量的是公司创造利润的效率。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。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。
A Side By Side comparison of ChengDa Pharmaceuticals' Earnings Growth And 4.0% ROE
成大制药的收益增长和4.0%的投资回报率的并排比较
It is quite clear that ChengDa Pharmaceuticals' ROE is rather low. Even when compared to the industry average of 7.7%, the ROE figure is pretty disappointing. However, the moderate 12% net income growth seen by ChengDa Pharmaceuticals over the past five years is definitely a positive. Therefore, the growth in earnings could probably have been caused by other variables. For instance, the company has a low payout ratio or is being managed efficiently.
很明显,成大药业的投资回报率相当低。即使与7.7%的行业平均水平相比,投资回报率的数字也相当令人失望。但是,成大制药在过去五年中实现了12%的温和净收入增长,这绝对是积极的。因此,收益的增长可能是由其他变量造成的。例如,该公司的派息率较低或管理效率很高。
As a next step, we compared ChengDa Pharmaceuticals' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 9.2%.
下一步,我们将成大制药的净收入增长与该行业进行了比较,令人高兴的是,我们发现该公司的增长高于行业平均增长9.2%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240510/0-bf6e18bdfd58c902db4e37c99c37c978-0-9b18db96640da7d905da8fa684a92f31.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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is ChengDa Pharmaceuticals fairly valued compared to other companies? These 3 valuation measures might help you decide.
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。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。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。与其他公司相比,成大制药的估值是否合理?这3种估值指标可能会帮助您做出决定。
Is ChengDa Pharmaceuticals Efficiently Re-investing Its Profits?
成大制药是否有效地将其利润再投资?
With a three-year median payout ratio of 33% (implying that the company retains 67% of its profits), it seems that ChengDa Pharmaceuticals is reinvesting efficiently in a way that it sees respectable amount growth in its earnings and pays a dividend that's well covered.
诚大制药的三年派息率中位数为33%(这意味着该公司保留了67%的利润),看来成大制药正在进行有效的再投资,其收益将实现可观的增长,并支付可观的股息。
While ChengDa Pharmaceuticals has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend.
尽管成大制药的收益有所增长,但直到最近才开始派发股息。该公司很可能决定通过分红给新老股东留下深刻的印象。
Conclusion
结论
On the whole, we do feel that ChengDa Pharmaceuticals has some positive attributes. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its 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. To know the 2 risks we have identified for ChengDa Pharmaceuticals visit our risks dashboard for free.
总的来说,我们确实认为成大药业有一些积极的属性。尽管回报率很低,但由于对业务进行了大量再投资,该公司的收益增长令人印象深刻。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。要了解我们为成大制药确定的两种风险,请免费访问我们的风险仪表板。
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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。