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.
在過去的三個月裏，浙江星瑞醫藥股份有限公司的股票下跌了14%，人們很容易忽視它(上海證券交易所代碼：603520)。然而，股價通常是由一家公司的長期財務表現推動的，在這種情況下，這看起來相當有希望。在本文中，我們決定將重點放在浙江星瑞製藥有限公司的淨資產收益率上。
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.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。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。
See our latest analysis for Zhejiang Starry PharmaceuticalLtd
查看我們對浙江星瑞製藥有限公司的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
這個淨資產收益率公式是：
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 Zhejiang Starry PharmaceuticalLtd is:
因此，根據上述公式，浙江星瑞製藥有限公司的淨資產收益率為：
15% = CN¥330m ÷ CN¥2.2b (Based on the trailing twelve months to December 2021).
15%=3.3億元×22億元(以截至2021年12月的12個月為基礎)。
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.
“回報”指的是一家公司過去一年的收益。另一種説法是，公司每持有價值1元的股權，就能賺取0.15元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係？
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.
到目前為止，我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司選擇再投資或“保留”多少利潤，我們就能夠評估一家公司未來產生利潤的能力。假設其他條件相同，與沒有相同特徵的公司相比，擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
Zhejiang Starry PharmaceuticalLtd's Earnings Growth And 15% ROE
浙江星瑞製藥的盈利增長和15%的淨資產收益率
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，浙江星瑞製藥有限公司似乎擁有令人尊敬的淨資產收益率。此外，該公司的淨資產收益率(ROE)與8.6%的行業平均水平相比相當有利。可能正因為如此，浙江星瑞製藥有限公司在過去五年中實現了令人印象深刻的31%的淨收入增長。然而，這種增長背後也可能有其他原因。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，我們將浙江星瑞製藥有限公司的淨收入增長與行業進行了比較，令人欣喜的是，我們發現該公司看到的增長高於行業平均9.0%的增長。
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.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的收益增長或下降是否已計入價格，無論是哪種情況。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。與其他公司相比，浙江星瑞製藥有限公司的估值公平嗎？這3個估值指標可能會幫助你做出決定。
Is Zhejiang Starry PharmaceuticalLtd Efficiently Re-investing Its Profits?
浙江星瑞製藥有限公司是否有效地將利潤進行了再投資？
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.
浙江星瑞製藥有限公司的三年派息率中值為35%，相當適中，這意味着該公司保留了65%的收入。這表明它的股息得到了很好的覆蓋，考慮到我們上面討論的高增長，浙江星瑞製藥有限公司似乎正在有效地對其收益進行再投資。
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，浙江星瑞製藥有限公司在六年的時間裏一直在分紅。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示，該公司未來三年的派息率預計將降至23%。該公司同期淨資產收益率預計將升至21%，這一事實可以用派息率下降來解釋。
Conclusion
結論
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.
整體而言，我們覺得浙江星瑞藥業的業績相當不錯。特別是，我們喜歡該公司對其業務進行大量再投資，並以高回報率進行投資。不出所料，這導致了令人印象深刻的收益增長。最新的行業分析師預測顯示，該公司有望保持目前的增長速度。要了解更多分析師對該公司的最新預測，請查看分析師對該公司預測的可視化。
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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。