There Are Reasons To Feel Uneasy About Shenzhen YHLO Biotech's (SHSE:688575) Returns On Capital
There Are Reasons To Feel Uneasy About Shenzhen YHLO Biotech's (SHSE:688575) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at Shenzhen YHLO Biotech (SHSE:688575) and its ROCE trend, we weren't exactly thrilled.
如果我们想要确定下一个多倍股,有几个重要的趋势需要留意。首先,我们需要看到资本回报率(ROCE)已经实现了增长,并且其上的资本也不断扩大。如果您能够看到这一点,那么通常表明这是一家拥有出色业务模式以及许多盈利再投资机会的公司。 基于此,当我们看到深圳市远海洛(SHSE:688575)及其ROCE趋势时,并不感到十分满意。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shenzhen YHLO Biotech is:
为了澄清如果您不确定,ROCE是一种用于评估公司在其业务中投入的资本上实现多少税前收入(以百分比表示)的度量标准。而深圳市远海洛生物研究有限公司的这个计算公式是:
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。
0.059 = CN¥181m ÷ (CN¥3.9b - CN¥792m) (Based on the trailing twelve months to March 2024).
0.059 = 1.81亿 ÷ (39亿-7.92亿)(根据截至2024年3月的最近十二个月计算)。
Thus, Shenzhen YHLO Biotech has an ROCE of 5.9%. Even though it's in line with the industry average of 6.4%, it's still a low return by itself.
因此,深圳市远海洛生物研究有限公司的ROCE为5.9%。尽管它与行业平均水平6.4%相符,但它仍然是一个相对较低的回报。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-01b01f3329f4bf4048d6a2539c5910cd-0-d7c8005e64b58eebb163d121b53fc892.png/big)
Above you can see how the current ROCE for Shenzhen YHLO Biotech 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 Shenzhen YHLO Biotech .
您可以看到深圳市远海洛生物研究有限公司目前的ROCE如何与其以往的资本回报率相比,但过去只能提供有限的参考。如果您想了解分析师对未来的预测,可以查看我们的深圳市远海洛分析师报告。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
When we looked at the ROCE trend at Shenzhen YHLO Biotech, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.9% from 13% five years ago. 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.
当我们看深圳市远海洛生物研究有限公司的ROCE趋势时,并没有太多的信心。在过去的五年中,资本回报率从五年前的13%下降到了5.9%。同时,在更多的资本的支持下,营业收入却下降了,因此我们需要保持谨慎。如果这种情况继续下去,您可能正在看到一家试图通过再投资来实现增长,但实际上正失去市场份额的公司,因为销售额并没有增加。
On a side note, Shenzhen YHLO Biotech has done well to pay down its current liabilities to 21% 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. 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.
另一方面,深圳市远海洛生物研究有限公司已经很好地偿还了其流动负债,它只占其总资产的21%。这可能可以解释ROCE下降的部分原因。此外,这可以减轻企业的某些风险,因为现在公司的供应商或短期债权人正在为其运营资金提供更少的资金。由于企业基本上是用自己的资金资助更多的运营,因此您可以认为这使得企业在创造ROCE方面变得不那么高效。
What We Can Learn From Shenzhen YHLO Biotech's ROCE
从深圳市远海洛生物研究有限公司的ROCE中所学到的东西
In summary, we're somewhat concerned by Shenzhen YHLO Biotech's diminishing returns on increasing amounts of capital. Investors haven't taken kindly to these developments, since the stock has declined 20% from where it was three years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总之,深圳市远海洛生物研究有限公司在投入更多资本的情况下回报下降令我们有些担忧。由于其基本面在这些方面并不好,因此投资者并不看好该股票,自3年前以来该股票已经下跌了20%。考虑到这一点,我们可以考虑寻找其他投资机会。
On a final note, we found 2 warning signs for Shenzhen YHLO Biotech (1 makes us a bit uncomfortable) you should be aware of.
最后,我们发现深圳市远海洛生物研究有限公司有2个警告信号(其中1个让我们有点不舒服),您应该注意一下。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。