Zhejiang FORE Intelligent TechnologyLtd (SZSE:301368) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang FORE Intelligent TechnologyLtd (SZSE:301368) Might Be Having Difficulty Using Its Capital Effectively
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Zhejiang FORE Intelligent TechnologyLtd (SZSE:301368) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
爲了尋找一隻賺倍兒的股票,我們應該尋找一家公司的底層趨勢是什麼?在一個完美的世界裏,我們想看到一家公司投入更多的資本到它的業務中,理想情況下,從這些資本中獲得的回報也在增加。簡單來說,這些類型的公司是複合機器,意味着它們不斷地以越來越高的回報率再投資其收益。儘管如此,從浙江同濟藥業股份有限公司(股票代碼:301368)的第一眼看起來,我們並不爲回報率趨勢所震撼,但是讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Zhejiang FORE Intelligent TechnologyLtd:
對於那些不確定ROCE(資本僱用回報率)是什麼的人,它是衡量公司從業務使用的資本中能夠產生的稅前利潤的金額。分析師使用以下公式計算它:
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。
0.0051 = CN¥5.0m ÷ (CN¥1.2b - CN¥226m) (Based on the trailing twelve months to March 2024).
0.0051 = CN¥500萬 ÷ (CN¥12億 - CN¥226m)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。.
Thus, Zhejiang FORE Intelligent TechnologyLtd has an ROCE of 0.5%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.6%.
因此,浙江同濟藥業股份有限公司的ROCE爲0.5%。絕對上來看,這是一個較低的回報,而且也低於機械行業平均5.6%的水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240530/0-b1df1c30c19c0b84e09c5e1e14775553-0-161e28f5a2cbd687aaa1e512f1329ee5.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhejiang FORE Intelligent TechnologyLtd's ROCE against it's prior returns. If you'd like to look at how Zhejiang FORE Intelligent TechnologyLtd has performed in the past in other metrics, you can view this free graph of Zhejiang FORE Intelligent TechnologyLtd's past earnings, revenue and cash flow.
歷史表現是研究股票的好起點,所以在上面你可以看到浙江同濟藥業股份有限公司ROCE針對以前的回報率。如果您想查看浙江同濟藥業股份有限公司在以前的其他指標中的表現,您可以查看浙江同濟藥業股份有限公司過去收益、營業收入和現金流的免費圖表。
So How Is Zhejiang FORE Intelligent TechnologyLtd's ROCE Trending?
那麼浙江同濟藥業股份有限公司的ROCE趨勢如何?
In terms of Zhejiang FORE Intelligent TechnologyLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 16% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就浙江FORE智能技術有限公司的歷史ROCE變動而言,趨勢並不太好。更具體地說,ROCE在過去五年中已從16%下降。然而,考慮到資本僱用和營業收入均有所增加,似乎業務目前追求的是長期增長而忽略了短期收益。如果增加的資本能夠產生更多的回報,業務和股東在長期上將受益。
On a related note, Zhejiang FORE Intelligent TechnologyLtd has decreased its current liabilities to 19% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
在相關問題上,浙江同濟藥業股份有限公司將其流動負債降至總資產的19%。這可能部分解釋了ROCE的下降。實際上,這意味着他們的供應商或短期債權人爲業務提供的資金減少了一些,這減少了一些風險。由於該企業基本上正在用自己的資金資助其運營,因此您可以認爲這使得該企業在產生ROCE方面不太有效率。
The Key Takeaway
重要提示
While returns have fallen for Zhejiang FORE Intelligent TechnologyLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 30% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
儘管浙江同濟藥業股份有限公司的回報率近期有所下降,但我們很高興地看到其銷售額正在增長,並且該企業正在重新投資其業務。但是,儘管趨勢很有前途,但該股票在過去一年中下跌了30%,因此聰明的投資者可能會有機會。因此,我們建議進一步研究這隻股票,了解業務的其他基本面。
If you want to know some of the risks facing Zhejiang FORE Intelligent TechnologyLtd we've found 4 warning signs (3 make us uncomfortable!) that you should be aware of before investing here.
如果您想了解浙江同濟藥業股份有限公司面臨的某些風險,我們已經發現了4種警告信號(其中3種讓我們不舒服!),您在投資前應該了解。
While Zhejiang FORE Intelligent TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管浙江同濟藥業股份有限公司目前可能沒有獲得最高回報,但我們已經編制了一份目前獲得超過25%權益回報率的公司清單。在此查看該免費清單。
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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。