Returns On Capital At JoeoneLtd (SHSE:601566) Have Hit The Brakes
Returns On Capital At JoeoneLtd (SHSE:601566) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to 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. Having said that, from a first glance at JoeoneLtd (SHSE:601566) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在寻找一个多包裹公司，有几件事情要注意。 其中之一是，我们希望看到两件事情。 首先是，投入资本要不断增长。 基本上这意味着一家公司有盈利的项目，可以继续投资，这是一个复合机器的特征。然而，当我们看着松下医疗设备（SZSE：300633）时，它似乎没有满足所有这些条件。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。简单来说，这些类型的企业是复合机器，意味着它们在不断地以更高的回报率重新投资其收益。然而，从最初的一瞥JoeoneLtd（SHSE: 601566）的收益趋势来看，我们并不感到兴奋，但让我们深入了解一下。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on JoeoneLtd is:
如果您不确定什么是ROCE，它衡量了公司从其业务所使用的资本中能够生成的税前利润的数量。 在JoeoneLtd上进行此计算的公式为：
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。
0.097 = CN¥420m ÷ (CN¥5.7b - CN¥1.4b) (Based on the trailing twelve months to March 2024).
因此，JoeoneLtd的ROCE为9.7%。 独立计算这个ROCE并不高，但与奢侈品行业平均6.5％相比，要好得多。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, JoeoneLtd has an ROCE of 9.7%. On its own that's a low return, but compared to the average of 6.5% generated by the Luxury industry, it's much better.
以上您可以看到JoeoneLtd的当前ROCE与其过去资本回报率的比较，但是从过去看出的已经有限。如果您想看看分析师预测的未来走势，您应该查看我们的免费分析师报告JoeoneLtd。
Above you can see how the current ROCE for JoeoneLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for JoeoneLtd .
以上是JoeoneLtd目前ROCE与其过去资本回报率的比较情况，但是从过去看出的已经有限。如果您想要知道分析师对未来的预测，您可以查看我们的免费分析师报告JoeoneLtd。
What Does the ROCE Trend For JoeoneLtd Tell Us?
JoeoneLtd的ROCE趋势告诉我们什么？
There hasn't been much to report for JoeoneLtd's returns and its level of capital employed because both metrics have been steady for the past five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect JoeoneLtd to be a multi-bagger going forward.
在过去5年中，JoeoneLtd的回报率和资本雇用水平保持稳定，因为这两个指标已经稳定。当看到一个成熟而稳定的企业不再重新投资其收益时，这并不罕见，因为它可能已经过了企业周期的这一阶段。考虑到这一点，除非未来再次增加投资，否则我们不希望JoeoneLtd成为多次投注者。
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。
We can conclude that in regards to JoeoneLtd's returns on capital employed and the trends, there isn't much change to report on. Unsurprisingly then, the total return to shareholders over the last five years has been flat. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
因此，关于JoeoneLtd的资本回报率和趋势，我们没有多少变化要报告。不出所料，过去5年股东的总回报率基本持平。总之，这些固有趋势并不是多次投注者的典型，如果您在寻找这一点，我们认为您可能在其他地方更有运气。
If you want to continue researching JoeoneLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想继续研究JoeoneLtd，您可能会对我们的分析发现的2个警告标志感兴趣。
While JoeoneLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然JoeoneLtd的回报率不是最高的，但请查看这个免费的公司列表，这些公司在平稳的资产负债表上获得了高回报率。
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