The Returns On Capital At Jiangsu Hualan New Pharmaceutical MaterialLtd (SZSE:301093) Don't Inspire Confidence
The Returns On Capital At Jiangsu Hualan New Pharmaceutical MaterialLtd (SZSE:301093) Don't Inspire Confidence
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Jiangsu Hualan New Pharmaceutical MaterialLtd (SZSE:301093) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。话虽如此,乍一看江苏华兰新药材有限公司(SZSE: 301093),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. The formula for this calculation on Jiangsu Hualan New Pharmaceutical MaterialLtd is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。江苏华兰新药材有限公司的计算公式为:
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)
0.026 = CN¥64m ÷ (CN¥2.6b - CN¥160m) (Based on the trailing twelve months to September 2023).
0.026 = 6400万元人民币 ÷(26亿元人民币-1.6亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Jiangsu Hualan New Pharmaceutical MaterialLtd has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Medical Equipment industry average of 8.0%.
因此,江苏华兰新药材有限公司的投资回报率为2.6%。归根结底,这是一个低回报,其表现低于医疗设备行业8.0%的平均水平。
See our latest analysis for Jiangsu Hualan New Pharmaceutical MaterialLtd
查看我们对江苏华兰新药材有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-592ea0526efbd56da6afa7e81aacc846-0-f35f87bbfc6faea20439675cddf7b4db.png/big)
In the above chart we have measured Jiangsu Hualan New Pharmaceutical MaterialLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Jiangsu Hualan New Pharmaceutical MaterialLtd.
在上图中,我们将江苏华兰新材股份有限公司之前的投资回报率与之前的业绩进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们为江苏华兰新药材料有限公司提供的免费报告。
What Does the ROCE Trend For Jiangsu Hualan New Pharmaceutical MaterialLtd Tell Us?
江苏华兰新药材有限公司的投资回报率趋势告诉我们什么?
When we looked at the ROCE trend at Jiangsu Hualan New Pharmaceutical MaterialLtd, we didn't gain much confidence. Around five years ago the returns on capital were 37%, but since then they've fallen to 2.6%. However it looks like Jiangsu Hualan New Pharmaceutical MaterialLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
当我们查看江苏华兰新药材有限公司的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为37%,但此后已降至2.6%。但是,看来江苏华兰新材料有限公司可能会进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
On a side note, Jiangsu Hualan New Pharmaceutical MaterialLtd has done well to pay down its current liabilities to 6.1% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句,江苏华兰新药材有限公司在将其流动负债偿还至总资产的6.1%方面做得很好。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
Our Take On Jiangsu Hualan New Pharmaceutical MaterialLtd's ROCE
我们对江苏华兰新药材有限公司投资回报率的看法
Bringing it all together, while we're somewhat encouraged by Jiangsu Hualan New Pharmaceutical MaterialLtd's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly then, the total return to shareholders over the last year has been flat. Therefore based on the analysis done in this article, we don't think Jiangsu Hualan New Pharmaceutical MaterialLtd has the makings of a multi-bagger.
综上所述,尽管江苏华兰新药材有限公司对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。因此,毫不奇怪,去年股东的总回报率持平。因此,根据本文所做的分析,我们认为江苏华兰新材料有限公司不具备多袋机的优势。
If you want to continue researching Jiangsu Hualan New Pharmaceutical MaterialLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果你想继续研究江苏华兰新药材有限公司,你可能有兴趣了解我们的分析发现的两个警告信号。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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