Investors Met With Slowing Returns on Capital At Shinva Medical InstrumentLtd (SHSE:600587)
Investors Met With Slowing Returns on Capital At Shinva Medical InstrumentLtd (SHSE:600587)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Shinva Medical InstrumentLtd (SHSE:600587), we don't think it's current trends fit the mold of a multi-bagger.
如果你不確定從哪裏開始尋找下一個多倍收益股，有幾個關鍵趨勢你應該關注。除其他外，我們希望看到兩件事：首先，資本僱用回報率（ROCE）不斷增長；其次，公司資本僱用量有所擴張。這表明該企業是一個複合機器，能夠不斷將其收益再投資到業務中並生成更高的回報。然而，經過對新和醫療器械有限公司（SHSE:600587）的調查，我們認爲它的當前趨勢不符合多倍收益股的模式。
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 Shinva Medical InstrumentLtd is:
對於不確定 ROCE 是什麼的人來說，它衡量了一家公司從其業務中的資本僱用中能夠產生多少稅前利潤。在這個公式中，我們以新和醫療器械有限公司的數據爲例：
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。
0.08 = CN¥665m ÷ (CN¥15b - CN¥7.2b) (Based on the trailing twelve months to March 2024).
0.08 = CN¥66500 萬 ÷ (CN¥150 億 - CN¥7.2b)（基於 2024 年 3 月爲止的過去十二個月）。
Therefore, Shinva Medical InstrumentLtd has an ROCE of 8.0%. In absolute terms, that's a low return, but it's much better than the Medical Equipment industry average of 6.4%.
因此，新和醫療器械有限公司的 ROCE 爲 8.0%。就絕對值而言，這是一個較低的收益率，但比醫療設備行業平均水平高出很多（行業平均 ROCE 爲 6.4%）。
In the above chart we have measured Shinva Medical InstrumentLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shinva Medical InstrumentLtd .
在上面的圖表中，我們測量了新和醫療器械有限公司之前的 ROCE 對比其之前的表現，但未來可能更爲重要，如果您想了解分析師對未來的預測，可以查看我們爲新和醫療器械有限公司的免費分析師報告。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
In terms of Shinva Medical InstrumentLtd's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 8.0% for the last five years, and the capital employed within the business has risen 59% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就新和醫療器械有限公司的 ROCE 歷史趨勢而言，它並不引人注目。在過去五年中，公司一直賺取8.0% 的回報，在該期間內，業務內的資本僱用增長了59%。鑑於公司增加了資本僱用量，似乎已經進行的投資不能提供高回報率。
On a side note, Shinva Medical InstrumentLtd has done well to reduce current liabilities to 47% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk. We'd like to see this trend continue though because as it stands today, thats still a pretty high level.
順便說一句，新和醫療器械有限公司在過去五年中成功將流動負債降至總資產的47%。實際上，現在供應商對於該企業的資助比以前少了，這可能降低了某些風險元素。但我們希望這一趨勢能夠繼續下去，因爲目前的水平仍然很高。
Our Take On Shinva Medical InstrumentLtd's ROCE
我們對新和醫療器械有限公司的 ROCE 的看法
As we've seen above, Shinva Medical InstrumentLtd's returns on capital haven't increased but it is reinvesting in the business. Unsurprisingly, the stock has only gained 34% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
正如我們在上面所看到的，新和醫療器械有限公司的資本回報率沒有增加，但它正在對業務進行再投資。不出所料，這隻股票在過去的五年中僅上漲了34%，這可能表明投資者正在考慮未來。因此，如果您正在尋找多倍收益股票，我們認爲您可以在其他地方更加幸運。
On a separate note, we've found 1 warning sign for Shinva Medical InstrumentLtd you'll probably want to know about.
另外，我們發現了一個新和醫療器械有限公司的警告信號，您可能會想了解一下。
While Shinva Medical InstrumentLtd 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.
雖然新和醫療器材有限公司的回報率目前並不是最高的，但我們已經編制了一張比它更高的回報率的公司名單。請在此查看免費清單。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。