Capital Allocation Trends At SonoScape Medical (SZSE:300633) Aren't Ideal
Capital Allocation Trends At SonoScape Medical (SZSE:300633) Aren't Ideal
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at SonoScape Medical (SZSE:300633), it didn't seem to tick all of these boxes.
我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,当我们查看SonoScape Medical(深圳证券交易所代码:300633)时,它似乎并没有勾选所有这些方框。
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. The formula for this calculation on SonoScape Medical is:
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。在 SonoScape Medical 上进行此计算的公式为:
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)
0.14 = CN¥422m ÷ (CN¥3.7b - CN¥600m) (Based on the trailing twelve months to September 2023).
0.14 = 4.22亿元人民币 ÷(37亿元人民币-6亿元人民币) (基于截至2023年9月的过去十二个月)。
So, SonoScape Medical has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 8.2% it's much better.
因此,SonoScape Medical的投资回报率为14%。从绝对值来看,这是一个令人满意的回报,但与医疗设备行业平均水平的8.2%相比,回报要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240226/0-ae1481694509aa5f443f824bc90a71de-0-da9a33e8bb249c68ba6c9998c6b80511.png/big)
In the above chart we have measured SonoScape Medical's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for SonoScape Medical .
在上图中,我们将SonoScape 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。如果您有兴趣,可以在我们的免费SonoScape Medical分析师报告中查看分析师的预测。
What Can We Tell From SonoScape Medical's ROCE Trend?
我们可以从SonoScape Medical的投资回报率趋势中得出什么?
When we looked at the ROCE trend at SonoScape Medical, we didn't gain much confidence. Around five years ago the returns on capital were 17%, but since then they've fallen to 14%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们研究SonoScape Medical的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为17%,但此后已降至14%。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
What We Can Learn From SonoScape Medical's ROCE
我们可以从 SonoScape Medical 的 ROCE 中学到什么
In summary, despite lower returns in the short term, we're encouraged to see that SonoScape Medical is reinvesting for growth and has higher sales as a result. In light of this, the stock has only gained 21% over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
总而言之,尽管短期内回报较低,但令我们感到鼓舞的是,SonoScape Medical正在进行再投资以实现增长,从而提高了销售额。有鉴于此,该股在过去五年中仅上涨了21%。因此,如果其他基本面被证明是合理的,那么这只股票可能仍然是一个有吸引力的投资机会。
SonoScape Medical could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 300633 on our platform quite valuable.
SonoScape Medical在其他方面可能以诱人的价格进行交易,因此您可能会发现我们在我们的平台上对300633的免费内在价值估算非常有价值。
While SonoScape Medical 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.
尽管SonoScape Medical目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司清单。在这里查看这个免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。