Some Investors May Be Worried About Cathay Biotech's (SHSE:688065) Returns On Capital
Some Investors May Be Worried About Cathay Biotech's (SHSE:688065) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Cathay Biotech (SHSE:688065) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想找到一只长期增长的股票，我们应该关注什么基本趋势？通常，我们会想要注意到一个不断增长的资本雇用趋势。 这告诉我们这是一个复合机器，能够不断地将其收益重新投资到业务中并产生更高的回报率。所以当我们看了腾讯音乐 (NYSE:TME) 和它的 ROCE 趋势时，我们真的很喜欢我们所看到的。资产回报率：它是什么？对于那些不知道ROCE是什么的人，ROCE是一个公司每年税前利润（回报）与企业用于投资的资本关系的度量。在Elevance Health的计算公式如下：资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）资产回报率基本上意味着公司有盈利的计划，可以继续投资，这是一种复合机器的特征。然而，从对于上海科领生物科技股份有限公司（SHSE：688065）的第一眼审视，我们并不看好回报正在怎么发展，但让我们再深入看看。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Cathay Biotech:
为了澄清，如果您不确定，ROCE是一个评估公司在其业务中投资的资本上赚取多少税前收入的指标（以百分比计）。分析师使用此公式计算上海科领生物科技股份有限公司的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.013 = CN¥202m ÷ (CN¥19b - CN¥2.8b) (Based on the trailing twelve months to March 2024).
0.013=20200万元 ÷（190亿元-2.8亿人民币）在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
Therefore, Cathay Biotech has an ROCE of 1.3%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此，上海科领生物科技股份有限公司的ROCE为1.3%。最终，这是一种低回报，并表现低于化学品行业的平均水平5.5%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Cathay Biotech's ROCE against it's prior returns. If you're interested in investigating Cathay Biotech's past further, check out this free graph covering Cathay Biotech's past earnings, revenue and cash flow.
历史业绩是研究股票的好起点，因此您可以看到上海科领生物科技股份有限公司的资产回报率测量表针与其先前回报相比。如果您有兴趣进一步研究上海科领生物科技股份有限公司的过去，请查看此免费图表，涵盖上海科领生物科技股份有限公司过去的收益，营业收入和现金流。
What Can We Tell From Cathay Biotech's ROCE Trend?
我们可以从上海科领生物科技股份有限公司的资产回报率趋势中得出什么结论？
On the surface, the trend of ROCE at Cathay Biotech doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.3% from 14% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
从表面上看，上海科领生物科技股份有限公司的ROCE趋势并没有激发信心。在过去的五年中，资本回报率从五年前的14%下降到1.3%。同时，企业正在利用更多的资本，但在过去12个月中这并没有在销售方面使得多少变化，因此这可能反映了长期的投资。公司可能需要一些时间才能从这些投资中看到任何收益变化。
On a related note, Cathay Biotech has decreased its current liabilities to 15% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相关信息上，上海科领生物科技股份有限公司已将其流动负债减少到总资产的15%。因此，我们可以将ROCE的下降与此联系起来。此外，这可以减少业务的某些风险，因为现在公司的供应商或短期债权人资助其运营的资金较少。由于公司基本上用其自己的资金资助更多的运营，因此您可以认为这使得业务在产生ROCE方面变得不太有效率。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To conclude, we've found that Cathay Biotech is reinvesting in the business, but returns have been falling. Since the stock has declined 23% over the last three years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总之，我们发现上海科领生物科技股份有限公司正在重投资业务，但回报正在下降。由于股票在过去三年中下降了23％，因此投资者对这一趋势改善并不太乐观。无论如何，该股票都没有上述复合机器的特征，因此如果您正在寻找这方面的投资，我们认为您会在其他地方更加幸运。
On a final note, we've found 1 warning sign for Cathay Biotech that we think you should be aware of.
最后，我们发现上海科领生物科技股份有限公司有1个警告信号，我们认为您应该知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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