Investors Could Be Concerned With Sino-High (China)'s (SZSE:301076) Returns On Capital
Investors Could Be Concerned With Sino-High (China)'s (SZSE:301076) Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Sino-High (China) (SZSE:301076) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到具有潛在增長空間的企業並不容易，但如果我們關注一些關鍵的財務指標，就有可能。通常來說，我們會希望注意到公司資本僱用的增長趨勢。基本上，這意味着公司有賺錢的項目可以繼續投資，這是複利機的特徵。但是，經過對上海醫藥（SHSE:601607）的調查後，我們認爲它目前的趨勢不符合多倍增長的模式。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）這最終表明這是一家在以增加的投資回報率進行利潤再投資的企業。但可以說，簡單瀏覽了中國翔宇（深圳證券交易所：301076）後，我們對回報率的趨勢並不樂觀，但讓我們深入了解一下。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. Analysts use this formula to calculate it for Sino-High (China):
對於不太確定ROCE是什麼的人，它衡量的是公司在其業務中使用的投入資本所能產生的稅前利潤金額。分析師使用此公式來爲中國翔宇（Sino-High (China)）計算ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.062 = CN¥71m ÷ (CN¥1.2b - CN¥60m) (Based on the trailing twelve months to March 2024).
0.062 = 7100萬 / （12億 - 6000萬）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, Sino-High (China) has an ROCE of 6.2%. Even though it's in line with the industry average of 5.5%, it's still a low return by itself.
因此，中國翔宇（Sino-High (China)）的ROCE爲6.2%。儘管這與行業平均水平5.5%相符，但相對獨立來看，它仍然是一個較低的回報率。
Above you can see how the current ROCE for Sino-High (China) compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Sino-High (China) .
您可以看到中國翔宇（Sino-High (China)）當前ROCE與之前資本回報率的比較情況，但從過去中你能了解的有限。如果您感興趣，您可以查看我們爲中國翔宇（Sino-High (China)）提供的免費分析師報告中的分析師預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
In terms of Sino-High (China)'s historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.2% from 24% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就中國翔宇（Sino-High (China)）歷史上的ROCE變化而言，其趨勢並不理想。在過去五年中，資本回報率從五年前的24%下降至6.2%。與此同時，該理業正在利用更多資本進行業務拓展，但在過去12個月內，這並沒有推動銷售額的增長，因此這可能反應了更長期的投資。從現在開始，值得關注公司的收益，看是否這些投資最終對淨利潤產生貢獻。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
Bringing it all together, while we're somewhat encouraged by Sino-High (China)'s reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 22% over the last year, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
綜合起來，儘管我們對中國翔宇（Sino-High (China)）對其自身業務的再投資持有一定的鼓勵態度，但我們認識到收益正在縮水。由於該股在過去一年中表現出色，漲幅達22％，因此投資者必須認爲未來有更好的前景。但最終，如果潛在趨勢持續存在，我們不認爲該股票未來會有太大的增長空間。
One final note, you should learn about the 2 warning signs we've spotted with Sino-High (China) (including 1 which is concerning) .
最後一點，你應該了解以下中國翔宇（Sino-High (China)）的 2個警告指標 （包括1個引人擔憂的指標） 。
While Sino-High (China) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然中國翔宇（Sino-High (China)）的回報率並不是最高的，但請查看此處免費的公司列表，這些公司在資產負債表上獲得了高回報和穩健的資產負債表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。