Here's What's Concerning About LEPU ScienTech Medical Technology (Shanghai)'s (HKG:2291) Returns On Capital
Here's What's Concerning About LEPU ScienTech Medical Technology (Shanghai)'s (HKG:2291) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think LEPU ScienTech Medical Technology (Shanghai) (HKG:2291) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
您知道有些财务指标可以提供潜在翻倍股的线索吗?一种常见的方法是寻找ROCE(资本运营回报率)不断提高,同时资本运营增加的公司。这表明公司具有复利效应,能够持续将收益再投入业务中,从而产生更高的回报。然而,简要查看LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)(HKG:2291)的数据,我们认为它未来不具备成为潜在翻倍股的潜质,但让我们看看为什么。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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. The formula for this calculation on LEPU ScienTech Medical Technology (Shanghai) is:
只是为了澄清如果您不确定,ROCE是一种用于评估公司在业务中投资的资本所获得的税前收入(按百分比计算)的指标。该计算公式为:
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。
0.085 = CN¥165m ÷ (CN¥2.0b - CN¥59m) (Based on the trailing twelve months to December 2023).
0.085 = CN¥16500万 ÷ (CN¥20亿 - CN¥59m) (基于最近十二个月,December 2023)。
Thus, LEPU ScienTech Medical Technology (Shanghai) has an ROCE of 8.5%. In absolute terms, that's a low return but it's around the Medical Equipment industry average of 8.4%.
因此,LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)的ROCE为8.5%。从绝对值来看,这是一个低回报,但在医疗设备行业的平均水平为8.4%。
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While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how LEPU ScienTech Medical Technology (Shanghai) has performed in the past in other metrics, you can view this free graph of LEPU ScienTech Medical Technology (Shanghai)'s past earnings, revenue and cash flow.
虽然过去不能代表未来,但了解公司过去的表现可以帮助我们,这就是我们上面这张图标所展示的。如果您想查看LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)过去在其他指标上的表现,可以查看这个自由查看的LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)过去方面的收益,营业收入和现金流图表。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
When we looked at the ROCE trend at LEPU ScienTech Medical Technology (Shanghai), we didn't gain much confidence. Over the last four years, returns on capital have decreased to 8.5% from 25% four years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们查看LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)的ROCE趋势时,并没有增强多少信心。在最近的四年中,资本回报率从四年前的25%下降到8.5%。然而,考虑到使用的资本和营业收入都增加了,现在业务显然正在追求增长,代价则是短期回报。如果增加的资本能够产生额外的回报,业务以及股东将从中受益。
On a side note, LEPU ScienTech Medical Technology (Shanghai) has done well to pay down its current liabilities to 3.0% of total assets. That could partly explain why the ROCE has dropped. 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.
顺便提一下,LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)为当前负债偿付能力表现得很好,负债仅占其总资产的3.0%。这可能部分解释了ROCE的下降。此外,这可以降低业务的一些风险,因为现在公司的供应商或短期债权人资助其运营的少部分。一些人会认为,这会降低业务产生ROCE的效率,因为现在需要更多使用自己的资金资助业务的运营。
The Bottom Line On LEPU ScienTech Medical Technology (Shanghai)'s ROCE
针对LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)的ROCE底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for LEPU ScienTech Medical Technology (Shanghai). And there could be an opportunity here if other metrics look good too, because the stock has declined 32% in the last year. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
尽管在短期内资本回报率下降,我们发现LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)的营业收入和使用的资本都增加了,这是有希望的。如果其他指标也看起来良好,则可能存在机会,因为该股在过去一年中已下跌了32%。因此,我们建议进一步研究这只股票,以了解业务的其他基本面。
LEPU ScienTech Medical Technology (Shanghai) could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 2291 on our platform quite valuable.
LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)在其他方面可能正在以有吸引力的价格交易,因此您可能会发现我们平台上2291的免费内在价值估算有价值。
While LEPU ScienTech Medical Technology (Shanghai) 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LEPU ScienTech Medical Technology(乐普心泰医疗(临时代码))(上海)回报率不是最高的,但请查看此免费的公司列表,这些公司在资产负债表方面具有稳健的股本回报率。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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