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Should We Be Cautious About North China Pharmaceutical Company.Ltd's (SHSE:600812) ROE Of 1.2%?

Should We Be Cautious About North China Pharmaceutical Company.Ltd's (SHSE:600812) ROE Of 1.2%?

我們是否應該對華北製藥股份有限公司(SHSE: 600812)1.2%的投資回報率持謹慎態度?
Simply Wall St ·  04/27 10:03

One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of North China Pharmaceutical Company.Ltd (SHSE:600812).

我們能做的最好的投資之一是我們自己的知識和技能。考慮到這一點,本文將探討如何使用股本回報率(ROE)來更好地了解業務。通過邊幹邊學的方式,我們將研究投資回報率,以更好地了解華北製藥股份有限公司(SHSE: 600812)。

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. 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股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。

How Do You Calculate Return On Equity?

你如何計算股本回報率?

ROE can be calculated by using the formula:

ROE 可以通過以下公式計算:

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 North China Pharmaceutical Company.Ltd is:

因此,根據上述公式,華北製藥股份有限公司的投資回報率爲:

1.2% = CN¥76m ÷ CN¥6.3b (Based on the trailing twelve months to March 2024).

1.2% = 7,600萬元人民幣 ÷ 63億元人民幣(基於截至2024年3月的過去十二個月)。

The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.01.

“回報” 是每年的利潤。因此,這意味着公司每投資1元人民幣,公司就會產生0.01元人民幣的利潤。

Does North China Pharmaceutical Company.Ltd Have A Good Return On Equity?

華北製藥股份有限公司的股本回報率是否良好?

Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As shown in the graphic below, North China Pharmaceutical Company.Ltd has a lower ROE than the average (7.9%) in the Pharmaceuticals industry classification.

可以說,評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。但是,這種方法僅在粗略檢查時有用,因爲各公司在相同的行業分類中確實存在很大差異。如下圖所示,華北製藥股份有限公司的投資回報率低於製藥行業分類中的平均水平(7.9%)。

roe
SHSE:600812 Return on Equity April 27th 2024
SHSE: 600812 2024 年 4 月 27 日股本回報率

That's not what we like to see. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 2 risks we have identified for North China Pharmaceutical Company.Ltd visit our risks dashboard for free.

這不是我們喜歡看到的。但是,低投資回報率並不總是壞事。如果公司的債務水平處於中等至低水平,那麼仍然有可能通過使用財務槓桿來提高回報。投資回報率低的高負債公司完全是另一回事,對我們的賬面來說也是一項風險投資。要了解我們爲華北製藥有限公司確定的兩種風險,請免費訪問我們的風險控制面板。

Why You Should Consider Debt When Looking At ROE

爲什麼在考慮投資回報率時應該考慮債務

Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.

公司通常需要投資資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。對於第一和第二種選擇,投資回報率將反映現金用於增長的這種用途。在後一種情況下,用於增長的債務將提高回報,但不會影響總資產。因此,使用債務可以提高投資回報率,儘管可以隱喻地說,暴風雨天氣會帶來額外的風險。

Combining North China Pharmaceutical Company.Ltd's Debt And Its 1.2% Return On Equity

合併華北製藥股份有限公司的債務及其1.2%的股本回報率

It's worth noting the high use of debt by North China Pharmaceutical Company.Ltd, leading to its debt to equity ratio of 1.70. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.

值得注意的是,華北製藥股份有限公司大量使用債務,導致其負債權益比率爲1.70。相當低的投資回報率和大量使用債務相結合並不是特別有吸引力。投資者應該仔細考慮如果一家公司無法如此輕易地借款,其表現會如何,因爲信貸市場確實會隨着時間的推移而發生變化。

Conclusion

結論

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.

股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。在其他條件相同的情況下,更高的投資回報率更好。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. You can see how the company has grow in the past by looking at this FREE detailed graph of past earnings, revenue and cash flow.

但是投資回報率只是更大難題的一部分,因爲高質量的企業通常以高倍的收益進行交易。相對於當前價格所反映的利潤增長預期,還必須考慮利潤可能的增長速度。您可以通過查看這張免費的過去收益、收入和現金流詳細圖表來了解公司過去的增長情況。

Of course North China Pharmaceutical Company.Ltd may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.

當然,華北製藥股份有限公司可能不是最好的買入股票。因此,您不妨免費查看其他投資回報率高、負債率低的公司的名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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