Shinva Medical InstrumentLtd (SHSE:600587) May Have Issues Allocating Its Capital
Shinva Medical InstrumentLtd (SHSE:600587) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. 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 Shinva Medical InstrumentLtd (SHSE:600587) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一款多功能裝袋機，有幾件事需要注意。一種常見的方法是嘗試找一家公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 所用資本的比例。歸根結底，這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。但是，在簡短地查看了這些數字之後，我們認爲信華醫療器械有限公司（SHSE: 600587）在未來不具備多袋裝機的實力，但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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. To calculate this metric for Shinva Medical InstrumentLtd, this is the formula:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。要計算 Shinva Medical InstrumentLtd 的這個指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.089 = CN¥708m ÷ (CN¥14b - CN¥6.5b) (Based on the trailing twelve months to September 2023).
0.089 = 7.08億元人民幣 ÷（14億元人民幣-6.5億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, Shinva Medical InstrumentLtd has an ROCE of 8.9%. In absolute terms, that's a low return but it's around the Medical Equipment industry average of 8.0%.
因此，信華醫療器械有限公司的投資回報率爲8.9％。從絕對值來看，回報率很低，但約爲醫療設備行業的平均水平8.0％。
Check out our latest analysis for Shinva Medical InstrumentLtd
查看我們對 Shinva Medical InstrumentLtd 的最新分析
In the above chart we have measured Shinva Medical InstrumentLtd'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 Shinva Medical InstrumentLtd here for free.
在上圖中，我們將Shinva Medical InstrumentLtd先前的投資回報率與之前的表現進行了對比，但可以說，未來更爲重要。如果你願意，可以在這裏免費查看報道Shinva Medical InstrumentLtd的分析師的預測。
So How Is Shinva Medical InstrumentLtd's ROCE Trending?
那麼，信華醫療器械有限公司的投資回報率走勢如何？
On the surface, the trend of ROCE at Shinva Medical InstrumentLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 12% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
從表面上看，信華醫療器械有限公司的投資回報率趨勢並不能激發信心。更具體地說，投資回報率已從過去五年的12％下降。但是，鑑於已動用資本和收入均有所增加，由於短期回報，該業務目前似乎正在追求增長。而且，如果增加的資本產生額外的回報，那麼從長遠來看，企業乃至股東都將受益。
On a related note, Shinva Medical InstrumentLtd has decreased its current liabilities to 45% of total assets. That could partly explain why the ROCE has dropped. 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
與此相關的是，信華醫療器械有限公司已將其流動負債減少至總資產的45％。這可以部分解釋投資回報率下降的原因。實際上，這意味着他們的供應商或短期債權人減少了對企業的融資，從而降低了某些風險因素。由於該企業基本上是用自己的資金爲其運營提供更多資金，因此您可能會爭辯說，這降低了企業產生投資回報率的效率。不管怎樣，它們仍然處於相當高的水平，所以如果可能的話，我們希望看到它們進一步下跌。
The Key Takeaway
關鍵要點
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Shinva Medical InstrumentLtd. Furthermore the stock has climbed 73% over the last five years, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.
儘管短期內資本回報率有所下降，但我們認爲，Shinva Medical InstrumentLtd的收入和使用的資本均有所增加，這令人鼓舞。此外，該股在過去五年中上漲了73％，看來投資者對未來持樂觀態度。因此，如果這些增長趨勢繼續下去，我們將對該股的未來持樂觀態度。
One more thing to note, we've identified 2 warning signs with Shinva Medical InstrumentLtd and understanding these should be part of your investment process.
還有一件事需要注意，我們已經向Shinva Medical InstrumentLtd確定了兩個警告信號，我們知道這些信號應該是您投資過程的一部分。
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.
如果你想尋找收益豐厚的穩健公司，可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。