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Has Haisco Pharmaceutical Group Co., Ltd.'s (SZSE:002653) Impressive Stock Performance Got Anything to Do With Its Fundamentals?

Has Haisco Pharmaceutical Group Co., Ltd.'s (SZSE:002653) Impressive Stock Performance Got Anything to Do With Its Fundamentals?

有海思科制药集团有限公司's (SZSE: 002653) 令人印象深刻的股票表现与其基本面有关吗?
Simply Wall St ·  02/21 17:49

Haisco Pharmaceutical Group (SZSE:002653) has had a great run on the share market with its stock up by a significant 5.7% over the last month. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study Haisco Pharmaceutical Group's ROE in this article.

海思科制药集团(SZSE:002653)在股市上表现良好,其股票在上个月大幅上涨了5.7%。我们想知道公司的财务状况在价格变动中是否起着什么作用,因为公司的长期基本面通常决定市场业绩。具体而言,我们决定在本文中研究海思科制药集团的投资回报率。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。简而言之,它用于评估公司相对于其股权资本的盈利能力。

How Do You Calculate Return On Equity?

你如何计算股本回报率?

The formula for return on equity is:

股本回报率的公式是:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回报率 = 净利润(来自持续经营业务)÷ 股东权益

So, based on the above formula, the ROE for Haisco Pharmaceutical Group is:

因此,根据上述公式,海思科制药集团的投资回报率为:

12% = CN¥490m ÷ CN¥4.1b (Based on the trailing twelve months to September 2023).

12% = 4.9亿元人民币 ÷ 41亿元人民币(基于截至2023年9月的过去十二个月)。

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¥0.12 in profit.

“回报” 是过去十二个月的利润。另一种看法是,每持有价值1元人民币的股权,公司就能获得0.12元人民币的利润。

What Is The Relationship Between ROE And Earnings Growth?

投资回报率与收益增长之间有什么关系?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.

我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。

A Side By Side comparison of Haisco Pharmaceutical Group's Earnings Growth And 12% ROE

海思科制药集团的收益增长和12%的投资回报率的并排比较

To begin with, Haisco Pharmaceutical Group seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 8.5%. Needless to say, we are quite surprised to see that Haisco Pharmaceutical Group's net income shrunk at a rate of 9.2% over the past five years. Therefore, there might be some other aspects that could explain this. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.

首先,海思科制药集团的投资回报率似乎不错。此外,该公司的投资回报率与行业平均水平的8.5%相比相当不错。毋庸置疑,海思科制药集团的净收入在过去五年中以9.2%的速度萎缩,我们感到非常惊讶。因此,可能还有其他一些方面可以解释这一点。例如,可能是该公司的派息率很高,或者企业的资本配置不当。

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 11% over the last few years.

因此,下一步,我们将海思科制药集团的表现与行业进行了比较,失望地发现,尽管该公司一直在缩减收益,但该行业在过去几年中一直以11%的速度增长收益。

past-earnings-growth
SZSE:002653 Past Earnings Growth February 21st 2024
SZSE: 002653 过去的收益增长 2024 年 2 月 21 日

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). Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Haisco Pharmaceutical Group is trading on a high P/E or a low P/E, relative to its industry.

为公司附加价值的基础在很大程度上与其收益增长息息相关。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查海思科制药集团相对于其行业是高市盈率还是低市盈率。

Is Haisco Pharmaceutical Group Using Its Retained Earnings Effectively?

海思科制药集团是否有效使用其留存收益?

While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.

尽管该公司过去确实支付了部分股息,但目前不支付股息。这意味着其所有利润都可能被再投资于该业务。

Summary

摘要

Overall, we feel that Haisco Pharmaceutical Group certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.

总体而言,我们认为海思科制药集团确实有一些积极因素需要考虑。但是,尽管投资回报率和再投资率很高,但我们仍然对收益缺乏增长感到失望。我们认为,可能有一些外部因素可能会对业务产生负面影响。话虽如此,从分析师目前的估计来看,我们发现该公司的收益增长率预计将出现巨大改善。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们分析师对公司的预测页面。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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