Investors Met With Slowing Returns on Capital At Shinva Medical InstrumentLtd (SHSE:600587)
Investors Met With Slowing Returns on Capital At Shinva Medical InstrumentLtd (SHSE:600587)
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. 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 investigating Shinva Medical InstrumentLtd (SHSE:600587), we don't think it's current trends fit the mold of a multi-bagger.
如果你不确定从哪里开始寻找下一个多倍收益股，有几个关键趋势你应该关注。除其他外，我们希望看到两件事：首先，资本雇用回报率（ROCE）不断增长；其次，公司资本雇用量有所扩张。这表明该企业是一个复合机器，能够不断将其收益再投资到业务中并生成更高的回报。然而，经过对新和医疗器械有限公司（SHSE:600587）的调查，我们认为它的当前趋势不符合多倍收益股的模式。
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 Shinva Medical InstrumentLtd is:
对于不确定 ROCE 是什么的人来说，它衡量了一家公司从其业务中的资本雇用中能够产生多少税前利润。在这个公式中，我们以新和医疗器械有限公司的数据为例：
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。
0.08 = CN¥665m ÷ (CN¥15b - CN¥7.2b) (Based on the trailing twelve months to March 2024).
0.08 = CN¥66500 万 ÷ (CN¥150 亿 - CN¥7.2b)（基于 2024 年 3 月为止的过去十二个月）。
Therefore, Shinva Medical InstrumentLtd has an ROCE of 8.0%. In absolute terms, that's a low return, but it's much better than the Medical Equipment industry average of 6.4%.
因此，新和医疗器械有限公司的 ROCE 为 8.0%。就绝对值而言，这是一个较低的收益率，但比医疗设备行业平均水平高出很多（行业平均 ROCE 为 6.4%）。
In the above chart we have measured Shinva Medical InstrumentLtd'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 analyst report for Shinva Medical InstrumentLtd .
在上面的图表中，我们测量了新和医疗器械有限公司之前的 ROCE 对比其之前的表现，但未来可能更为重要，如果您想了解分析师对未来的预测，可以查看我们为新和医疗器械有限公司的免费分析师报告。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
In terms of Shinva Medical InstrumentLtd's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 8.0% for the last five years, and the capital employed within the business has risen 59% in that time. 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.
就新和医疗器械有限公司的 ROCE 历史趋势而言，它并不引人注目。在过去五年中，公司一直赚取8.0% 的回报，在该期间内，业务内的资本雇用增长了59%。鉴于公司增加了资本雇用量，似乎已经进行的投资不能提供高回报率。
On a side note, Shinva Medical InstrumentLtd has done well to reduce current liabilities to 47% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk. We'd like to see this trend continue though because as it stands today, thats still a pretty high level.
顺便说一句，新和医疗器械有限公司在过去五年中成功将流动负债降至总资产的47%。实际上，现在供应商对于该企业的资助比以前少了，这可能降低了某些风险元素。但我们希望这一趋势能够继续下去，因为目前的水平仍然很高。
Our Take On Shinva Medical InstrumentLtd's ROCE
我们对新和医疗器械有限公司的 ROCE 的看法
As we've seen above, Shinva Medical InstrumentLtd's returns on capital haven't increased but it is reinvesting in the business. Unsurprisingly, the stock has only gained 34% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
正如我们在上面所看到的，新和医疗器械有限公司的资本回报率没有增加，但它正在对业务进行再投资。不出所料，这只股票在过去的五年中仅上涨了34%，这可能表明投资者正在考虑未来。因此，如果您正在寻找多倍收益股票，我们认为您可以在其他地方更加幸运。
On a separate note, we've found 1 warning sign for Shinva Medical InstrumentLtd you'll probably want to know about.
另外，我们发现了一个新和医疗器械有限公司的警告信号，您可能会想了解一下。
While Shinva Medical InstrumentLtd 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.
虽然新和医疗器材有限公司的回报率目前并不是最高的，但我们已经编制了一张比它更高的回报率的公司名单。请在此查看免费清单。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
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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