The Returns On Capital At Shandong Weigao Orthopaedic Device (SHSE:688161) Don't Inspire Confidence
The Returns On Capital At Shandong Weigao Orthopaedic Device (SHSE:688161) Don't Inspire Confidence
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Shandong Weigao Orthopaedic Device (SHSE:688161), we don't think it's current trends fit the mold of a multi-bagger.
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。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,在調查了山東威高骨科器械(SHSE: 688161)之後,我們認爲目前的趨勢不符合多袋機的模式。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Shandong Weigao Orthopaedic Device, this is the formula:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算山東威高骨科設備的這個指標,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)
0.032 = CN¥130m ÷ (CN¥5.2b - CN¥1.1b) (Based on the trailing twelve months to December 2023).
0.032 = 1.3億元人民幣 ÷(52億元人民幣-11億元人民幣) (基於截至2023年12月的過去十二個月)。
Therefore, Shandong Weigao Orthopaedic Device has an ROCE of 3.2%. Ultimately, that's a low return and it under-performs the Medical Equipment industry average of 9.2%.
因此,山東威高骨科器械的投資回報率爲3.2%。歸根結底,這是一個低迴報,其表現低於醫療設備行業9.2%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240307/0-81614f21da94ca868c71176d59702e17-0-e74c245fa32e7f020dc6d8da79a655eb.png/big)
In the above chart we have measured Shandong Weigao Orthopaedic Device's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shandong Weigao Orthopaedic Device for free.
在上圖中,我們將山東威高骨科設備先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,你可以免費查看分析師對山東威高骨科設備的預測。
So How Is Shandong Weigao Orthopaedic Device's ROCE Trending?
那麼山東威高骨科設備的投資回報率走勢如何?
In terms of Shandong Weigao Orthopaedic Device's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 22% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就山東威高骨科器械的歷史ROCE運動而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的22%下降。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。
Our Take On Shandong Weigao Orthopaedic Device's ROCE
我們對山東威高骨科器械投資回報率的看法
We're a bit apprehensive about Shandong Weigao Orthopaedic Device because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last year have experienced a 51% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
我們對山東威高骨科器械有點擔心,因爲儘管向該業務投入了更多資金,但資本回報率和銷售額都下降了。去年持有該股的長期股東的投資貶值了51%,因此看來市場可能也不喜歡這些趨勢。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。
One more thing, we've spotted 2 warning signs facing Shandong Weigao Orthopaedic Device that you might find interesting.
還有一件事,我們發現了山東威高骨科設備面臨的兩個警告標誌,你可能會覺得有趣。
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。
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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.
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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。