Is Winner Medical Co., Ltd.'s (SZSE:300888) Stock Price Struggling As A Result Of Its Mixed Financials?
Is Winner Medical Co., Ltd.'s (SZSE:300888) Stock Price Struggling As A Result Of Its Mixed Financials?
With its stock down 17% over the past three months, it is easy to disregard Winner Medical (SZSE:300888). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. Particularly, we will be paying attention to Winner Medical's ROE today.
以其股票在过去三个月下跌17%,容易忽视稳健医疗(SZSE:300888)。 然而,我们决定研究该公司的财务状况,以确定它们是否与价格下跌有关。长期基本面通常是推动市场结果的原因,因此值得密切关注。特别是,今天我们将关注稳健医疗的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或ROE是一项用于评估公司管理层如何利用公司资本的效率的关键指标。简而言之,它用于评估公司相对于其股本资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算?
The formula for ROE is:
roe的公式是:
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 Winner Medical is:
因此,根据上述公式,稳健医疗的ROE为:
3.6% = CN¥434m ÷ CN¥12b (Based on the trailing twelve months to March 2024).
3.6%= CN¥43400万 ÷ CN¥120亿(基于截至2024年3月的滚动十二个月)。
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?
ROE与盈利增长之间的关系是什么?
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roe是公司盈利能力的一种度量方法。根据公司再投资或“留存”利润的程度以及其有效性,我们随后能够评估公司的盈利增长潜力。假设其他所有因素相同,则具有更高净资产收益率和更高利润保留的公司通常比没有相同功能的公司增长率更高。
Winner Medical's Earnings Growth And 3.6% ROE
稳健医疗的盈利增长与3.6%的ROE
As you can see, Winner Medical's ROE looks pretty weak. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. For this reason, Winner Medical's five year net income decline of 13% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
正如您所看到的,稳健医疗的roe看起来相当弱。 不仅如此,即使与7.4%的行业平均值相比,该公司的ROE仍然没有任何显着之处。由于较低的ROE,因此稳健医疗五年的净收入下降13%并不令人惊讶。但是,导致收益下降的原因还可能有其他因素。例如,该公司具有非常高的派息比率或面临竞争压力。
That being said, we compared Winner Medical's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 6.5% in the same 5-year period.
话虽如此,我们将稳健医疗的表现与行业进行了比较,并发现在同一5年期间,虽然公司收缩了收益,但行业的收益增长率为6.5%,这令人担忧。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. What is 300888 worth today? The intrinsic value infographic in our free research report helps visualize whether 300888 is currently mispriced by the market.
确定公司价值的基础在很大程度上与其盈利增长相关。投资者了解市场是否评价了公司预期的盈利增长(或下降)很重要。然后帮助他们确定股票是适合光明还是黯淡的未来。今天300888值多少钱?我们免费研究报告中的内在价值信息图表有助于可视化300888当前是否被市场错误定价。
Is Winner Medical Using Its Retained Earnings Effectively?
稳健医疗是否有效地利用其留存收益?
Looking at its three-year median payout ratio of 48% (or a retention ratio of 52%) which is pretty normal, Winner Medical's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
看看其三年的中位数派息比率为48%(或保留比率为52%),很正常,但稳健医疗的收益下降相当令人困惑,因为当公司保留一大部分利润时,人们会期望看到相当多的增长。利润。看起来可能还有其他原因可以解释其中的缺乏。例如,业务可能正在下滑。
Moreover, Winner Medical has been paying dividends for three years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking.
此外,稳健医疗已支付股息三年,这是相当长的一段时间,这表明管理层必须认为股东更喜欢持续派息,即使收益已经在下降。
Conclusion
结论
On the whole, we feel that the performance shown by Winner Medical can be open to many interpretations. 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 industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说,我们认为稳健医疗的表现可以有许多解释。虽然该公司具有高水平的再投资率,但低ROE意味着所有这些再投资都没有给其投资者带来任何好处,并且此外,它对盈利增长产生了负面影响。因此,最新的行业分析师预测显示,分析师预计将看到该公司的盈利增长率大幅提高。要了解有关公司未来盈利增长预测的更多信息,请查看这份免费报告。
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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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。