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Return Trends At Shanghai Pharmaceuticals Holding (SHSE:601607) Aren't Appealing

Return Trends At Shanghai Pharmaceuticals Holding (SHSE:601607) Aren't Appealing

上海醫藥控股(SHSE: 601607)的回報趨勢並不吸引人
Simply Wall St ·  02/21 12:07

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Shanghai Pharmaceuticals Holding (SHSE:601607) and its ROCE trend, we weren't exactly thrilled.

我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。有鑑於此,當我們查看上海醫藥控股(SHSE: 601607)及其投資回報率趨勢時,我們並不十分興奮。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Shanghai Pharmaceuticals Holding, this is the formula:

對於那些不確定什麼是投資回報率的人,它衡量的是公司可以從其業務中使用的資本中獲得的稅前利潤。要計算上海醫藥控股的這個指標,公式如下:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.098 = CN¥8.9b ÷ (CN¥213b - CN¥122b) (Based on the trailing twelve months to September 2023).

0.098 = CN¥8.9b ≤(CN¥213b-CN¥122b) (基於截至2023年9月的過去十二個月)

Therefore, Shanghai Pharmaceuticals Holding has an ROCE of 9.8%. On its own, that's a low figure but it's around the 11% average generated by the Healthcare industry.

因此,上海醫藥控股的投資回報率爲9.8%。就其本身而言,這是一個很低的數字,但約爲醫療保健行業的11%的平均水平。

roce
SHSE:601607 Return on Capital Employed February 21st 2024
SHSE: 601607 2024 年 2 月 21 日動用資本回報率

Above you can see how the current ROCE for Shanghai Pharmaceuticals Holding compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Shanghai Pharmaceuticals Holding for free.

上面你可以看到上海醫藥控股目前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道上海醫藥控股的分析師的預測。

What Does the ROCE Trend For Shanghai Pharmaceuticals Holding Tell Us?

上海醫藥控股的投資回報率趨勢告訴我們什麼?

In terms of Shanghai Pharmaceuticals Holding's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 9.8% for the last five years, and the capital employed within the business has risen 78% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.

就上海醫藥控股的歷史投資回報率走勢而言,這並不完全值得關注。在過去五年中,該公司的收入一直保持在9.8%,在此期間,公司內部使用的資本增長了78%。這種糟糕的投資回報率目前並不能激發信心,隨着所用資本的增加,很明顯,該企業沒有將資金部署到高回報的投資中。

On a side note, Shanghai Pharmaceuticals Holding's current liabilities are still rather high at 57% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

順便說一句,上海醫藥控股的流動負債仍然相當高,佔總資產的57%。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。

In Conclusion...

總之...

In summary, Shanghai Pharmaceuticals Holding has simply been reinvesting capital and generating the same low rate of return as before. And with the stock having returned a mere 8.1% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.

總而言之,上海醫藥控股只是在進行資本再投資,從而產生了與以前一樣低的回報率。而且,在過去五年中,該股向股東的回報率僅爲8.1%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一款多袋裝車,潛在的趨勢表明你在其他地方的機會可能更大。

If you're still interested in Shanghai Pharmaceuticals Holding it's worth checking out our FREE intrinsic value approximation for 601607 to see if it's trading at an attractive price in other respects.

如果您仍然對上海醫藥控股感興趣,值得查看我們對601607的免費內在價值近似值,看看它在其他方面的交易價格是否具有吸引力。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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