Beauty Farm Medical and Health Industry (HKG:2373) Will Want To Turn Around Its Return Trends
Beauty Farm Medical and Health Industry (HKG:2373) Will Want To Turn Around Its Return Trends
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at Beauty Farm Medical and Health Industry (HKG:2373), they do have a high ROCE, but we weren't exactly elated from how returns are trending.
如果我们想找到下一个多倍者，需要关注一些关键趋势。在一个完美的世界里，我们希望看到一家公司把更多的资本投入到其业务中，理想情况下，从这些资本中获得的回报也在增加。简单地说，这些类型的企业是复利机器，这意味着他们不断地以越来越高的回报率不断地再投资他们的盈利。因此，当我们看到了美健医疗保健行业（HKG：2373）时，他们确实拥有较高的ROCE，但我们并不满意回报的趋势。
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. The formula for this calculation on Beauty Farm Medical and Health Industry is:
如果您之前没有接触过ROCE，ROCE量度一家公司从其业务中使用的资本所创造的“回报”（税前利润）。该计算公式对于 Beauty Farm Medical and Health Industry 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。
0.22 = CN¥269m ÷ (CN¥3.3b - CN¥2.1b) (Based on the trailing twelve months to December 2023).
0.22 = CN¥26900万 ÷ (CN¥33亿 - CN¥2.1b) (基于截至2023年12月的过去12个月）。
So, Beauty Farm Medical and Health Industry has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此，美健医疗保健行业的ROCE为22%。这是一个很棒的回报，而且不仅如此，它还超过了类似行业公司所赚取的平均回报12%。
Above you can see how the current ROCE for Beauty Farm Medical and Health Industry compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Beauty Farm Medical and Health Industry .
您可以看到上面比较了美健医疗保健行业当前ROCE与其过去的资本回报，但是从过去的历史数据无法得出太多结论。如果您有兴趣，可以查看我们的免费分析师报告，了解美健医疗保健行业的分析师预测。
What Does the ROCE Trend For Beauty Farm Medical and Health Industry Tell Us?
美健医疗保健行业的ROCE趋势告诉我们什么？
When we looked at the ROCE trend at Beauty Farm Medical and Health Industry, we didn't gain much confidence. To be more specific, while the ROCE is still high, it's fallen from 41% where it was 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.
当我们观察美健医疗保健行业的ROCE趋势时，并没有给我们带来太多信心。更具体地说，尽管ROCE仍然很高，但它跌到了四年前的41%。然而，考虑到资本和营业收入都在增长，它似乎正在追求未来的成长，因此短期回报有所牺牲。如果增加的资本带来了更多的回报，则该企业以及股东将从中受益。另外，美健医疗保健行业偿还了其目前负债总额的62%，这可以部分解释为什么ROCE下降了。此外，这也可以降低公司供应商或短期债权人资助其运营的风险。一些人会认为这降低了企业产生ROCE的效率，因为它现在正在用自己的资本来资助其更多的业务。但是请记住，62%仍然相当高，因此这些风险仍然存在。
On a side note, Beauty Farm Medical and Health Industry has done well to pay down its current liabilities to 62% 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. Keep in mind 62% is still pretty high, so those risks are still somewhat prevalent.
虽然短期内投资回报率下降，但我们发现美健医疗保健行业的营业收入和资本投入都有所增长是值得期待的。尽管如此，这些增长趋势并没有带来更多的回报，因为该股票在过去一年中下跌了18%。因此，我们认为，鉴于这些趋势看起来令人鼓舞，继续深入研究该股票是值得的。
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。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Beauty Farm Medical and Health Industry. These growth trends haven't led to growth returns though, since the stock has fallen 18% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
美健医疗保健行业的营业收入和资本投入都有所增长，尽管短期内投资回报率有所下降。这些增长趋势尚未带来更多的回报，因为该股票在过去一年中下跌了18%。因此，我们认为，鉴于这些趋势看起来令人鼓舞，继续深入研究该股票是值得的。
Beauty Farm Medical and Health Industry could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 2373 on our platform quite valuable.
Beauty Farm Medical and Health Industry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对2373的自由内在价值估计非常有价值。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回报率是强劲表现的关键因素，因此请查看我们的免费股票列表，其中列出了盈利能力强、资产负债表坚实的股票。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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。