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Be Wary Of Allmed Medical ProductsLtd (SZSE:002950) And Its Returns On Capital

Be Wary Of Allmed Medical ProductsLtd (SZSE:002950) And Its Returns On Capital

警惕Allmed Medical ProductsLtd(深圳證券交易所:002950)及其資本回報率
Simply Wall St ·  02/27 18:37

To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. However, after briefly looking over the numbers, we don't think Allmed Medical ProductsLtd (SZSE:002950) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 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。但是,在簡短地查看了這些數字之後,我們認爲Allmed Medical ProductsLTD(深圳證券交易所:002950)未來不具備多袋裝機的實力,但讓我們來看看爲什麼會這樣。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (ROCE)

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 Allmed Medical ProductsLtd is:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。在 Allmed Medical ProductsLtd 上進行此計算的公式爲:

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)

0.11 = CN¥440m ÷ (CN¥5.2b - CN¥1.3b) (Based on the trailing twelve months to September 2023).

0.11 = 4.4億元人民幣 ÷(52億元人民幣-13億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Allmed Medical ProductsLtd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 8.2% it's much better.

因此,Allmed Medical ProductsLtd的投資回報率爲11%。從絕對值來看,這是一個令人滿意的回報,但與醫療設備行業平均水平的8.2%相比,回報要好得多。

roce
SZSE:002950 Return on Capital Employed February 27th 2024
SZSE: 002950 2024 年 2 月 27 日動用資本回報率

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 Allmed Medical ProductsLtd's past further, check out this free graph covering Allmed Medical ProductsLtd's past earnings, revenue and cash flow.

雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你有興趣進一步調查Allmed Medical ProductsLTD的過去,請查看這張涵蓋Allmed Medical ProductsLtd過去的收益、收入和現金流的免費圖表。

What Can We Tell From Allmed Medical ProductsLtd's ROCE Trend?

我們可以從Allmed Medical ProductsLtd的投資回報率趨勢中得出什麼?

When we looked at the ROCE trend at Allmed Medical ProductsLtd, we didn't gain much confidence. Around five years ago the returns on capital were 16%, but since then they've fallen to 11%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.

當我們查看Allmed Medical ProductsLTD的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲16%,但此後已降至11%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。

On a side note, Allmed Medical ProductsLtd has done well to pay down its current liabilities to 26% 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. 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.

順便說一句,Allmed Medical ProductsLTD在將其流動負債償還至總資產的26%方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。

The Key Takeaway

關鍵要點

We're a bit apprehensive about Allmed Medical ProductsLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 56% over the last three years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

我們對Allmed Medical productsLTD有點擔心,因爲儘管向該業務投入了更多資金,但該資本的回報率和銷售額都下降了。因此,該股在過去三年中下跌了56%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

On a final note, we found 2 warning signs for Allmed Medical ProductsLtd (1 is potentially serious) you should be aware of.

最後,我們發現了Allmed Medical ProductsLTD的2個警告信號(其中一個可能很嚴重),你應該注意。

While Allmed Medical ProductsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管Allmed Medical ProductsLTD的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。

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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