Gan & Lee Pharmaceuticals.'s (SHSE:603087) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Gan & Lee Pharmaceuticals.'s (SHSE:603087) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Gan & Lee Pharmaceuticals' (SHSE:603087) stock is up by 4.4% over the past week. However, the company's financials look a bit inconsistent and market outcomes are ultimately driven by long-term fundamentals, meaning that the stock could head in either direction. Specifically, we decided to study Gan & Lee Pharmaceuticals' ROE in this article.
安利製藥(上海證券交易所代碼：603087)的股票在過去一週上漲了4.4%。然而，該公司的財務狀況看起來有點不一致，市場結果最終是由長期基本面驅動的，這意味着該股可能會朝着任何一個方向發展。具體地説，我們決定在本文中研究Gan&Lee製藥公司的淨資產收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
See our latest analysis for Gan & Lee Pharmaceuticals
查看我們對甘利製藥的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
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 Gan & Lee Pharmaceuticals is:
因此，根據上述公式，甘利製藥的淨資產收益率為：
1.7% = CN¥168m ÷ CN¥9.6b (Based on the trailing twelve months to September 2022).
1.7%=CN元1.68億×CN元96億元(基於截至2022年9月的12個月)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 in profit.
“回報”就是年度利潤。這意味着，股東權益每增加1元，公司就會產生0.02元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
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 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.
我們已經證實，淨資產收益率是一家公司未來收益的有效盈利指標。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。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
A Side By Side comparison of Gan & Lee Pharmaceuticals' Earnings Growth And 1.7% ROE
甘利製藥盈利增長與1.7%淨資產收益率的並列比較
It is hard to argue that Gan & Lee Pharmaceuticals' ROE is much good in and of itself. Even compared to the average industry ROE of 7.6%, the company's ROE is quite dismal. Therefore, it might not be wrong to say that the five year net income decline of 2.5% seen by Gan & Lee Pharmaceuticals was possibly a result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. Such as - low earnings retention or poor allocation of capital.
很難説Gan&Lee製藥公司的淨資產收益率本身就很好。即使與行業平均7.6%的淨資產收益率相比，該公司的淨資產收益率也相當慘淡。因此，説贛利製藥公司五年淨收入下降2.5%可能是因為其淨資產收益率較低，這可能是正確的。然而，也可能有其他因素導致收益下降。例如-低收益留存或資本分配不佳。
However, when we compared Gan & Lee Pharmaceuticals' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 21% in the same period. This is quite worrisome.
然而，當我們將Gan&Lee PharmPharmticals的增長與行業進行比較時發現，儘管該公司的收益一直在縮水，但該行業同期的收益增長了21%。這相當令人擔憂。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. 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 Gan & Lee Pharmaceuticals is trading on a high P/E or a low P/E, relative to its industry.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。投資者下一步需要確定的是，預期的收益增長是否已經計入了股價。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是市盈率，它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此，你可能想看看甘利製藥相對於其行業是高市盈率還是低市盈率。
Is Gan & Lee Pharmaceuticals Using Its Retained Earnings Effectively?
Gan&Lee製藥公司是否有效地利用了其留存收益？
Gan & Lee Pharmaceuticals' low three-year median payout ratio of 16% (or a retention ratio of 84%) over the last three years should mean that the company is retaining most of its earnings to fuel its growth but the company's earnings have actually shrunk. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
Gan&Lee PharmPharmticals過去三年的低三年派息率中值為16%(或留存比率為84%)，這應該意味着該公司將保留大部分收益來推動其增長，但該公司的收益實際上已經縮水。較低的派息應該意味着該公司保留了大部分收益，因此應該會看到一些增長。因此，在這方面可能會有其他一些解釋。例如，該公司的業務可能正在惡化。
In addition, Gan & Lee Pharmaceuticals only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外，Gan&Lee製藥公司最近才開始支付股息，因此管理層可能決定，儘管收益一直在縮水，但股東更喜歡股息。
Conclusion
結論
On the whole, we feel that the performance shown by Gan & Lee Pharmaceuticals can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 4 risks we have identified for Gan & Lee Pharmaceuticals.
總體來説，我們覺得甘利製藥的表現可以有多種解讀。儘管它似乎保留了大部分利潤，但鑑於淨資產收益率較低，投資者可能終究不會從所有這些再投資中受益。低收益增長率表明我們的理論是正確的。總而言之，我們將謹慎對待這家公司，其中一種方法是查看業務的風險概況。我們的風險儀錶板將包含我們為Gan&Lee PharmPharmticals確定的4個風險。
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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。
譯文內容由第三人軟體翻譯。