Are Bide Pharmatech Co., Ltd.'s (SHSE:688073) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Bide Pharmatech Co., Ltd.'s (SHSE:688073) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Bide Pharmatech (SHSE:688073) has had a rough three months with its share price down 26%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Bide Pharmatech's ROE.
Bide Pharmatech（上海證券交易所代碼：688073）經歷了艱難的三個月，其股價下跌了26％。但是，從長遠來看，股票價格通常由公司的財務狀況驅動，在這種情況下，這看起來相當可觀。在本文中，我們決定重點介紹Bide Pharmatech的投資回報率。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。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？
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 Bide Pharmatech is:
因此，根據上述公式，Bide Pharmatech的投資回報率爲：
5.4% = CN¥113m ÷ CN¥2.1b (Based on the trailing twelve months to December 2023).
5.4% = 1.13億元人民幣 ÷ 21億元人民幣（基於截至2023年12月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回報” 是指公司去年的收益。這意味着，每持有價值1元人民幣的股權，公司就會產生0.05元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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盈利指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他一切保持不變，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。
Bide Pharmatech's Earnings Growth And 5.4% ROE
Bide Pharmatech的收益增長和5.4％的投資回報率
At first glance, Bide Pharmatech's ROE doesn't look very promising. Next, when compared to the average industry ROE of 8.3%, the company's ROE leaves us feeling even less enthusiastic. However, we we're pleasantly surprised to see that Bide Pharmatech grew its net income at a significant rate of 36% in the last five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place.
乍一看，Bide Pharmatech的投資回報率看起來並不十分樂觀。接下來，與8.3％的行業平均投資回報率相比，該公司的投資回報率使我們感到不那麼熱情。但是，我們驚喜地看到，Bide Pharmatech在過去五年中淨收入大幅增長了36％。我們認爲這裏可能還有其他因素在起作用。例如——高收益留存率或實行高效管理。
As a next step, we compared Bide Pharmatech'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Bide Pharmatech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11％的行業平均增長。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. 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 Bide Pharmatech is trading on a high P/E or a low P/E, relative to its industry.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。衡量預期收益增長的一個很好的指標是市盈率，它根據收益前景決定了市場願意爲股票支付的價格。因此，您可能需要檢查相對於其行業，Bide Pharmatech的交易市盈率是高還是低。
Is Bide Pharmatech Efficiently Re-investing Its Profits?
Bide Pharmatech是否有效地將其利潤再投資？
Bide Pharmatech's significant three-year median payout ratio of 74% (where it is retaining only 26% of its income) suggests that the company has been able to achieve a high growth in earnings despite returning most of its income to shareholders.
Bide Pharmatech的三年中位派息率高達74％（僅保留收入的26％），這表明儘管將大部分收入返還給了股東，但該公司仍能夠實現收益的高增長。
While Bide Pharmatech has been growing its earnings, it only recently started to pay dividends which likely means that the company decided to impress new and existing shareholders with a dividend.
儘管Bide Pharmatech一直在增加收益，但它直到最近才開始派發股息，這可能意味着該公司決定通過分紅給新老股東留下深刻的印象。
Summary
摘要
In total, it does look like Bide Pharmatech has some positive aspects to its business. Namely, its high earnings growth. We do however feel that the earnings growth number could have been even higher, had the company been reinvesting more of its earnings and paid out less dividends. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說，看來Bide Pharmatech的業務確實有一些積極的方面。也就是說，其高收益增長。但是，我們確實認爲，如果該公司將更多的收益再投資並減少派發的股息，收益增長數字可能會更高。話雖如此，從分析師目前的估計來看，我們發現該公司的收益有望增強。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
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