Declining Stock and Solid Fundamentals: Is The Market Wrong About Jianmin Pharmaceutical Group Co.,Ltd. (SHSE:600976)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Jianmin Pharmaceutical Group Co.,Ltd. (SHSE:600976)?
Jianmin Pharmaceutical GroupLtd (SHSE:600976) has had a rough three months with its share price down 9.9%. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to Jianmin Pharmaceutical GroupLtd's ROE today.
健民藥業集團有限公司（上海證券交易所代碼：600976）經歷了艱難的三個月，其股價下跌了9.9％。但是，如果你密切關注，你可能會發現，鑑於市場通常會獎勵財務狀況良好的公司，其強勁的財務狀況可能意味着該股的長期價值可能會增加。特別是，我們今天將關注健民藥業集團有限公司的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Jianmin Pharmaceutical GroupLtd is:
因此，根據上述公式，健民製藥集團有限公司的投資回報率爲：
23% = CN¥523m ÷ CN¥2.3b (Based on the trailing twelve months to December 2023).
23% = 5.23億元人民幣 ÷ 23億元人民幣（基於截至2023年12月的過去十二個月）。
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¥0.23 in profit.
“回報” 是過去十二個月的稅後收入。對此進行概念化的一種方法是，該公司每擁有1元人民幣的股本即可獲得0.23元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我們已經確定，投資回報率是衡量公司未來收益的有效利潤創造指標。我們現在需要評估公司爲未來增長再投資或 “保留” 了多少利潤，這樣我們就可以了解公司的增長潛力。假設其他一切都保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Jianmin Pharmaceutical GroupLtd's Earnings Growth And 23% ROE
健民藥業集團有限公司的收益增長和23％的投資回報率
Firstly, we acknowledge that Jianmin Pharmaceutical GroupLtd has a significantly high ROE. Secondly, even when compared to the industry average of 8.2% the company's ROE is quite impressive. So, the substantial 39% net income growth seen by Jianmin Pharmaceutical GroupLtd over the past five years isn't overly surprising.
首先，我們承認健民藥業集團有限公司的投資回報率非常高。其次，即使與8.2％的行業平均水平相比，該公司的投資回報率也相當可觀。因此，健民藥業集團在過去五年中實現了39％的強勁淨收入增長並不令人驚訝。
As a next step, we compared Jianmin Pharmaceutical GroupLtd'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 11%.
下一步，我們將健民藥業集團的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於行業平均增長11％。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Jianmin Pharmaceutical GroupLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是對股票進行估值時要考慮的重要指標。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道健民製藥集團的估值，可以看看這個衡量其與行業相比的市盈率指標。
Is Jianmin Pharmaceutical GroupLtd Using Its Retained Earnings Effectively?
健民藥業集團有限公司是否在有效使用其留存收益？
Jianmin Pharmaceutical GroupLtd has a three-year median payout ratio of 35% (where it is retaining 65% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and Jianmin Pharmaceutical GroupLtd is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
健民藥業集團有限公司的三年派息率中位數爲35％（保留了收入的65％），不太低或不太高。從表面上看，股息覆蓋範圍很大，健民製藥集團有限公司正在有效地對其利潤進行再投資，我們上面討論的其非凡增長就證明了這一點。
Besides, Jianmin Pharmaceutical GroupLtd has been paying dividends for at least ten years or more. 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 over the next three years is expected to be approximately 31%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 21%.
此外，健民藥業集團有限公司已經派發股息至少十年或更長時間。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，公司未來三年的派息率預計約爲31％。因此，預計該公司未來的投資回報率也不會有太大變化，分析師預計投資回報率爲21％。
Summary
摘要
Overall, we are quite pleased with Jianmin Pharmaceutical GroupLtd's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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.
總的來說，我們對健民製藥集團有限公司的表現非常滿意。特別是，很高興看到該公司正在對其業務進行大量投資，再加上高回報率，這爲其收益帶來了可觀的增長。話雖如此，正如分析師目前的估計所預測的那樣，該公司的收益增長預計將放緩。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。