Here's What's Concerning About LEPU ScienTech Medical Technology (Shanghai)'s (HKG:2291) Returns On Capital
Here's What's Concerning About LEPU ScienTech Medical Technology (Shanghai)'s (HKG:2291) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at LEPU ScienTech Medical Technology (Shanghai) (HKG:2291) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一只可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？理想情况下，企业将表现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 的已动用资本。如果你看到这一点，那通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。有鉴于此，当我们查看乐普科技医疗科技（上海）（HKG: 2291）及其投资回报率趋势时，我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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. Analysts use this formula to calculate it for LEPU ScienTech Medical Technology (Shanghai):
对于那些不知道的人来说，投资回报率是衡量公司年度税前利润（其回报率）与企业所用资本的关系。分析师使用以下公式来计算乐普科技医疗科技（上海）的计算公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.064 = CN¥118m ÷ (CN¥1.9b - CN¥54m) (Based on the trailing twelve months to June 2023).
0.064 = CN¥118m ≤（CN¥19B-5400万元人民币） （基于截至 2023 年 6 月的过去十二个月）。
Therefore, LEPU ScienTech Medical Technology (Shanghai) has an ROCE of 6.4%. In absolute terms, that's a low return and it also under-performs the Medical Equipment industry average of 9.9%.
因此，乐普科技医疗科技（上海）的投资回报率为6.4％。从绝对值来看，这是一个低回报，而且表现也低于医疗设备行业9.9％的平均水平。
View our latest analysis for LEPU ScienTech Medical Technology (Shanghai)
查看我们对LEPU Scientech医疗科技（上海）的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for LEPU ScienTech Medical Technology (Shanghai)'s ROCE against it's prior returns. If you're interested in investigating LEPU ScienTech Medical Technology (Shanghai)'s past further, check out this free graph of past earnings, revenue and cash flow.
在研究股票时，历史表现是一个不错的起点，因此在上方你可以看到乐普科技医疗科技（上海）的投资回报率与之前的回报率的对比。如果您有兴趣进一步调查乐普科技医疗科技（上海）的过去，请查看这张免费的过去收益、收入和现金流图表。
How Are Returns Trending?
退货趋势如何？
On the surface, the trend of ROCE at LEPU ScienTech Medical Technology (Shanghai) doesn't inspire confidence. To be more specific, ROCE has fallen from 27% over the last three 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.
从表面上看，乐普科技医疗科技（上海）的投资回报率趋势并不能激发信心。更具体地说，投资回报率已从过去三年的27％有所下降。但是，鉴于资本使用量和收入均有所增加，由于短期回报，该业务目前似乎正在追求增长。而且，如果增加的资本产生额外的回报，那么从长远来看，企业乃至股东都将受益。
On a related note, LEPU ScienTech Medical Technology (Shanghai) has decreased its current liabilities to 2.8% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是，乐普科技医疗科技（上海）已将其流动负债减少至总资产的2.8％。因此，我们可以将其中一些与投资回报率的下降联系起来。更重要的是，这可以降低业务风险的某些方面，因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业创造投资回报的效率，因为它现在用自己的资金为更多的业务提供资金。
Our Take On LEPU ScienTech Medical Technology (Shanghai)'s ROCE
我们对乐普科技医疗科技（上海）投资回报率的看法
In summary, despite lower returns in the short term, we're encouraged to see that LEPU ScienTech Medical Technology (Shanghai) is reinvesting for growth and has higher sales as a result. These trends don't appear to have influenced returns though, because the total return from the stock has been mostly flat over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之，尽管短期内回报较低，但我们欣慰地看到，乐普科技医疗科技（上海）正在进行再投资以实现增长，从而实现了更高的销售额。但是，这些趋势似乎并未影响回报，因为该股的总回报率在过去一年中基本持平。因此，鉴于趋势令人鼓舞，我们认为值得进一步研究这只股票。
If you'd like to know more about LEPU ScienTech Medical Technology (Shanghai), we've spotted 3 warning signs, and 1 of them is concerning.
如果你想进一步了解乐普科技医疗科技（上海），我们已经发现了3个警告信号，其中一个令人担忧。
While LEPU ScienTech Medical Technology (Shanghai) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管LEPU ScienTech医疗科技（上海）的回报率不高，但请查看这份免费清单，列出了资产负债表稳健且股本回报率高的公司。
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