Shanghai Pharmaceuticals Holding Co., Ltd's (SHSE:601607) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Shanghai Pharmaceuticals Holding Co., Ltd's (SHSE:601607) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Shanghai Pharmaceuticals Holding (SHSE:601607) has had a great run on the share market with its stock up by a significant 13% over the last three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Shanghai Pharmaceuticals Holding's ROE today.
上海医药(SHSE:601607)在股市上表现良好,股价在过去三个月中上涨了13%。但是公司的主要财务指标似乎各不相同,这让我们对公司当前的股价动能能否得以维持产生了质疑。特别是,我们今天将会关注上海医药的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 Do You Calculate Return On Equity?
怎样计算ROE?
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算:
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 Shanghai Pharmaceuticals Holding is:
因此,根据以上公式,上海医药的roe为:
6.2% = CN¥5.1b ÷ CN¥82b (Based on the trailing twelve months to March 2024).
6.2% = CN¥ 51亿 ÷ CN¥ 820亿(基于截至2024年3月的最近十二个月)。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.06 in profit.
“回报”是过去12个月的利润。这意味着,对于每1元股东权益价值,该公司可以创造0.06元的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
到目前为止,我们已经了解了ROE是衡量公司盈利能力的一种指标。根据公司选择重新投资或“保留”的利润数量,我们能够评估公司未来产生利润的能力。一般而言,其他条件相等的情况下,具有高股东回报率和利润保留能力的公司比不具备这些属性的公司具有更高的增长率。
Shanghai Pharmaceuticals Holding's Earnings Growth And 6.2% ROE
上海医药的收益增长率和6.2%的roe
On the face of it, Shanghai Pharmaceuticals Holding's ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 6.4%, we may spare it some thought. Having said that, Shanghai Pharmaceuticals Holding has shown a meagre net income growth of 2.8% over the past five years. Remember, the company's ROE is not particularly great to begin with. Hence, this does provide some context to low earnings growth seen by the company.
一开始看上去,上海医药的roe并不令人瞩目。然而,考虑到公司的roe与平均行业roe相似,我们可能会仔细考虑。话虽如此,上海医药过去五年的净收入增长微薄,仅为2.8%。请记住,公司的roe本身并不是特别优秀。因此,这确实为公司所见的低收益增长提供了一些背景。
As a next step, we compared Shanghai Pharmaceuticals Holding's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 4.2% in the same period.
接下来,我们将上海医药的净收入增长与行业进行了比较,很失望地看到公司的增长低于同一时期4.2%的行业平均增长率。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Shanghai Pharmaceuticals Holding's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
附加价值给公司的基础在很大程度上与其收益增长有关。 接下来投资者需要确定的是预期的收益增长,或者缺乏预期的收益增长,是否已经反映在股价中。 然后他们就可以确定股票是处于光明前途还是黯淡前途。 如果你对上海医药的估值感到疑惑,请查看这个它的市盈率计算工具,以及与其行业的比较。
Is Shanghai Pharmaceuticals Holding Efficiently Re-investing Its Profits?
上海医药是否有效地将利润再投资?
Despite having a moderate three-year median payout ratio of 28% (implying that the company retains the remaining 72% of its income), Shanghai Pharmaceuticals Holding's earnings growth was quite low. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
尽管中等三年的中位数股息支付比率为28%(这意味着公司保留其收入的其余72%),但上海医药的盈利增长却非常低,所以在这方面可能会有其他解释。例如,公司的业务可能正在恶化。
In addition, Shanghai Pharmaceuticals Holding has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 36% over the next three years. However, Shanghai Pharmaceuticals Holding's future ROE is expected to rise to 8.1% despite the expected increase in the company's payout ratio. We infer that there could be other factors that could be driving the anticipated growth in the company's ROE.
此外,上海医药已经连续至少十年支付股息,这表明即使以业务增长为代价,维持股息支付更为重要。我们最新的分析师数据显示,未来三年公司的股息支付比率有望上升至36%。然而,尽管预期公司股息支付比率将增加,但预计上海医药未来的roe将上升至8.1%。我们推断可能存在其他因素促使公司预期roe的增长。
Conclusion
结论
In total, we're a bit ambivalent about Shanghai Pharmaceuticals Holding's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总的来说,我们对上海医药的表现有些矛盾。尽管它似乎正在保留大部分利润,但由于roe低,投资者可能并没有从所有的再投资中受益。低收益增长表明我们的理论是正确的。尽管如此,最新的分析师预测显示,公司将继续看到收益的扩张。这些分析师的预期是基于行业的广泛预期还是基于公司的基本面?点击这里前往我们的分析师预测页面。
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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
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。