Investors Could Be Concerned With Dian Diagnostics GroupLtd's (SZSE:300244) Returns On Capital
Investors Could Be Concerned With Dian Diagnostics GroupLtd's (SZSE:300244) 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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Dian Diagnostics GroupLtd (SZSE:300244) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果想找到一個能夠有潛力大幅增長的企業，不是很容易，但是有可能，我們只需要關注幾個重要的財務指標。理想情況下一個企業應該顯示出兩個趨勢，即首先是投入資本收回率（ROCE）不斷上升，其次是投入資本不斷增加。這基本上意味着公司有盈利的項目繼續投資，這是一個複利機器的特徵。但是，簡短查看過後，我們並不認爲點滴診斷（集團）股份有限公司（SZSE:300244）有成爲多倍股票的潛力，但是我們來看看爲什麼是這樣的。
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. To calculate this metric for Dian Diagnostics GroupLtd, this is the formula:
如果您以前沒有使用ROCE，請了解一下。ROCE尺度公司在其業務中使用的資本所產生的“回報”（稅前利潤）的大小。要計算點滴診斷集團股份有限公司的ROCE，請使用以下公式：
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。
0.058 = CN¥748m ÷ (CN¥18b - CN¥4.9b) (Based on the trailing twelve months to March 2024).
0.058 = CN¥74800萬 ÷ (CN¥180億 - CN¥4.9b)（根據截至2024年3月的過去十二個月計算）。
Therefore, Dian Diagnostics GroupLtd has an ROCE of 5.8%. Ultimately, that's a low return and it under-performs the Healthcare industry average of 9.5%.
因此，點滴診斷集團股份有限公司的ROCE爲5.8%。從根本上講，這是一種低迴報，並且低於9.5%的醫療保健行業平均水平。
Above you can see how the current ROCE for Dian Diagnostics GroupLtd 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 Dian Diagnostics GroupLtd .
您可以看到點滴診斷集團股份有限公司的當前ROCE與其過去的資本回報率相比如何，但過去只能告訴我們這麼多。如果您想看看分析師預測的未來走勢，您應該查看我們的點滴診斷股份有限公司的免費分析師報告。
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。
On the surface, the trend of ROCE at Dian Diagnostics GroupLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
表面上，點滴診斷集團股份有限公司的ROCE趨勢並不令人信服。具體而言，ROCE在過去五年中下降了15％。並且考慮到營業收入下降了，同時使用的資本更多了，我們應該保持謹慎。如果這種情況持續下去，您可能正在看一個試圖通過投資以實現增長但實際上正在失去市場份額的公司，因爲銷售額沒有增加。
On a side note, Dian Diagnostics GroupLtd has done well to pay down its current liabilities to 27% of total assets. So we could link some of this to the decrease in ROCE. 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.
值得一提的是，點滴診斷集團股份有限公司已經很好地支付了其流動負債，佔總資產的27％。所以我們可以將其中一部分歸因於ROCE的下降。實際上這意味着他們的供應商或短期債權人爲企業提供資金的比例較少，這減少了某些風險因素。由於企業基本上正在用自己的資本來資助其運營，因此您可以認爲這使得企業在產生ROCE方面效率不高。
The Bottom Line On Dian Diagnostics GroupLtd's ROCE
點滴診斷集團股份有限公司ROCE的底線
From the above analysis, we find it rather worrisome that returns on capital and sales for Dian Diagnostics GroupLtd have fallen, meanwhile the business is employing more capital than it was five years ago. It should come as no surprise then that the stock has fallen 41% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
從上面的分析中，我們發現點滴診斷集團股份有限公司的資本回報率和銷售額下降，與五年前相比，企業使用的資本更多。因此，過去五年中，這隻股票的價格已下跌41％，因此看起來投資者正在認識到這些變化。在這些方面，由於基本趨勢並不理想，所以我們會考慮尋找其他地方。
If you want to continue researching Dian Diagnostics GroupLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究點滴診斷集團股份有限公司，您可能會對我們的分析發現的1個警告標誌感興趣。
While Dian Diagnostics GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然點滴診斷集團股份有限公司的回報不是最高的，但請查看這個免費的公司列表，這些公司在股東權益上獲得了高回報並擁有實力的資產負債表。
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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。