Is The Market Rewarding Guangdong Marubi Biotechnology Co., Ltd. (SHSE:603983) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Guangdong Marubi Biotechnology Co., Ltd. (SHSE:603983) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
It is hard to get excited after looking at Guangdong Marubi Biotechnology's (SHSE:603983) recent performance, when its stock has declined 24% over the past three months. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study Guangdong Marubi Biotechnology's ROE in this article.
丸美股份(SHSE:603983)最近表现令人失望,过去三个月股价下跌了24%。市场可能忽略了公司不同的财务状况,而决定靠近消极情绪。股票价格通常由公司的长期财务表现推动,因此我们决定更加关注公司的财务表现。具体而言,我们决定在本文中研究丸美股份的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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率(roe)是一种关键指标,用于评估公司管理层如何有效利用公司资本。更简单地说,它衡量了公司相对股东权益的盈利能力。
How Do You Calculate Return On Equity?
怎样计算ROE?
The formula for ROE is:
roe的公式是:
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 Guangdong Marubi Biotechnology is:
因此,根据上述公式,丸美股份的roe为8.8%:
8.8% = CN¥309m ÷ CN¥3.5b (Based on the trailing twelve months to March 2024).
8.8%=CN¥30900万÷CN¥35亿(基于截至2024年3月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.
“回报”是税后收益的金额,在过去的十二个月中获得。一个概念化这个的方法是对于每个CN ¥1的股东资本,公司获得了CN ¥0.09的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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.
到目前为止,我们已经了解到roe是衡量公司利润产生效率的指标。根据公司选择再投资或“保留”其利润的比例,我们随后可以评估公司未来利润的能力。其他条件都相同的情况下,roe和利润保留率都较高的公司通常比没有这些特征的公司有更高的增长速度。
A Side By Side comparison of Guangdong Marubi Biotechnology's Earnings Growth And 8.8% ROE
广东丸美生物科技的盈利增长和8.8%ROE的并排比较
On the face of it, Guangdong Marubi Biotechnology's ROE is not much to talk about. However, its ROE is similar to the industry average of 9.8%, so we won't completely dismiss the company. Having said that, Guangdong Marubi Biotechnology's five year net income decline rate was 22%. Bear in mind, the company does have a slightly low ROE. So that's what might be causing earnings growth to shrink.
表面上看,广东丸美生物科技的roe谈不上强劲。但是,其roe与行业平均水平9.8%相似,因此我们不会完全忽视该公司。 需指出的是,广东丸美生物科技五年的净利润下降率为22%。 请注意,该公司的roe略低。 这可能导致收益增长缩小。
So, as a next step, we compared Guangdong Marubi Biotechnology'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,作为下一步,我们将广东丸美生物科技的表现与该行业进行了比较,并发现虽然该公司一直在缩减其收益,但该行业在过去几年中收益增长率为9.2%。
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Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is 603983 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是股票估值的重要因素。投资者知道市场是否已经定价了公司的预期盈利增长(或下降)是很重要的。通过这样做,他们将了解该股票是否前景光明还是前景黯淡。603983是否估值合理?这张公司固有价值的信息图表中含有您想要了解的一切。
Is Guangdong Marubi Biotechnology Using Its Retained Earnings Effectively?
广东丸美生物科技有效地利用保留收益吗?
Despite having a normal three-year median payout ratio of 45% (where it is retaining 55% of its profits), Guangdong Marubi Biotechnology has seen a decline in earnings as we saw above. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管具有正常的三年中位数分红比率为45%(其留存55%的利润),但正如上述所述,广东丸美生物科技的盈利下降。看起来可能有其他原因可以解释缺乏这方面的成果。例如,业务可能正在下滑。
In addition, Guangdong Marubi Biotechnology has been paying dividends over a period of four years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 35% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 13%, over the same period.
此外,广东丸美生物科技已连续四年支付分红,这表明管理层更喜欢保持股息支付,尽管利润一直在下降。研究最新的分析师共识数据后,我们发现该公司未来的支付比率预计将在未来三年内下降至35%。因此,预计比率下降说明该公司的roe在同一时期内有望提高至13%。
Conclusion
结论
In total, we're a bit ambivalent about Guangdong Marubi Biotechnology'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. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
总的来说,我们对广东丸美生物科技的表现有点矛盾。尽管看起来它正在保留大部分利润,但考虑到roe较低,投资者可能不能完全从所有再投资中获益。低收益增长率支持了我们的理论。但也需指出,根据目前的分析师预测,我们发现公司的盈利增长率有望大幅提高。要了解有关公司未来盈利增长预测的更多信息,请查看有关该公司分析师预测的免费报告。
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