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The Returns At C.Q. Pharmaceutical Holding (SZSE:000950) Aren't Growing

The Returns At C.Q. Pharmaceutical Holding (SZSE:000950) Aren't Growing

C.Q. Pharmaceutical Holding(深圳证券交易所代码:000950)的回报率没有增长
Simply Wall St ·  03/28 00:31

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. However, after briefly looking over the numbers, we don't think C.Q. Pharmaceutical Holding (SZSE:000950) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,在简短地查看了这些数字之后,我们认为C.Q. Pharmaceutical Holding(SZSE: 000950)在未来不具备多袋装公司的实力,但让我们来看看为什么会这样。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

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 C.Q. Pharmaceutical Holding, this is the formula:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。计算C.Q. 制药控股公司的这个指标,公式如下:

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)

0.096 = CN¥2.0b ÷ (CN¥65b - CN¥45b) (Based on the trailing twelve months to September 2023).

0.096 = 2.0亿元人民币 ÷(65亿元人民币-45亿元人民币) (基于截至2023年9月的过去十二个月)

So, C.Q. Pharmaceutical Holding has an ROCE of 9.6%. In absolute terms, that's a low return but it's around the Healthcare industry average of 11%.

因此,C.Q. 制药控股公司的投资回报率为9.6%。从绝对值来看,回报率很低,但约为医疗保健行业的平均水平11%。

roce
SZSE:000950 Return on Capital Employed March 28th 2024
SZSE: 000950 2024 年 3 月 28 日动用资本回报率

In the above chart we have measured C.Q. Pharmaceutical Holding's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for C.Q. Pharmaceutical Holding .

在上图中,我们将C.Q. Pharmaceutical Holding之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的C.Q. Pharmaceutical Holding的免费分析师报告。

What Can We Tell From C.Q. Pharmaceutical Holding's ROCE Trend?

我们可以从C.Q. Pharmaceutical Holding的投资回报率趋势中得出什么?

In terms of C.Q. Pharmaceutical Holding's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 9.6% and the business has deployed 137% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.

就C.Q. Pharmaceutical Holding的历史投资回报率走势而言,这并不完全值得关注。在过去的五年中,投资回报率一直相对持平,约为9.6%,该业务在运营中投入的资金增加了137%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。

Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 69% of total assets, this reported ROCE would probably be less than9.6% because total capital employed would be higher.The 9.6% ROCE could be even lower if current liabilities weren't 69% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.

需要注意的另一点是,我们注意到该公司的流动负债在过去五年中有所增加。这很有趣,因为如果流动负债没有增加到总资产的69%,则报告的投资回报率可能低于9.6%,因为使用的总资本会更高。如果流动负债不占总资产的69%,9.6%的投资回报率可能会更低,因为该公式将显示动用总资本的基数更大。此外,如此高的流动负债水平并不理想,因为这意味着公司的供应商(或短期债权人)实际上正在为业务的很大一部分提供资金。

In Conclusion...

总之...

In conclusion, C.Q. Pharmaceutical Holding has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has declined 19% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.

总之,C.Q. Pharmaceutical Holding一直在向该业务投入更多资金,但该资本的回报率并未增加。由于该股在过去五年中下跌了19%,因此投资者对这一趋势的改善可能也不太乐观。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。

On a final note, we found 3 warning signs for C.Q. Pharmaceutical Holding (1 is concerning) you should be aware of.

最后,我们发现了你应该注意的C.Q. Pharmaceutical Holding的3个警告信号(其中一个令人担忧)。

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.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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