Declining Stock and Solid Fundamentals: Is The Market Wrong About Zhejiang Starry Pharmaceutical Co.,Ltd. (SHSE:603520)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Zhejiang Starry Pharmaceutical Co.,Ltd. (SHSE:603520)?
With its stock down 14% over the past three months, it is easy to disregard Zhejiang Starry PharmaceuticalLtd (SHSE:603520). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Zhejiang Starry PharmaceuticalLtd's ROE.
在过去的三个月里，浙江星瑞医药股份有限公司的股票下跌了14%，人们很容易忽视它(上海证券交易所代码：603520)。然而，股价通常是由一家公司的长期财务表现推动的，在这种情况下，这看起来相当有希望。在本文中，我们决定将重点放在浙江星瑞制药有限公司的净资产收益率上。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
See our latest analysis for Zhejiang Starry PharmaceuticalLtd
查看我们对浙江星瑞制药有限公司的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Zhejiang Starry PharmaceuticalLtd is:
因此，根据上述公式，浙江星瑞制药有限公司的净资产收益率为：
15% = CN¥330m ÷ CN¥2.2b (Based on the trailing twelve months to December 2021).
15%=3.3亿元×22亿元(以截至2021年12月的12个月为基础)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.15 in profit.
“回报”指的是一家公司过去一年的收益。另一种说法是，公司每持有价值1元的股权，就能赚取0.15元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
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，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Zhejiang Starry PharmaceuticalLtd's Earnings Growth And 15% ROE
浙江星瑞制药的盈利增长和15%的净资产收益率
To begin with, Zhejiang Starry PharmaceuticalLtd seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 8.6%. Probably as a result of this, Zhejiang Starry PharmaceuticalLtd was able to see an impressive net income growth of 31% over the last five years. However, there could also be other causes behind this growth. Such as - high earnings retention or an efficient management in place.
首先，浙江星瑞制药有限公司似乎拥有令人尊敬的净资产收益率。此外，该公司的净资产收益率(ROE)与8.6%的行业平均水平相比相当有利。可能正因为如此，浙江星瑞制药有限公司在过去五年中实现了令人印象深刻的31%的净收入增长。然而，这种增长背后也可能有其他原因。例如-高收益留存或有效的管理到位。
As a next step, we compared Zhejiang Starry PharmaceuticalLtd's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 9.0%.
下一步，我们将浙江星瑞制药有限公司的净收入增长与行业进行了比较，令人欣喜的是，我们发现该公司看到的增长高于行业平均9.0%的增长。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Zhejiang Starry PharmaceuticalLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的一个重要因素。投资者应该尝试确定预期的收益增长或下降是否已计入价格，无论是哪种情况。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。与其他公司相比，浙江星瑞制药有限公司的估值公平吗？这3个估值指标可能会帮助你做出决定。
Is Zhejiang Starry PharmaceuticalLtd Efficiently Re-investing Its Profits?
浙江星瑞制药有限公司是否有效地将利润进行了再投资？
Zhejiang Starry PharmaceuticalLtd's three-year median payout ratio is a pretty moderate 35%, meaning the company retains 65% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Zhejiang Starry PharmaceuticalLtd is reinvesting its earnings efficiently.
浙江星瑞制药有限公司的三年派息率中值为35%，相当适中，这意味着该公司保留了65%的收入。这表明它的股息得到了很好的覆盖，考虑到我们上面讨论的高增长，浙江星瑞制药有限公司似乎正在有效地对其收益进行再投资。
Besides, Zhejiang Starry PharmaceuticalLtd has been paying dividends over a period of six years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 23% over the next three years. The fact that the company's ROE is expected to rise to 21% over the same period is explained by the drop in the payout ratio.
此外，浙江星瑞制药有限公司在六年的时间里一直在分红。这表明该公司致力于与股东分享利润。我们最新的分析师数据显示，该公司未来三年的派息率预计将降至23%。该公司同期净资产收益率预计将升至21%，这一事实可以用派息率下降来解释。
Conclusion
结论
On the whole, we feel that Zhejiang Starry PharmaceuticalLtd's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
整体而言，我们觉得浙江星瑞药业的业绩相当不错。特别是，我们喜欢该公司对其业务进行大量再投资，并以高回报率进行投资。不出所料，这导致了令人印象深刻的收益增长。最新的行业分析师预测显示，该公司有望保持目前的增长速度。要了解更多分析师对该公司的最新预测，请查看分析师对该公司预测的可视化。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。