Jin Medical International (NASDAQ:ZJYL) Could Be Struggling To Allocate Capital
Jin Medical International (NASDAQ:ZJYL) Could Be Struggling To Allocate Capital
0.12 = US$2.9m ÷ (US$33m - US$8.9m) (Based on the trailing twelve months to September 2023).To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Jin Medical International (NASDAQ:ZJYL) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
尋找一支多倍股，我們應該在業務中找到哪些潛在趨勢？首先，我們需要確定其資本利用率逐年增長，這證明該企業正在以逐漸增加的投資回報率重新投資利潤。考慮到這一點，Cimpress (NASDAQ:CMPR)的ROCE看起來非常不錯，因此讓我們看一下這種趨勢能告訴我們什麼。資產回報率：它是什麼？資本僱用回報率 (ROCE) 是一種早期趨勢，可以用來識別有可能在長期內翻倍增值的股票，然後在此基礎上，要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器，能夠不斷地將其收益再投入業務，從而產生更高的回報。因此，在這點上，Materialise (納斯達克:MTLS) 看起來相當有前途，因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）這表明Jin Medical International（NASDAQ：ZJYL）是一個以逐步增加的投資回報率重新投資利潤爲主的業務。但是，簡要查看數字後，我們認爲Jin Medical International（NASDAQ：ZJYL）不具備多重收益的潛力，但讓我們看看可能的原因。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Jin Medical International is:
只是爲了澄清，如果您不確定，ROCE是一種用於評估公司在其業務所投資的資本上賺取多少稅前收入（以百分比計算）的指標。這種計算在Jin Medical International上的公式是：
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。
0.12 = US$2.9m ÷ (US$33m - US$8.9m) (Based on the trailing twelve months to September 2023).
這意味着Jin Medical International的ROCE爲12％。在絕對值上，這是一個相當正常的回報率，並且與醫療設備行業平均水平10％相當接近。因此，金鉬股份的ROCE爲22%。絕對而言，這是一個很好的回報，甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
Thus, Jin Medical International has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Medical Equipment industry average of 10%.
NasdaqCM：ZJYL Return on Capital Employed 2024年7月1日
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jin Medical International's ROCE against it's prior returns. If you're interested in investigating Jin Medical International's past further, check out this free graph covering Jin Medical International's past earnings, revenue and cash flow.
當我們查看Jin Medical International的ROCE趨勢時，我們沒有獲得太多信心。大約五年前，資本回報率爲47％，但自那以後已降至12％。另一方面，該公司在去年增加了更多的資本，但沒有相應的銷售改善，這可能表明這些投資是長期投資。從現在開始關注該公司的收益情況，以查看這些投資是否最終有助於底線。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Jin Medical International, we didn't gain much confidence. Around five years ago the returns on capital were 47%, but since then they've fallen to 12%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
在相關的註釋中，Jin Medical International將其流動負債降至總資產的27％。因此，我們可以將一些歸因於ROCE的下降。實際上，這意味着它們的供應商或短期債權人爲企業提供的資金較少，從而降低了一些風險因素。由於該企業基本上使用自己的資金更多地資助其運營，因此您可以認爲這使企業在產生ROCE方面效率較低。
On a related note, Jin Medical International has decreased 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.
我們可以從Jin Medical International的ROCE學到什麼？綜上所述，我們發現Jin Medical International正在重新投資業務，但回報率正在下降。投資者必須認爲還有更好的事情即將發生，因爲該股票已經表現優異，爲持有該股票的股東提供了381％的收益。但是，如果這些潛在趨勢的軌跡繼續下去，我們認爲從這裏開始成爲多重收益的可能性不高。
What We Can Learn From Jin Medical International's ROCE
Jin Medical International確實存在一些風險，我們發現了2個警告標誌，可能會讓您感興趣。
To conclude, we've found that Jin Medical International is reinvesting in the business, but returns have been falling. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 381% gain to shareholders who have held over the last year. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之，我們發現Jin Medical International正在重新投資業務，但回報率正在下降。投資者必須認爲還有更好的事情即將發生，因爲該股票已經表現優異，爲持有該股票的股東提供了381％的收益。但是，如果這些潛在趨勢的軌跡繼續下去，我們認爲從這裏開始成爲多重收益的可能性不高。
Jin Medical International does have some risks though, and we've spotted 2 warning signs for Jin Medical International that you might be interested in.
Jin Medical International確實存在一些風險，我們發現了2個警告標誌，可能會讓您感興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) 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
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譯文內容由第三人軟體翻譯。
