Are Shanghai Fosun Pharmaceutical (Group) Co., Ltd.'s (SHSE:600196) Mixed Financials Driving The Negative Sentiment?
Are Shanghai Fosun Pharmaceutical (Group) Co., Ltd.'s (SHSE:600196) Mixed Financials Driving The Negative Sentiment?
It is hard to get excited after looking at Shanghai Fosun Pharmaceutical (Group)'s (SHSE:600196) recent performance, when its stock has declined 5.7% over the past month. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Shanghai Fosun Pharmaceutical (Group)'s ROE.
在看到复星医药(集团)(SHSE:600196)的股价在过去一个月内下跌了5.7%后,人们可能已经感到难以激动。然而,我们决定研究该公司的财务状况,以确定它是否与股价下滑有关。基本面通常决定市场结果,因此研究公司的财务状况是有意义的。在本文中,我们决定重点关注复星医药(集团)的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或权益回报率是评估公司有效利用股东投资产生回报效率的有用工具。简而言之,roe显示每个股东投资所产生的利润。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
The formula for return on equity is:
权益回报率的计算公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润(从持续经营中获得)÷ 股东权益
So, based on the above formula, the ROE for Shanghai Fosun Pharmaceutical (Group) is:
因此,根据上述公式,复星医药(集团)的roe为:
4.5% = CN¥2.6b ÷ CN¥58b (Based on the trailing twelve months to March 2024).
4.5% = CN¥26亿 ÷ CN¥580亿(基于截至2024年3月的过去十二个月)。
The 'return' is the income the business earned over the last year. 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”是公司在过去一年中赚取的收入。换句话说,对于每1元股权,公司能够赚取0.04元的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准,用于评估公司未来的盈利能力,我们现在需要评估公司“保留”为未来增长而重新投资的利润多少,这使我们对公司的增长潜力有了一个了解。一般而言,在其他条件相等的情况下,ROE和利润留存高的公司,增长率比没有这些属性的公司要高。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我们已经确定,roe是一种有效的盈利增长衡量标准,用于评估公司未来盈利的能力,根据公司选择重新投资或“保留”其利润的数量,我们可以评估公司未来的盈利能力。假设其他一切不变,roe和利润保留越高,与没有这些特征的公司相比,公司的增长速度就越高。
Shanghai Fosun Pharmaceutical (Group)'s Earnings Growth And 4.5% ROE
复星医药(集团)的收益增长和4.5%的roe
As you can see, Shanghai Fosun Pharmaceutical (Group)'s ROE looks pretty weak. Even when compared to the industry average of 7.7%, the ROE figure is pretty disappointing. Therefore, Shanghai Fosun Pharmaceutical (Group)'s flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.
正如你所看到的,复星医药(集团)的roe看起来相当疲弱。即使与行业平均7.7%的roe相比,roe的数字也相当令人失望。因此,过去五年中复星医药(集团)的平坦收益可能可以通过低roe和其他因素来解释。
As a next step, we compared Shanghai Fosun Pharmaceutical (Group)'s net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 9.4% in the same period.
作为下一步,我们将上海复星医药(集团)的净利润增长与行业进行了比较,并感到失望的是,公司的增长低于同期9.4%的行业平均增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240704/0-662f7ebf6a3334e2e55cd6c2e3e1c365-0-3db5e4c8e547d6762cc7b4d560fdd594.png/big)
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Shanghai Fosun Pharmaceutical (Group)'s's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的一个重要因素。了解市场是否已经将企业预期的盈利增长(或下降)计入股价是投资者重要的工作。这将有助于投资者确定股票的未来展望是看涨还是看跌。如果你想知道上海复星医药(集团)的估值,可以查看它的市盈率相对于行业的计算方法。
Is Shanghai Fosun Pharmaceutical (Group) Using Its Retained Earnings Effectively?
上海复星医药(集团)是否有效利用了其保留收益?
Despite having a moderate three-year median payout ratio of 30% (meaning the company retains70% of profits) in the last three-year period, Shanghai Fosun Pharmaceutical (Group)'s earnings growth was more or les flat. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
尽管过去三年的中位数支付比率为30%(这意味着公司留存了70%的利润),但过去三年复星医药(集团)的收益增长或多或少是平稳的。因此,可能存在其他阻碍增长的因素。例如,业务面临一些阻力。
Additionally, Shanghai Fosun Pharmaceutical (Group) 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,上海复星医药(集团)在过去的至少十年中支付了股息,这意味着即使没有利润增长,公司的管理层仍有决心支付股息。
Conclusion
结论
Overall, we have mixed feelings about Shanghai Fosun Pharmaceutical (Group). While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总之,我们对复星医药(集团)的感觉褒贬不一。尽管该公司的再投资率很高,但低roe意味着所有的再投资对其投资者都没有带来任何利益,而且对盈利增长产生了负面影响。尽管如此,最新的分析师预测显示,该公司将继续看到其收益的扩张。欲了解该公司的最新分析师预测,请查看该公司分析师预测的可视化图表。
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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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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