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A Look Into Aier Eye Hospital Group's (SZSE:300015) Impressive Returns On Capital

A Look Into Aier Eye Hospital Group's (SZSE:300015) Impressive Returns On Capital

愛爾眼科(SZSE:300015)對資本的回報效益值得關注
Simply Wall St ·  2024/09/11 15:39

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, the ROCE of Aier Eye Hospital Group (SZSE:300015) looks attractive right now, so lets see what the trend of returns can tell us.

你知道有一些財務指標可以提供潛在暴利的線索嗎?理想情況下,一個企業應該呈現兩個趨勢;首先是不斷增長的資本僱用回報率(ROCE),其次是不斷增加的資本僱用量。最終,這表明這是一家以不斷增加的回報率再投資利潤的企業。考慮到這一點,愛爾眼科醫院集團(SZSE:300015)的ROCE目前看起來很有吸引力,讓我們看看回報趨勢能告訴我們什麼。

Return On Capital Employed (ROCE): What Is It?

資本僱用回報率(ROCE)是什麼?

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 Aier Eye Hospital Group, this is the formula:

如果你之前沒有接觸過ROCE,它衡量了企業從資本僱用中產生的「回報」(稅前利潤)。要計算愛爾眼科醫院集團的這個指標,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。

0.21 = CN¥5.2b ÷ (CN¥32b - CN¥6.8b) (Based on the trailing twelve months to June 2024).

0.21 = 52000000000 ÷ (320000000000 - 6.8十億)(基於截至2024年6月的過去十二個月)。

Therefore, Aier Eye Hospital Group has an ROCE of 21%. In absolute terms that's a great return and it's even better than the Healthcare industry average of 8.7%.

因此,愛爾眼科醫院集團的ROCE爲21%。從絕對角度來看,這是一個很好的回報,甚至比醫療行業的平均8.7%更好。

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SZSE:300015 Return on Capital Employed September 11th 2024
SZSE:300015資本僱用回報率2024年9月11日

In the above chart we have measured Aier Eye Hospital Group's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Aier Eye Hospital Group for free.

在上圖中,我們將愛爾眼科集團的歷史ROCE與其歷史表現相比較,但未來可能更爲重要。如果您願意,您可以免費查看分析師對愛爾眼科集團的預測。

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。

Aier Eye Hospital Group deserves to be commended in regards to it's returns. Over the past five years, ROCE has remained relatively flat at around 21% and the business has deployed 221% more capital into its operations. Now considering ROCE is an attractive 21%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If Aier Eye Hospital Group can keep this up, we'd be very optimistic about its future.

愛爾眼科集團在回報方面值得稱讚。在過去的五年中,ROCE保持相對穩定,約爲21%,業務投入的資本增加了221%。考慮到ROCE具有吸引力的21%,這種組合實際上相當吸引人,因爲它意味着企業可以持續投入資金併產生高回報。如果愛爾眼科集團能夠保持這種勢頭,我們對其未來非常樂觀。

One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 21% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.

值得注意的另一點是,儘管ROCE在過去的五年裏相對穩定,但目前負債佔總資產的比例降至21%,從業務所有者的角度來看,這是一個好現象。這可以消除一些運營中固有的風險,因爲與以前相比,企業對供應商和短期債權人的未償債務較少。

The Key Takeaway

重要提示

In summary, we're delighted to see that Aier Eye Hospital Group has been compounding returns by reinvesting at consistently high rates of return, as these are common traits of a multi-bagger. However, despite the favorable fundamentals, the stock has fallen 18% over the last five years, so there might be an opportunity here for astute investors. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.

總之,我們非常高興看到愛爾眼科集團以一貫高比率的回報率複利投資,因爲這是多倍投資者的共同特點。然而,儘管基本面良好,股票在過去五年中下跌了18%,所以聰明的投資者可能在這裏找到機會。這就是爲什麼我們認爲對這支股票進一步了解是值得的,因爲基本面非常吸引人。

On a separate note, we've found 1 warning sign for Aier Eye Hospital Group you'll probably want to know about.

另外,我們發現了愛爾眼科的一個警告信號,您可能希望了解。

If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.

如果您想尋找更多獲得高回報的股票,請查看這個免費股票列表,這些股票不僅有紮實的資產負債表,而且還有高回報率。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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