Returns At ZTO Express (Cayman) (NYSE:ZTO) Are On The Way Up
Returns At ZTO Express (Cayman) (NYSE:ZTO) Are On The Way Up
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Speaking of which, we noticed some great changes in ZTO Express (Cayman)'s (NYSE:ZTO) returns on capital, so let's have a look.
如果我們想找到下一個倍增股，有一些關鍵趨勢需要注意。首先，我們需要看到一個經過驗證的資本使用率。如果你看到這一點，通常意味着這是一傢俱有出色業務模式和充足盈利再投資機會的公司。但是，簡要查看了數據後，我們認爲BWX Technologies（紐交所：BWXT）未來不具備成爲倍增股的特點，但讓我們看看爲什麼。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）簡而言之，這些類型的企業是複利機器，這意味着它們不斷將其收益再投資，以更高的回報率不斷複利。話說回來，我們注意到中通快遞（開曼）的資本回報率發生了巨大變化，讓我們來看看。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for ZTO Express (Cayman):
如果您以前沒有使用資本回報率（ROCE）計算方法，請注意：它衡量的是公司從其業務所使用的資本中產生的“回報”（稅前利潤）。分析師使用此公式爲中通快遞（開曼）進行計算：
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。
0.16 = CN¥10b ÷ (CN¥90b - CN¥23b) (Based on the trailing twelve months to March 2024).
0.16 = 10000000000 ÷ (90000000000 - 23000000000)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, ZTO Express (Cayman) has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Logistics industry average of 10% it's much better.
因此，中通快遞（開曼）的ROCE爲16％。就絕對值而言，這是一個令人滿意的回報率，但與物流行業平均水平的10％相比，它要好得多。
In the above chart we have measured ZTO Express (Cayman)'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 ZTO Express (Cayman) for free.
在上圖中，我們測量了中通快遞（開曼）之前的ROCE並與之前的表現進行比較，但未來可能更重要。如果您願意，可以免費查看涵蓋中通快遞（開曼）的分析師的預測。
What Does the ROCE Trend For ZTO Express (Cayman) Tell Us?
ZTO快遞（開曼）的ROCE趨勢爲我們提供了什麼樣的信息？
We like the trends that we're seeing from ZTO Express (Cayman). Over the last five years, returns on capital employed have risen substantially to 16%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 94%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們喜歡我們從中通快遞（開曼）中看到的趨勢。在過去的五年中，資本回報率顯著上升至16％。公司每使用一美元的資本就可以賺取更多的錢，需要注意的是，投入的資本也增加了94％。在不斷增長的資本基礎上，不斷增加的回報是多倍增長的共同點，這正是我們印象深刻的原因。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 26% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
另外需要注意的是，我們發現資本回報率的改善似乎部分受到了流動負債增加的推動。流動負債已經佔到了總資產的26％，因此企業的資金現在更多地來自其供應商或短期債權人。這值得密切關注，因爲隨着流動負債與總資產的比例增加，某些風險因素也會增加。
The Bottom Line On ZTO Express (Cayman)'s ROCE
總之，中通快遞（開曼）已經證明了它可以在業務上進行再投資併產生更高的資本回報率，這是非常好的。考慮到股票在過去五年中爲其股東提供了20％的回報，可能可以認爲投資者尚未完全意識到這些有前途的趨勢。因此，我們認爲這支股票值得進一步研究。
To sum it up, ZTO Express (Cayman) has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Considering the stock has delivered 20% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So with that in mind, we think the stock deserves further research.
如果您想了解中通快遞（開曼）面臨的風險，我們發現了1個警示信號，在此應該注意。雖然中通快遞（開曼）的回報率可能不是最高的，但請查看此免費公司列表，這些公司在股本結構牢固的情況下實現了高回報率。
If you'd like to know about the risks facing ZTO Express (Cayman), we've discovered 1 warning sign that you should be aware of.
如果您想了解中通快遞（開曼）面臨的風險，我們發現了1個警告信號，您應該注意。
While ZTO Express (Cayman) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然中通快遞（開曼）的收益不是最高的，但請查看這個免費的公司列表，這些公司在資產負債表上擁有高回報率。
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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.
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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。