Is The Market Rewarding Hubei Goto Biopharm Co.,Ltd. (SZSE:300966) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Hubei Goto Biopharm Co.,Ltd. (SZSE:300966) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Hubei Goto BiopharmLtd (SZSE:300966) has had a rough three months with its share price down 17%. 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. Particularly, we will be paying attention to Hubei Goto BiopharmLtd's ROE today.
湖北果藤生物製藥股份有限公司(SZSE：300966)經歷了艱難的三個月，股價下跌了17%。然而，我們決定研究該公司的財務狀況，以確定它們是否與價格下跌有關。基本面通常決定市場結果，因此研究該公司的財務狀況是有意義的。今天我們特別關注湖北固圖生物製藥有限公司的淨資產收益率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之，淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
Check out our latest analysis for Hubei Goto BiopharmLtd
查看我們對湖北固圖生物製藥有限公司的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Hubei Goto BiopharmLtd is:
因此，根據上述公式，湖北固圖生物製藥有限公司的淨資產收益率為：
4.0% = CN¥39m ÷ CN¥981m (Based on the trailing twelve months to December 2022).
4.0%=3900萬元×9.81億元(以截至2022年12月的12個月為基礎)。
The 'return' is the profit over the last twelve months. 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.
“收益”是過去12個月的利潤。另一種說法是，公司每持有價值1元的股權，就能賺取0.04元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前為止，我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長，這就讓我們對公司的增長潛力有了一個瞭解。一般來說，在其他條件相同的情況下，股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Hubei Goto BiopharmLtd's Earnings Growth And 4.0% ROE
湖北固圖生物製藥有限公司盈利增長和4.0%的淨資產收益率
It is quite clear that Hubei Goto BiopharmLtd's ROE is rather low. Even when compared to the industry average of 8.2%, the ROE figure is pretty disappointing. Therefore, Hubei Goto BiopharmLtd's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.
很明顯，湖北固圖生物製藥有限公司的淨資產收益率(ROE)相當低。即使與8.2%的行業平均水準相比，淨資產收益率也是相當令人失望的。因此，湖北固圖生物製藥有限公司過去五年的收益持平可能是由於淨資產收益率低等因素造成的。
Next, on comparing with the industry net income growth, we found that Hubei Goto BiopharmLtd's reported growth was lower than the industry growth of 17% in the same period, which is not something we like to see.
接下來，對比行業淨收入增長，我們發現湖北固圖生物醫藥有限公司的報告增長低於同期行業17%的增長，這是我們不願意看到的。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Hubei Goto BiopharmLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的一個重要因素。投資者下一步需要確定的是，預期的收益增長是否已經計入了股價。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。如果你想知道湖北固圖生物製藥有限公司的估值，看看這個衡量其本益比的指標，與其行業相比。
Is Hubei Goto BiopharmLtd Making Efficient Use Of Its Profits?
湖北固圖生物製藥有限公司是否有效利用了利潤？
Hubei Goto BiopharmLtd's low three-year median payout ratio of 22%, (meaning the company retains78% of profits) should mean that the company is retaining most of its earnings and consequently, should see higher growth than it has reported.
湖北固圖生物製藥有限公司較低的三年派息率中值為22%(意味著該公司保留了78%的利潤)，這應該意味著該公司將保留大部分收益，因此，應該會看到比報告更高的增長。
Additionally, Hubei Goto BiopharmLtd started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.
此外，湖北後藤生物製藥有限公司最近才開始分紅。因此，看起來管理層肯定已經意識到，股東更喜歡分紅，而不是收益增長。
Summary
摘要
Overall, we have mixed feelings about Hubei Goto BiopharmLtd. 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. Up till now, we've only made a short study of the company's growth data. To gain further insights into Hubei Goto BiopharmLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
總體而言，我們對湖北固圖生物製藥有限公司的感受複雜。雖然該公司的再投資率確實很高，但低ROE意味著所有的再投資都沒有給投資者帶來任何好處，而且對收益增長產生了負面影響。到目前為止，我們只對該公司的增長數據進行了簡短的研究。要進一步瞭解湖北固圖生物製藥有限公司過去的利潤增長，請查看這張過去收益、收入和現金流的可視化圖表。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。