Be Wary Of Ningbo Tianyi Medical Appliance (SZSE:301097) And Its Returns On Capital
Be Wary Of Ningbo Tianyi Medical Appliance (SZSE:301097) And Its Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Ningbo Tianyi Medical Appliance (SZSE:301097) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該看什麼早期趨勢來判斷一隻長期能夠翻倍的股票呢？業務應該會呈現兩個趨勢，首先是資本僱用率增長；這體現了企業以越來越高的回報率將利潤再投資於業務。因此，納斯達克g-iii服裝集團的資本僱用率回報率（ROCE）目前看起來不錯，讓我們看看回報率的趨勢能告訴我們什麼。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。資產回報率高。如果您看到這個，這通常意味着這是一家擁有出色業務模式和豐富有利可圖的再投資機會的公司。儘管如此，從對寧波天伊醫療器械（SZSE:301097）的第一眼看上去，我們並不對其回報的趨勢感到興奮，但讓我們進行更深入的研究。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Ningbo Tianyi Medical Appliance:
如果您以前沒有接觸過資產回報率（ROCE），它是用來衡量一家公司從其在業務中使用的資本中所產生的“回報”（稅前利潤）的。分析師使用這個公式來計算寧波天伊醫療器械的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。
0.012 = CN¥17m ÷ (CN¥1.8b - CN¥270m) (Based on the trailing twelve months to March 2024).
0.012 = 人民幣17m ÷ （人民幣1.8b - 人民幣270m）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, Ningbo Tianyi Medical Appliance has an ROCE of 1.2%. In absolute terms, that's a low return and it also under-performs the Medical Equipment industry average of 6.3%.
因此，寧波天伊醫療器械的ROCE爲1.2％。在絕對值上，這是一個較低的回報，並且它也表現不及6.3％的醫療設備行業平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ningbo Tianyi Medical Appliance's ROCE against it's prior returns. If you'd like to look at how Ningbo Tianyi Medical Appliance has performed in the past in other metrics, you can view this free graph of Ningbo Tianyi Medical Appliance's past earnings, revenue and cash flow.
歷史表現是研究股票的好起點，因此您可以看到上面寧波天伊醫療器械的ROCE評估與其以往的回報相比。如果您想查看寧波天伊醫療器械在其他指標方面的過去表現，您可以查看此免費圖表，其中包括寧波天伊醫療器械的過去收益，營業收入和現金流量。
So How Is Ningbo Tianyi Medical Appliance's ROCE Trending?
那麼寧波天伊醫療器械的ROCE趨勢如何？
In terms of Ningbo Tianyi Medical Appliance's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 19%, but since then they've fallen to 1.2%. However it looks like Ningbo Tianyi Medical Appliance might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就寧波天伊醫療器械公司的歷史ROCE走勢而言，趨勢不是很好。大約五年前，資本回報率爲19%，但從那時起已降至1.2%。然而，寧波天伊醫療器械公司可能正在進行長期增長的再投資，因爲雖然所用資本已經增加，但公司的銷售額在過去12個月裏並沒有太大變化。在這些投資中獲得收益可能需要一些時間。
On a side note, Ningbo Tianyi Medical Appliance has done well to pay down its current liabilities to 15% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句，寧波天伊醫療器械已經很好地償還了其流動負債，這些負債佔其總資產的15％。所以我們可以將這些歸因於ROCE的降低。此外，這也可以降低公司某些風險方面，因爲現在公司的供應商或短期債權人資助其運營的比例較低。有人會認爲，這降低了企業以自己的資金資助更多的運營的效率，因此減少了企業產生ROCE的效率。
What We Can Learn From Ningbo Tianyi Medical Appliance's ROCE
綜合起來，雖然我們對寧波天伊醫療器械自身業務的再投資有些鼓舞，但我們意識到其回報正在減少。此外，過去一年中該股票的總回報並未增長，這並不令人意外。總的來說，我們對底層趨勢並不太有啓示，我們認爲可能會有更好的機會在其他地方找到多倍增長的企業。
Bringing it all together, while we're somewhat encouraged by Ningbo Tianyi Medical Appliance's reinvestment in its own business, we're aware that returns are shrinking. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之，儘管我們對寧波天伊醫療器械公司對自身業務的再投資持某些鼓勵態度，但我們也意識到回報正在縮水。此外，公司股票去年的總回報率基本持平，這並不太令人驚訝。總體而言，我們對基本趨勢並不太感到鼓舞，我們認爲其他地方可能有更好的找到多倍股的機會。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Ningbo Tianyi Medical Appliance (of which 2 are potentially serious!) that you should know about.
儘管寧波天伊醫療器械當前可能沒有賺取最高的回報，但我們已經編制了一份目前獲得超過25％股本回報率的公司列表。在此處查看這個免費列表。
While Ningbo Tianyi Medical Appliance 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.
雖然寧波天伊醫療器械公司目前可能沒有最高的回報率，但我們已經編制了一個目前在所有板塊上都獲得超過25%回報率的公司清單。在這裏查看免費清單。
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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。