Is Haisco Pharmaceutical Group Co., Ltd.'s (SZSE:002653) Stock On A Downtrend As A Result Of Its Poor Financials?
Is Haisco Pharmaceutical Group Co., Ltd.'s (SZSE:002653) Stock On A Downtrend As A Result Of Its Poor Financials?
It is hard to get excited after looking at Haisco Pharmaceutical Group's (SZSE:002653) recent performance, when its stock has declined 13% over the past month. Given that stock prices are usually driven by a company's fundamentals over the long term, which in this case look pretty weak, we decided to study the company's key financial indicators. In this article, we decided to focus on Haisco Pharmaceutical Group's ROE.
看了海思科制药集团(SZSE:002653)最近的表现,很难感到兴奋,当时其股价在过去一个月中下跌了13%。鉴于从长远来看,股票价格通常由公司的基本面驱动,在这种情况下,基本面看起来相当疲软,我们决定研究该公司的关键财务指标。在本文中,我们决定重点关注海思科制药集团的投资回报率。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。简而言之,它衡量公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率?
The formula for return on equity is:
股本回报率的公式是:
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 Haisco Pharmaceutical Group is:
因此,根据上述公式,海思科制药集团的投资回报率为:
8.4% = CN¥358m ÷ CN¥4.3b (Based on the trailing twelve months to March 2024).
8.4% = 35800万元人民币 ÷ 43元人民币(基于截至2024年3月的过去十二个月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.08.
“回报” 是过去十二个月的利润。因此,这意味着其股东每投资1元人民币,公司就会产生0.08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?
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 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.
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。假设其他一切保持不变,那么与不一定具有这些特征的公司相比,投资回报率和利润保留率越高,公司的增长率就越高。
Haisco Pharmaceutical Group's Earnings Growth And 8.4% ROE
海思科制药集团的收益增长和8.4%的投资回报率
At first glance, Haisco Pharmaceutical Group's ROE doesn't look very promising. However, its ROE is similar to the industry average of 7.6%, so we won't completely dismiss the company. Having said that, Haisco Pharmaceutical Group's five year net income decline rate was 13%. Bear in mind, the company does have a slightly low ROE. Hence, this goes some way in explaining the shrinking earnings.
乍一看,海思科制药集团的投资回报率看起来并不十分乐观。但是,其投资回报率与行业平均水平的7.6%相似,因此我们不会完全解散该公司。话虽如此,海思科制药集团的五年净收入下降率为13%。请记住,该公司的投资回报率确实略低。因此,这在某种程度上解释了收益的萎缩。
So, as a next step, we compared Haisco Pharmaceutical Group's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 9.2% over the last few years.
因此,下一步,我们将海思科制药集团的表现与行业进行了比较,失望地发现,尽管该公司一直在缩减收益,但该行业在过去几年中一直以9.2%的速度增长收益。
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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. Has the market priced in the future outlook for 002653? You can find out in our latest intrinsic value infographic research report.
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。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。然后,这可以帮助他们确定股票是面向光明还是暗淡的未来。市场对002653的未来展望进行了定价吗?您可以在我们最新的内在价值信息图研究报告中找到答案。
Is Haisco Pharmaceutical Group Efficiently Re-investing Its Profits?
海思科制药集团是否有效地将其利润再投资?
With a high three-year median payout ratio of 74% (implying that 26% of the profits are retained), most of Haisco Pharmaceutical Group's profits are being paid to shareholders, which explains the company's shrinking earnings. The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run. To know the 2 risks we have identified for Haisco Pharmaceutical Group visit our risks dashboard for free.
海思科制药集团的三年派息率中位数很高,为74%(这意味着保留了26%的利润),海思科制药集团的大部分利润都支付给了股东,这解释了该公司收益萎缩的原因。该企业只剩下少量资金可供再投资——从长远来看,这种恶性循环对公司没有好处。要了解我们为海思科制药集团确定的两种风险,请免费访问我们的风险仪表板。
Additionally, Haisco 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. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 8.3% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 14%, over the same period.
此外,海思科制药集团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。现有的分析师估计表明,该公司未来的派息率预计将在未来三年降至8.3%。因此,派息率的预期下降解释了该公司同期的投资回报率预计将增长至14%。
Summary
摘要
Overall, we would be extremely cautious before making any decision on Haisco Pharmaceutical Group. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
总体而言,在对海思科制药集团做出任何决定之前,我们将非常谨慎。由于保留的利润很少,该公司一直缺乏收益增长,无论保留的利润很少,都以非常低的回报率进行再投资。话虽如此,我们研究了分析师的最新预测,发现尽管该公司过去曾缩减收益,但分析师预计其未来收益将增长。要了解有关公司未来收益增长预测的更多信息,请查看这份关于分析师预测的免费报告,以了解更多信息。
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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.
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对这篇文章有反馈吗?担心内容吗?直接联系我们。或者,发送电子邮件至 editorial-team@simplywallst.com