Returns On Capital Signal Tricky Times Ahead For Zhejiang Meili High Technology (SZSE:300611)
Returns On Capital Signal Tricky Times Ahead For Zhejiang Meili High Technology (SZSE:300611)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Zhejiang Meili High Technology (SZSE:300611) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你不确定从哪里开始寻找下一个多倍股,你应该密切关注一些关键趋势。除其他事项外,我们希望看到两件事; 首先是资本雇用回报率(ROCE)的增长,其次是公司资本雇用量的扩张。这向我们表明这是一个复利机器,能够不断将其收入再投资到业务中,并获得更高的回报。然而,初步查看了数字后,我们认为美力科技(SZSE:300611)未来不具备多倍增长的潜力,但我们来看看为什么会这样。
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 Meili High Technology:
如果你以前没有接触过ROCE,它衡量了公司从其资本雇用中生成的“回报”(税前利润)。分析师使用这个公式为美力科技计算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。
0.019 = CN¥24m ÷ (CN¥2.0b - CN¥702m) (Based on the trailing twelve months to September 2023).
0.019 = 2400万人民币 ÷ (20亿人民币 - 7.02亿人民币)(基于2023年9月止的过去十二个月)。
So, Zhejiang Meili High Technology has an ROCE of 1.9%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 7.2%.
因此,美力科技的ROCE为1.9%。绝对来说,这是一个较低的回报,而且它也表现不如汽车元件行业平均水平7.2%。
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're interested in investigating Zhejiang Meili High Technology's past further, check out this free graph covering Zhejiang Meili High Technology's past earnings, revenue and cash flow.
尽管过去不能代表未来,但了解公司历史表现可能会有所帮助,这就是为什么我们有上面的这张图表。如果您有兴趣进一步调查美力科技的过去,请查看这份免费的图表,其中包括美力科技过去的收入、营业收入和现金流。
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。
In terms of Zhejiang Meili High Technology's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 5.1%, but since then they've fallen to 1.9%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就美力科技的历史ROCE变动而言,趋势并不太理想。大约五年前,资本回报率为5.1%,但自那时以来下降至1.9%。尽管收入和业务中使用的资产数量都有所增加,这可能表明公司正在投资于增长,而额外的资本导致了ROCE的短期降低。如果增加的资本带来额外的回报,公司和股东最终将从中受益。
On a side note, Zhejiang Meili High Technology's current liabilities have increased over the last five years to 35% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
另外,美力科技的流动负债在过去五年中增加到总资产的35%,实际上在某种程度上扭曲了ROCE。如果流动负债没有像它们那样增加,ROCE实际上可能会更低。请密切关注这个比率,因为如果这个度量值过高,公司可能会面临一些新风险。
Our Take On Zhejiang Meili High Technology's ROCE
我们对美力科技的ROCE看法
While returns have fallen for Zhejiang Meili High Technology in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 11% gain to shareholders who've held over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
尽管美力科技的回报最近有所下降,但我们很高兴看到销售额增长,业务正在重投资。投资者开始认识到这些趋势,因为股票在过去五年为持有股东带来了11%的收益。因此,如果其他基本面证明是稳健的,这支股票仍可能是一个吸引人的投资机会。
One more thing, we've spotted 2 warning signs facing Zhejiang Meili High Technology that you might find interesting.
另外,我们发现了浙江美力科技面临的 2 个警告信号,您可能会感兴趣。
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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