Returns On Capital At JoeoneLtd (SHSE:601566) Have Hit The Brakes
Returns On Capital At JoeoneLtd (SHSE:601566) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Having said that, from a first glance at JoeoneLtd (SHSE:601566) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一個多包裹公司，有幾件事情要注意。 其中之一是，我們希望看到兩件事情。 首先是，投入資本要不斷增長。 基本上這意味着一家公司有盈利的項目，可以繼續投資，這是一個複合機器的特徵。然而，當我們看着松下醫療設備（SZSE：300633）時，它似乎沒有滿足所有這些條件。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。簡單來說，這些類型的企業是複合機器，意味着它們在不斷地以更高的回報率重新投資其收益。然而，從最初的一瞥JoeoneLtd（SHSE: 601566）的收益趨勢來看，我們並不感到興奮，但讓我們深入了解一下。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on JoeoneLtd is:
如果您不確定什麼是ROCE，它衡量了公司從其業務所使用的資本中能夠生成的稅前利潤的數量。 在JoeoneLtd上進行此計算的公式爲：
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。
0.097 = CN¥420m ÷ (CN¥5.7b - CN¥1.4b) (Based on the trailing twelve months to March 2024).
因此，JoeoneLtd的ROCE爲9.7%。 獨立計算這個ROCE並不高，但與奢侈品行業平均6.5％相比，要好得多。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。.
Therefore, JoeoneLtd has an ROCE of 9.7%. On its own that's a low return, but compared to the average of 6.5% generated by the Luxury industry, it's much better.
以上您可以看到JoeoneLtd的當前ROCE與其過去資本回報率的比較，但是從過去看出的已經有限。如果您想看看分析師預測的未來走勢，您應該查看我們的免費分析師報告JoeoneLtd。
Above you can see how the current ROCE for JoeoneLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for JoeoneLtd .
以上是JoeoneLtd目前ROCE與其過去資本回報率的比較情況，但是從過去看出的已經有限。如果您想要知道分析師對未來的預測，您可以查看我們的免費分析師報告JoeoneLtd。
What Does the ROCE Trend For JoeoneLtd Tell Us?
JoeoneLtd的ROCE趨勢告訴我們什麼？
There hasn't been much to report for JoeoneLtd's returns and its level of capital employed because both metrics have been steady for the past five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect JoeoneLtd to be a multi-bagger going forward.
在過去5年中，JoeoneLtd的回報率和資本僱用水平保持穩定，因爲這兩個指標已經穩定。當看到一個成熟而穩定的企業不再重新投資其收益時，這並不罕見，因爲它可能已經過了企業週期的這一階段。考慮到這一點，除非未來再次增加投資，否則我們不希望JoeoneLtd成爲多次投注者。
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。
We can conclude that in regards to JoeoneLtd's returns on capital employed and the trends, there isn't much change to report on. Unsurprisingly then, the total return to shareholders over the last five years has been flat. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
因此，關於JoeoneLtd的資本回報率和趨勢，我們沒有多少變化要報告。不出所料，過去5年股東的總回報率基本持平。總之，這些固有趨勢並不是多次投注者的典型，如果您在尋找這一點，我們認爲您可能在其他地方更有運氣。
If you want to continue researching JoeoneLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究JoeoneLtd，您可能會對我們的分析發現的2個警告標誌感興趣。
While JoeoneLtd 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JoeoneLtd的回報率不是最高的，但請查看這個免費的公司列表，這些公司在平穩的資產負債表上獲得了高回報率。
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