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.
海思科醫藥集團(SZSE:002653)最近的表現並不令人興奮,股票在過去一個月中下跌了13%。由於股票價格通常在長期內由公司的基本面驅動,而這種情況看起來相當疲弱,我們決定研究該公司的關鍵財務指標。在本文中,我們決定關注海思科醫藥集團的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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for return on equity is:
權益回報率的計算公式是:
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 Haisco Pharmaceutical Group is:
因此,根據上述公式,海思科醫藥集團的roe爲:
8.4% = CN¥358m ÷ CN¥4.3b (Based on the trailing twelve months to March 2024).
8.4% = CN¥ 35800萬 ÷ CN¥ 43億(截至2024年3月的過去十二個月)。
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.
“回報”是過去十二個月的利潤。因此,這意味着對於每1元人民幣的股東投資,該公司可以創造0.08元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要?
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.
到目前爲止,我們已經了解到ROE是衡量公司盈利能力的指標。根據公司重新投資或“保留”的利潤數量及其有效性,我們能夠估計公司盈利增長潛力。假設其他一切保持不變,ROE和利潤保留率越高,相對於不一定擁有這些特徵的公司而言,公司的增長率就越高。
Haisco Pharmaceutical Group's Earnings Growth And 8.4% ROE
海思科醫藥集團的盈利增長和8.4%的roe
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,海思科醫藥集團的roe並不那麼有前途。然而,它的roe與行業平均水平(7.6%)相似,因此我們不會完全否認這家公司。話雖如此,海思科醫藥集團的淨收入下降率達到了13%。請記住,該公司的roe略低。因此,這在一定程度上解釋了收益逐漸萎縮的問題。
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,作爲下一步,我們將海思科醫藥集團的業績與行業進行了比較,並感到失望的是,在過去的幾年中,儘管公司一直在縮減盈利,但行業的盈利增長率達到了9.2%。
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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.
附加價值的基礎很大程度上取決於盈利增長。投資者了解市場是否已經對公司的預期盈利增長(或下降)進行了定價很重要。這將幫助他們確定股票是否具有光明或黯淡的未來。市場是否已經爲002653的未來前景定價?您可以在我們的最新內在價值信息圖研究報告中找到答案。
Is Haisco Pharmaceutical Group Efficiently Re-investing Its Profits?
海思科醫藥集團是否有效地再投資利潤?
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.
根據高達三年的中位數支付比率爲74%(意味着有26%的利潤被保留),海思科醫藥集團的大部分利潤都被支付給股東,這解釋了該公司萎縮的利潤。業務只剩下很少的資本可供再投資,這是一個惡性循環,對公司的長期利益沒有好處。要了解我們爲海思科醫藥集團確定的兩個風險,請免費訪問我們的風險儀表板。
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,海思科醫藥集團在至少十年的時間內支付了股息,這意味着即使幾乎沒有增長,該公司的管理層也決心支付股息。現有的分析師估計,該公司未來的支付比率預計將下降至8.3%三年內。因此,預計支付比率的下降解釋了同期公司roe的預期增加至14%。
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。
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.
總的來說,在對海思科醫藥集團做出任何決定之前,我們應該非常謹慎。由於保留的盈利很少,無法實現盈利增長,而且實現的盈利也以非常低的回報率再投資。儘管如此,我們研究了最新的分析師預測,並發現儘管該公司過去曾經萎縮過盈利,分析師預計該公司的盈利將來會增長。要了解有關公司未來盈利增長預測的更多信息,請查看這份有關公司分析師預測的免費報告。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。