Investors Met With Slowing Returns on Capital At Moon Environment TechnologyLtd (SZSE:000811)
Investors Met With Slowing Returns on Capital At Moon Environment TechnologyLtd (SZSE:000811)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Moon Environment TechnologyLtd (SZSE:000811), it didn't seem to tick all of these boxes.
如果你不确定在寻找下一个多袋子时从哪里开始，有几个关键的趋势你应该密切关注。在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。虽然，当我们看到月球环境科技有限公司(SZSE：000811)，它似乎没有勾选所有这些框。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Moon Environment TechnologyLtd:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。分析师使用以下公式来计算月球环境技术有限公司的价格：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.071 = CN¥420m ÷ (CN¥11b - CN¥5.1b) (Based on the trailing twelve months to September 2023).
0.071=CN元4.2亿？(CN元11B-CN元51亿)(根据截至2023年9月的往绩12个月计算)。
Therefore, Moon Environment TechnologyLtd has an ROCE of 7.1%. On its own, that's a low figure but it's around the 6.4% average generated by the Machinery industry.
所以呢，月球环境技术有限公司的净资产收益率为7.1%。就其本身而言，这是一个很低的数字，但它大约是机械行业6.4%的平均产出。
View our latest analysis for Moon Environment TechnologyLtd
查看我们对月球环境科技有限公司的最新分析
In the above chart we have measured Moon Environment TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的图表中，我们衡量了月球环境技术有限公司之前的净资产收益率与其之前的业绩，但可以说，未来更重要。如果您感兴趣，您可以在我们的免费分析师对该公司的预测报告。
What Does the ROCE Trend For Moon Environment TechnologyLtd Tell Us?
月球环境科技有限公司的ROCE趋势告诉了我们什么？
There are better returns on capital out there than what we're seeing at Moon Environment TechnologyLtd. The company has employed 81% more capital in the last five years, and the returns on that capital have remained stable at 7.1%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
与我们在月球环境技术有限公司看到的相比，那里的资本回报率更高。该公司在过去五年中增聘了81%的资本，这些资本的回报率一直稳定在7.1%。鉴于该公司增加了已动用资本的数量，这些投资似乎根本不能带来高的资本回报。
On a separate but related note, it's important to know that Moon Environment TechnologyLtd has a current liabilities to total assets ratio of 46%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外，重要的是要知道，月球环境技术有限公司的流动负债与总资产的比率为46%，我们认为这个比率相当高。这可能会带来一些风险，因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。虽然这不一定是一件坏事，但如果这一比例较低，它可能是有益的。
Our Take On Moon Environment TechnologyLtd's ROCE
我们对月球环境技术有限公司ROCE的看法
As we've seen above, Moon Environment TechnologyLtd's returns on capital haven't increased but it is reinvesting in the business. Yet to long term shareholders the stock has gifted them an incredible 208% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
正如我们上面所看到的，月球环境技术有限公司的资本回报率并没有增加，但它正在对业务进行再投资。然而，对于长期股东来说，该股在过去五年里给他们带来了令人难以置信的208%的回报率，因此市场似乎对其未来持乐观态度。归根结底，如果潜在的趋势持续下去，我们不会屏息于它是一个多袋子未来。
On a final note, we've found 2 warning signs for Moon Environment TechnologyLtd that we think you should be aware of.
最后一点，我们发现月球环境科技有限公司的2个警告标志我们认为你应该意识到。
While Moon Environment TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然月球环境技术有限公司目前可能没有获得最高的回报，但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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