The Returns On Capital At Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) Don't Inspire Confidence
The Returns On Capital At Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) Don't Inspire Confidence
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. In light of that, when we looked at Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) and its ROCE trend, we weren't exactly thrilled.
要找到一只多袋股票，我们应该在一家企业中寻找什么潜在趋势？通常，我们会注意到一种增长的趋势返回关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基座已动用资本的比例。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。有鉴于此，当我们看到深圳市瑞泰克高科技影业公司(上海证券交易所：688323)和它的ROCE趋势，我们并不是很兴奋。
Return On Capital Employed (ROCE): What is it?
资本回报率(ROCE)：它是什么？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Rayitek Hi-Tech Film Company Shenzhen is:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。深圳瑞特克高科技电影公司的这一计算公式为：
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)
0.039 = CN¥60m ÷ (CN¥1.7b - CN¥196m) (Based on the trailing twelve months to March 2022).
0.039=6000万元？(17亿元-1.96亿元)(根据截至2022年3月的往绩12个月计算).
Thus, Rayitek Hi-Tech Film Company Shenzhen has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 10.0%.
因此，深圳瑞泰克高科技影业股份有限公司的净资产收益率为3.9%。归根结底，这是一个较低的回报率，表现低于化工行业10.0%的平均水平。
See our latest analysis for Rayitek Hi-Tech Film Company Shenzhen
请看我们对深圳瑞泰克高科技电影公司的最新分析
Above you can see how the current ROCE for Rayitek Hi-Tech Film Company Shenzhen compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Rayitek Hi-Tech Film Company Shenzhen here for free.
上面你可以看到深圳瑞泰克高科技电影公司目前的净资产收益率与之前的资本回报率相比，但你只能从过去了解到这么多。如果你愿意，你可以在这里查看跟踪深圳瑞泰克高科技电影公司的分析师的预测免费的。
What Does the ROCE Trend For Rayitek Hi-Tech Film Company Shenzhen Tell Us?
深圳瑞泰克高科技影业公司的ROCE趋势告诉了我们什么？
When we looked at the ROCE trend at Rayitek Hi-Tech Film Company Shenzhen, we didn't gain much confidence. To be more specific, ROCE has fallen from 5.4% over the last three years. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
当我们看着深圳瑞泰克高科技电影公司的ROCE趋势时，我们并没有获得太多的信心。更具体地说，ROCE在过去三年中从5.4%下降。考虑到在雇佣更多资本的同时收入有所下降，我们会持谨慎态度。这可能意味着企业正在失去其竞争优势或市场份额，因为虽然更多的资金被投入到风险投资中，但实际上它产生的回报更低--本身就是“更少的回报”。
On a related note, Rayitek Hi-Tech Film Company Shenzhen has decreased its current liabilities to 11% of total assets. That could partly explain why the ROCE has dropped. 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. 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.
与此相关的是，深圳瑞泰克高科技电影公司已将流动负债降至总资产的11%。这可能在一定程度上解释了ROCE下降的原因。更重要的是，这可以降低业务的某些方面的风险，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。由于企业基本上是用自有资金为更多的运营提供资金，你可以说这降低了企业产生净资产收益率的效率。
The Bottom Line On Rayitek Hi-Tech Film Company Shenzhen's ROCE
深圳瑞泰克高科技影业公司上市的底线
In summary, we're somewhat concerned by Rayitek Hi-Tech Film Company Shenzhen's diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 21% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
综上所述，我们对深圳瑞泰克高科技电影公司增资收益递减感到有点担忧。过去一年持有该股的长期股东经历了21%的投资贬值，因此市场似乎也不喜欢这些趋势。除非这些指标出现转向更积极的轨迹，否则我们会把目光投向其他地方。
Rayitek Hi-Tech Film Company Shenzhen does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those shouldn't be ignored...
然而，我们发现，深圳瑞泰克高科技电影公司确实存在一些风险在我们的投资分析中出现了3个警告信号，其中两个不应该被忽视。
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.
如果你想寻找收入丰厚的可靠公司，看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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