Winner Medical (SZSE:300888) Will Be Hoping To Turn Its Returns On Capital Around
Winner Medical (SZSE:300888) Will Be Hoping To Turn Its Returns On Capital Around
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Having said that, from a first glance at Winner Medical (SZSE:300888) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在寻找一款多功能装袋机,有几件事需要注意。首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。话虽如此,从Winner Medical(深圳证券交易所代码:300888)的第一眼来看,我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Winner Medical, this is the formula:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算 Winner Medical 的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益(EBIT)÷(总资产-流动负债)
0.081 = CN¥1.2b ÷ (CN¥19b - CN¥4.1b) (Based on the trailing twelve months to September 2023).
0.081 = 12亿元人民币 ÷(19亿元人民币-41亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Winner Medical has an ROCE of 8.1%. Even though it's in line with the industry average of 7.7%, it's still a low return by itself.
因此,Winner Medical的投资回报率为8.1%。尽管它与7.7%的行业平均水平一致,但其本身的回报率仍然很低。
Check out our latest analysis for Winner Medical
查看我们对Winner Medical的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240102/0-1df1cc1bae207a7f22c9bf428369dc56-0-62e6604b4e9fe5f3f78ad1452f61f6ae.png/big)
In the above chart we have measured Winner Medical'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 report for Winner Medical.
在上图中,我们将Winner Medical先前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的Winner Medical免费报告。
How Are Returns Trending?
退货趋势如何?
On the surface, the trend of ROCE at Winner Medical doesn't inspire confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 8.1%. However it looks like Winner Medical 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看,Winner Medical的投资回报率趋势并不能激发信心。大约五年前,资本回报率为20%,但此后已降至8.1%。但是,看来Winner Medical可能正在进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
On a side note, Winner Medical has done well to pay down its current liabilities to 22% 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. 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.
顺便说一句,Winner Medical在将其流动负债偿还至总资产的22%方面做得很好。因此,我们可以将其中一些与ROCE的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此你可以争辩说,这降低了企业产生投资回报的效率。
The Key Takeaway
关键要点
Bringing it all together, while we're somewhat encouraged by Winner Medical's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 68% over the last three years, investors may not be too optimistic on this trend improving either. 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.
综上所述,尽管Winner Medical对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。由于该股在过去三年中下跌了68%,因此投资者对这一趋势的改善可能也不太乐观。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
Winner Medical does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those make us uncomfortable...
但是,Winner Medical确实存在一些风险,我们在投资分析中发现了3个警告信号,其中2个让我们感到不舒服...
While Winner Medical isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管Winner Medical的回报率并不高,但请查看这份免费清单,列出了资产负债表稳健的股本回报率高的公司。
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