Slowing Rates Of Return At China Resources Medical Holdings (HKG:1515) Leave Little Room For Excitement
Slowing Rates Of Return At China Resources Medical Holdings (HKG:1515) Leave Little Room For Excitement
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at China Resources Medical Holdings' (HKG:1515) ROCE trend, we were pretty happy with what we saw.
你知道有一些财务指标可以提供潜在的倍增者的线索吗? 其中，我们将希望看到两件事情；首先，资本雇用回报率（ROCE）增长；其次，公司资本雇用量增加。如果你看到这个，通常意味着这是一个拥有极佳业务模式和丰富利润再投资机会的公司。这就是为什么当我们简要地看一下中国医药控股（HKG:1515）的 ROCE 趋势时，我们对看到的内容感到非常满意。
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. Analysts use this formula to calculate it for China Resources Medical Holdings:
对于那些不确定 ROCE 是什么的人，它衡量的是公司可以从其业务中使用的资本创造的税前利润总额。分析师使用这个公式来计算中国医药控股的 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。
0.10 = CN¥852m ÷ (CN¥14b - CN¥5.2b) (Based on the trailing twelve months to December 2023).
0.10 = CN¥85200万 ÷ (CN¥140亿 - CN¥5.2b) (基于截至2023年12月的最近十二个月。)
So, China Resources Medical Holdings has an ROCE of 10%. By itself that's a normal return on capital and it's in line with the industry's average returns of 10%.
因此，中国医药控股的 ROCE 为 10%。单独来看，这是正常的资本回报率，并且与行业的平均回报率相一致。
In the above chart we have measured China Resources Medical Holdings' 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 China Resources Medical Holdings .
在上面的图表中，我们测量了中国医药控股以前的 ROCE 对比以前的表现，但未来可能更为重要。如果你想看看分析师对未来的预测，你应该查看我们为中国医药控股免费提供的分析师报告。
So How Is China Resources Medical Holdings' ROCE Trending?
那么中国医药控股的 ROCE 走势如何?
While the returns on capital are good, they haven't moved much. The company has consistently earned 10% for the last five years, and the capital employed within the business has risen 40% in that time. 10% is a pretty standard return, and it provides some comfort knowing that China Resources Medical Holdings has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
虽然资本回报率很高，但它们并没有太多的变化。公司在过去五年中一直赚取 10%，而在此期间业务中所雇用的资本已增长了 40%。10% 是一个相当标准的回报率，它可以让人们很舒适，因为知道中国医药控股一贯能够稳定地赚取这个金额。这个稳定的回报率在这个范围内可能不太令人激动，但是如果它们能够在长期内得以维持，它们通常会为股东带来不错的回报。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 38% of total assets, this reported ROCE would probably be less than10% because total capital employed would be higher.The 10% ROCE could be even lower if current liabilities weren't 38% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
还有一点需要注意的是，在过去的五年里，我们发现该公司的流动负债增加了。这很有趣，因为如果流动负债没有占总资产的 38%，那么这个报告的 ROCE 可能会低于10%，因为总资本雇用量会更高。如果流动负债占总资产的比重特别高，这会带来一些新的风险因素，所以请谨慎。
The Bottom Line On China Resources Medical Holdings' ROCE
关于中国医药控股的 ROCE
In the end, China Resources Medical Holdings has proven its ability to adequately reinvest capital at good rates of return. Yet over the last five years the stock has declined 40%, so the decline might provide an opening. For that reason, savvy investors might want to look further into this company in case it's a prime investment.
最后，中国医药控股已经证明其能够以良好的回报率足够地再投资资金。然而，在过去的五年中，股票下降了 40%，因此这个下跌可能提供了机会。因此，精明的投资者可能希望进一步研究这家公司，看看它是否是一个主板投资。
One more thing to note, we've identified 2 warning signs with China Resources Medical Holdings and understanding these should be part of your investment process.
还有一件事需要注意，我们已经确定了中国医药控股的 2 个警示信号，并且理解这些信号应该成为你的投资过程的一部分。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。