Some Investors May Be Worried About Zhejiang Yuejian Intelligent EquipmentLtd's (SHSE:603095) Returns On Capital
Some Investors May Be Worried About Zhejiang Yuejian Intelligent EquipmentLtd's (SHSE:603095) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Zhejiang Yuejian Intelligent EquipmentLtd (SHSE:603095) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
你知道有一些財務指標可以爲潛在的多袋人提供線索嗎？在一個完美的世界中，我們希望看到一家公司向其業務投入更多資本，理想情況下，從這些資本中獲得的回報也在增加。這向我們表明，它是一臺複合機器，能夠持續將其收益再投資到業務中併產生更高的回報。但是，在簡短地查看了這些數字之後，我們認爲浙江越健智能設備有限公司（SHSE: 603095）在未來不具備多裝袋機的實力，但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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 Zhejiang Yuejian Intelligent EquipmentLtd is:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。浙江越健智能設備有限公司的計算公式爲：
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）
0.023 = CN¥58m ÷ (CN¥3.1b - CN¥484m) (Based on the trailing twelve months to September 2023).
0.023 = 5800萬元人民幣 ÷（31億元人民幣-4.84億元人民幣） （基於截至2023年9月的過去十二個月）。
So, Zhejiang Yuejian Intelligent EquipmentLtd has an ROCE of 2.3%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.0%.
因此，浙江越健智能設備有限公司的投資回報率爲2.3％。從絕對值來看，這是一個低迴報，其表現也低於機械行業6.0％的平均水平。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhejiang Yuejian Intelligent EquipmentLtd.
雖然過去並不能代表未來，但了解一家公司的歷史表現可能會有所幫助，這就是我們上面有這張圖表的原因。如果您想深入研究歷史收益，請查看這些免費圖表，詳細說明浙江越健智能設備有限公司的收入和現金流表現。
What Can We Tell From Zhejiang Yuejian Intelligent EquipmentLtd's ROCE Trend?
我們可以從浙江越健智能設備有限公司的ROCE趨勢中得出什麼？
In terms of Zhejiang Yuejian Intelligent EquipmentLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 20% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就浙江躍健智能設備有限公司的歷史ROCE走勢而言，這一趨勢並不理想。更具體地說，投資回報率已從過去五年的20％下降。鑑於該企業在收入下滑的情況下僱用了更多的資本，這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額，因爲儘管向風險投資投入了更多的資金，但它產生的回報實際上更低—— “成本效益更低” 本身。
On a side note, Zhejiang Yuejian Intelligent EquipmentLtd has done well to pay down its current liabilities to 16% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句，浙江越健智能設備有限公司在償還其流動負債佔總資產的16％方面做得很好。因此，我們可以將其中一些與投資回報率的下降聯繫起來。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。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。
What We Can Learn From Zhejiang Yuejian Intelligent EquipmentLtd's ROCE
我們可以從浙江越健智能設備有限公司的ROCE中學到什麼
From the above analysis, we find it rather worrisome that returns on capital and sales for Zhejiang Yuejian Intelligent EquipmentLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Investors must expect better things on the horizon though because the stock has risen 3.7% in the last three years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
從上述分析來看，我們發現相當令人擔憂的是，浙江越健智能設備有限公司的資本回報率和銷售回報率有所下降，同時該業務僱用的資金比五年前還要多。但是，投資者必須期待更好的局面，因爲該股在過去三年中上漲了3.7％。無論哪種方式，我們都不是當前趨勢的忠實擁護者，因此我們認爲您可能會在其他地方找到更好的投資。
Zhejiang Yuejian Intelligent EquipmentLtd does have some risks, we noticed 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
浙江越健智能設備有限公司確實存在一些風險，我們注意到3個警告標誌（還有一個不容忽視的警示標誌），我們認爲你應該知道。
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.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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