Investors Could Be Concerned With Dian Diagnostics GroupLtd's (SZSE:300244) Returns On Capital
Investors Could Be Concerned With Dian Diagnostics GroupLtd's (SZSE:300244) Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. However, after briefly looking over the numbers, we don't think Dian Diagnostics GroupLtd (SZSE:300244) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果想找到一个能够有潜力大幅增长的企业，不是很容易，但是有可能，我们只需要关注几个重要的财务指标。理想情况下一个企业应该显示出两个趋势，即首先是投入资本收回率（ROCE）不断上升，其次是投入资本不断增加。这基本上意味着公司有盈利的项目继续投资，这是一个复利机器的特征。但是，简短查看过后，我们并不认为点滴诊断（集团）股份有限公司（SZSE:300244）有成为多倍股票的潜力，但是我们来看看为什么是这样的。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Dian Diagnostics GroupLtd, this is the formula:
如果您以前没有使用ROCE，请了解一下。ROCE尺度公司在其业务中使用的资本所产生的“回报”（税前利润）的大小。要计算点滴诊断集团股份有限公司的ROCE，请使用以下公式：
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。
0.058 = CN¥748m ÷ (CN¥18b - CN¥4.9b) (Based on the trailing twelve months to March 2024).
0.058 = CN¥74800万 ÷ (CN¥180亿 - CN¥4.9b)（根据截至2024年3月的过去十二个月计算）。
Therefore, Dian Diagnostics GroupLtd has an ROCE of 5.8%. Ultimately, that's a low return and it under-performs the Healthcare industry average of 9.5%.
因此，点滴诊断集团股份有限公司的ROCE为5.8%。从根本上讲，这是一种低回报，并且低于9.5%的医疗保健行业平均水平。
Above you can see how the current ROCE for Dian Diagnostics GroupLtd 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 Dian Diagnostics GroupLtd .
您可以看到点滴诊断集团股份有限公司的当前ROCE与其过去的资本回报率相比如何，但过去只能告诉我们这么多。如果您想看看分析师预测的未来走势，您应该查看我们的点滴诊断股份有限公司的免费分析师报告。
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。
On the surface, the trend of ROCE at Dian Diagnostics GroupLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
表面上，点滴诊断集团股份有限公司的ROCE趋势并不令人信服。具体而言，ROCE在过去五年中下降了15％。并且考虑到营业收入下降了，同时使用的资本更多了，我们应该保持谨慎。如果这种情况持续下去，您可能正在看一个试图通过投资以实现增长但实际上正在失去市场份额的公司，因为销售额没有增加。
On a side note, Dian Diagnostics GroupLtd has done well to pay down its current liabilities to 27% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
值得一提的是，点滴诊断集团股份有限公司已经很好地支付了其流动负债，占总资产的27％。所以我们可以将其中一部分归因于ROCE的下降。实际上这意味着他们的供应商或短期债权人为企业提供资金的比例较少，这减少了某些风险因素。由于企业基本上正在用自己的资本来资助其运营，因此您可以认为这使得企业在产生ROCE方面效率不高。
The Bottom Line On Dian Diagnostics GroupLtd's ROCE
点滴诊断集团股份有限公司ROCE的底线
From the above analysis, we find it rather worrisome that returns on capital and sales for Dian Diagnostics GroupLtd have fallen, meanwhile the business is employing more capital than it was five years ago. It should come as no surprise then that the stock has fallen 41% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
从上面的分析中，我们发现点滴诊断集团股份有限公司的资本回报率和销售额下降，与五年前相比，企业使用的资本更多。因此，过去五年中，这只股票的价格已下跌41％，因此看起来投资者正在认识到这些变化。在这些方面，由于基本趋势并不理想，所以我们会考虑寻找其他地方。
If you want to continue researching Dian Diagnostics GroupLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想继续研究点滴诊断集团股份有限公司，您可能会对我们的分析发现的1个警告标志感兴趣。
While Dian Diagnostics GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然点滴诊断集团股份有限公司的回报不是最高的，但请查看这个免费的公司列表，这些公司在股东权益上获得了高回报并拥有实力的资产负债表。
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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
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。