There Are Reasons To Feel Uneasy About Zhejiang Meishuo Electric TechnologyLtd's (SZSE:301295) Returns On Capital
There Are Reasons To Feel Uneasy About Zhejiang Meishuo Electric TechnologyLtd's (SZSE:301295) Returns On Capital
0.026 = CN¥25m ÷ (CN¥1.2b - CN¥233m) There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. In light of that, when we looked at Zhejiang Meishuo Electric TechnologyLtd (SZSE:301295) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到下一個股價暴漲的標的，就應該關注以下幾個關鍵趨勢。通常來說，我們希望注意到資本利用率（ROCE）不斷增長的趨勢，同時基礎資本的規模也在不斷擴大。這表明它是一個複利機器，能夠持續地將收益再投入到業務中並獲得更高的回報。鑑於此，當我們研究浙江美朔電器股份有限公司（SZSE:301295）及其ROCE趨勢時，並不樂觀。
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。
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 Zhejiang Meishuo Electric TechnologyLtd:
如果您以前沒有接觸過ROCE，它用於衡量公司利用在業務中的資本所獲得的「回報」（稅前利潤）。分析師使用這個公式來計算浙江美朔電器股份有限公司的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。
0.026 = CN¥25m ÷ (CN¥1.2b - CN¥233m) (Based on the trailing twelve months to March 2024).
0.026 = CN¥2500萬 ÷ (CN¥12億 - CN¥233m)（基於截至2024年3月的過去12個月）。
Thus, Zhejiang Meishuo Electric TechnologyLtd has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
因此，浙江美朔電器股份有限公司的ROCE爲2.6％。最終，這是一個較低的回報率，低於電氣行業平均水平6.0％。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhejiang Meishuo Electric TechnologyLtd.
雖然過去並不能代表未來，但了解公司的歷史表現可能有所幫助，這就是爲什麼我們提供了上面的圖表，如果您想深入了解歷史收益，請查看這些免費圖表，詳細說明了浙江美朔電器股份有限公司的營收和現金流表現。
So How Is Zhejiang Meishuo Electric TechnologyLtd's ROCE Trending?
那麼，浙江美朔電器股份有限公司的ROCE趨勢如何？
When we looked at the ROCE trend at Zhejiang Meishuo Electric TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 2.6% from 36% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
當我們研究浙江美朔電器股份有限公司的ROCE趨勢時，並沒有增強信心。在過去的五年中，資本回報率從五年前的36％下降到2.6％。同時，企業正在利用更多的資本，但在過去12個月中未能在銷售方面有太大的變化，因此這可能反映了長期的投資。公司可能需要一些時間才能從這些投資中看到任何收益變化。
On a side note, Zhejiang Meishuo Electric TechnologyLtd has done well to pay down its current liabilities to 19% 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.
附帶說明，浙江美朔電器股份有限公司已成功償還其流動負債，佔總資產的19％。因此，我們可以將ROCE下降與此聯繫起來。此外，這可以減少業務方面的某些風險，因爲現在公司的供應商或短期債權人爲其運營提供的資金更少了。一些人認爲，這將減少公司資本運營的效率，因爲現在更多地使用自己的資金來運營業務。
What We Can Learn From Zhejiang Meishuo Electric TechnologyLtd's ROCE
總之，我們發現浙江美朔電器股份有限公司正在向業務中再投資，但回報率已經在下降。投資者似乎對趨勢會否獲得提升持有疑慮，因爲股票在過去一年中已下跌29％。因此，根據本文所做的分析，我們認爲浙江美朔電器股份有限公司不具有強勁的股價增長潛力。
To conclude, we've found that Zhejiang Meishuo Electric TechnologyLtd is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 29% in the last year. Therefore based on the analysis done in this article, we don't think Zhejiang Meishuo Electric TechnologyLtd has the makings of a multi-bagger.
還有一件事：我們已經確定了浙江美朔電器股份有限公司的3個風險警示（其中至少有1個不太令人滿意），了解這些信息可能會派上用場。
One more thing: We've identified 3 warning signs with Zhejiang Meishuo Electric TechnologyLtd (at least 1 which doesn't sit too well with us) , and understanding these would certainly be useful.
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。
