The market's growth expectations seem moderated as EPS growth outpaces average annual share price increase. The recent rise in total shareholder return could suggest business improvement over time.
The impressive EPS growth and large insider ownership make Amphastar Pharmaceuticals a potentially attractive investment. The business appears to have reached a growth inflection point.
Insider ownership is moderately high, showing company's interest for all shareholders, but the lack of insider buying and significant selling over the last year, casts some doubt on the company's outlook.
Amphastar Pharmaceuticals experienced a dip, but long-term its performance is strong due to profitability transition and faster EPS growth versus share price. However, market growth expectations are moderated. Share price momentum indicates a potential investment opportunity.
Amphastar Pharmaceuticals股票討論區
新增數據:23Q4,營收增長31.9%、營業利潤增長42.7%,淨利潤受利息費用和其它收入影響僅增長6.7%。
2023年營收增長29.1%,營業利潤增長83.3%,淨利潤增長50.5%,淨資產收益率提高到了23.6%。
受收購影響,資產負債率從28.8%提高到57.7%,總資產和淨資產都有較大增長。資產端現金和應收都有所增加,主要是無形資產在增加。負債端長期借款增加到5.9億,佔6.4億淨資產的92%。
目前市盈率15.8,和近期增速比折扣很高,儘管負債率也很高,但收購效果看起來還不錯,而且收購過程產生的商譽很少,無形資產減值的風險較低,仍然可以謹慎選擇(⭐️)
新增數據:23Q2,Q3,持續大幅增長。Q2進行了收購,Q3長期借款增加到6.4億,利息費用佔營業利潤的17.2%,負擔不輕,槓桿率也很高。
通過兩個季度的數據看收購的效果不錯,目前市盈率33.6,市盈率TTM降到了22.8,如果全年淨利達到1.5億,市盈率將下降到18.6,對於增速來講還是有一定折扣,不過目前的高槓杆率帶來了新的風險,可以謹慎選擇(⭐️)
2023Q1營收增長16.3%,營業利潤增長54.7%,淨利潤增長7.3%,主要是去年同期有907萬的其他淨收入。
資產負債率5年來變化不大,基本在30%上下波動。應收款項和存貨比例和增速都比較正常。
長期借款0.73億,淨資產5.5億,槓桿率很低,還有1.98億庫存股。
近3年現金流經營淨額開始大幅超過投資淨額,開始產生股東盈餘。
目前市盈率25.4,市盈率TTM24.9,和增速比有一定折扣,但是高增長天生不可持續,可以謹慎選擇(⭐️)
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