There Are Reasons To Feel Uneasy About Zhejiang Meishuo Electric TechnologyLtd's (SZSE:301295) Returns On Capital
There Are Reasons To Feel Uneasy About Zhejiang Meishuo Electric TechnologyLtd's (SZSE:301295) Returns On Capital
0.026 = CN¥25m ÷ (CN¥1.2b - CN¥233m) There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. In light of that, when we looked at Zhejiang Meishuo Electric TechnologyLtd (SZSE:301295) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到下一个股价暴涨的标的，就应该关注以下几个关键趋势。通常来说，我们希望注意到资本利用率（ROCE）不断增长的趋势，同时基础资本的规模也在不断扩大。这表明它是一个复利机器，能够持续地将收益再投入到业务中并获得更高的回报。鉴于此，当我们研究浙江美朔电器股份有限公司（SZSE:301295）及其ROCE趋势时，并不乐观。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Zhejiang Meishuo Electric TechnologyLtd:
如果您以前没有接触过ROCE，它用于衡量公司利用在业务中的资本所获得的“回报”（税前利润）。分析师使用这个公式来计算浙江美朔电器股份有限公司的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。
0.026 = CN¥25m ÷ (CN¥1.2b - CN¥233m) (Based on the trailing twelve months to March 2024).
0.026 = CN¥2500万 ÷ (CN¥12亿 - CN¥233m)（基于截至2024年3月的过去12个月）。
Thus, Zhejiang Meishuo Electric TechnologyLtd has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
因此，浙江美朔电器股份有限公司的ROCE为2.6％。最终，这是一个较低的回报率，低于电气行业平均水平6.0％。
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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhejiang Meishuo Electric TechnologyLtd.
虽然过去并不能代表未来，但了解公司的历史表现可能有所帮助，这就是为什么我们提供了上面的图表，如果您想深入了解历史收益，请查看这些免费图表，详细说明了浙江美朔电器股份有限公司的营收和现金流表现。
So How Is Zhejiang Meishuo Electric TechnologyLtd's ROCE Trending?
那么，浙江美朔电器股份有限公司的ROCE趋势如何？
When we looked at the ROCE trend at Zhejiang Meishuo Electric TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 2.6% from 36% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
当我们研究浙江美朔电器股份有限公司的ROCE趋势时，并没有增强信心。在过去的五年中，资本回报率从五年前的36％下降到2.6％。同时，企业正在利用更多的资本，但在过去12个月中未能在销售方面有太大的变化，因此这可能反映了长期的投资。公司可能需要一些时间才能从这些投资中看到任何收益变化。
On a side note, Zhejiang Meishuo Electric TechnologyLtd has done well to pay down its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. 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.
附带说明，浙江美朔电器股份有限公司已成功偿还其流动负债，占总资产的19％。因此，我们可以将ROCE下降与此联系起来。此外，这可以减少业务方面的某些风险，因为现在公司的供应商或短期债权人为其运营提供的资金更少了。一些人认为，这将减少公司资本运营的效率，因为现在更多地使用自己的资金来运营业务。
What We Can Learn From Zhejiang Meishuo Electric TechnologyLtd's ROCE
总之，我们发现浙江美朔电器股份有限公司正在向业务中再投资，但回报率已经在下降。投资者似乎对趋势会否获得提升持有疑虑，因为股票在过去一年中已下跌29％。因此，根据本文所做的分析，我们认为浙江美朔电器股份有限公司不具有强劲的股价增长潜力。
To conclude, we've found that Zhejiang Meishuo Electric TechnologyLtd is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 29% in the last year. Therefore based on the analysis done in this article, we don't think Zhejiang Meishuo Electric TechnologyLtd has the makings of a multi-bagger.
还有一件事：我们已经确定了浙江美朔电器股份有限公司的3个风险警示（其中至少有1个不太令人满意），了解这些信息可能会派上用场。
One more thing: We've identified 3 warning signs with Zhejiang Meishuo Electric TechnologyLtd (at least 1 which doesn't sit too well with us) , and understanding these would certainly be useful.
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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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。