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?
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.
康美藥業(SHSE:600518)股價在過去三個月內上漲了6.1%。考慮到股票價格通常與公司的長期財務表現相一致,我們決定調查公司的良好財務狀況是否與最近的股價變動有關。具體而言,我們決定在本文中研究康美藥業的roe。
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.
股東權益回報率ROE是測試公司增值能力和管理股東投資的有效性的指標。更簡單地說,它衡量公司在股東權益中的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Kangmei Pharmaceutical is:
因此,根據上述公式,康美藥業的ROE爲:
1.5% = CN¥104m ÷ CN¥7.1b (Based on the trailing twelve months to December 2023).
1.5%=CN¥104m÷CN¥7.1b(截至2023年12月的過去十二個月)
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.
“回報”是企業在過去一年中賺取的收入。一個概念化的方法是,對於每1元股東資本,公司獲得了0.01元利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼?
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.
因此,我們已經了解到roe是衡量公司利潤率的有效方法。根據公司重新投資或“保留”這些收益的程度以及其有效程度,我們就能評估公司的盈利增長潛力。假設其他條件相同,權益回報率和利潤保留越高的公司通常比沒有相同特點的公司具有更快的增長率。
Kangmei Pharmaceutical's Earnings Growth And 1.5% ROE
康美藥業的盈利增長和1.5%的ROE
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.
如您所見,康美藥業的roe看起來相當弱。即使與行業平均水平8.2%相比,ROE仍然令人失望。雖然我們可以看到康美藥業在過去五年中的淨收入增長率略有增長,但我們認爲可能存在其他積極影響公司盈利增長的因素。例如,可能是公司管理層做出了一些不錯的戰略決策或者公司擁有較低的派息比率。
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.
然後我們進行了康美藥業淨收入增長與行業之間的比較,發現公司增長與同一5年期內行業的平均增長率相似。
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.
贏利增長是考慮估值的重要指標。投資者需要判斷的是預期的盈利增長,或者缺乏盈利增長是否已經融入股價。通過這樣做,他們將了解該股票是面臨清晰的藍色水域,還是等待泥濘的水域。預期盈利增長的一個很好的指標是P / E比率,它根據其收益前景確定市場願意爲股票支付的價格。因此,您可能希望根據其行業,檢查康美藥業是否以高P / E或低P / E交易。
Is Kangmei Pharmaceutical Efficiently Re-investing Its Profits?
康美藥業是否有效地重新投資其利潤?
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.
考慮到康美藥業不向股東支付任何定期股息,我們推斷該公司一直在重新投資其所有利潤以發展業務。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
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.
總的來說,我們確實認爲康美藥業具有一些積極屬性。儘管其回報率較低,但該公司將其大部分利潤重新投資於業務,無疑爲其高收益增長做出了貢獻。雖然我們不會完全忽略該公司,但我們會嘗試確定業務風險以更明智地決策該公司。我們的風險主控板將列出我們爲康美藥業確定的1項風險。
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
評論(0)
請選擇舉報原因