Raytron TechnologyLtd's (SHSE:688002) Returns On Capital Not Reflecting Well On The Business
Raytron TechnologyLtd's (SHSE:688002) Returns On Capital Not Reflecting Well On The Business
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. However, after briefly looking over the numbers, we don't think Raytron TechnologyLtd (SHSE:688002) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。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。然而,在简单地看了一下数字之后,我们认为瑞创科技有限公司(上海证券交易所:688002)未来有可能成为一个多袋子的人,但让我们看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Raytron TechnologyLtd, this is the formula:
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)。要计算瑞创科技有限公司的这一指标,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)
0.051 = CN¥332m ÷ (CN¥8.3b - CN¥1.8b) (Based on the trailing twelve months to June 2023).
0.051=CN元3.32亿?(CN元83亿-CN元18亿)(根据截至2023年6月的往绩12个月计算)。
Thus, Raytron TechnologyLtd has an ROCE of 5.1%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.3%.
因此,瑞创科技有限公司的净资产收益率为5.1%。就其本身而言,这是一个较低的资本回报率,但与该行业5.3%的平均回报率一致。
See our latest analysis for Raytron TechnologyLtd
查看我们对瑞创科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-459d850c755cb6ddf033c24beb39b12a-0-6a4ba35f585decf9a2545cb9fd587825.png/big)
In the above chart we have measured Raytron TechnologyLtd'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 Raytron TechnologyLtd here for free.
在上面的图表中,我们衡量了瑞创科技有限公司之前的净资产收益率与其之前的表现,但可以说,未来更重要。如果你愿意,你可以在这里查看瑞创科技有限公司分析师的预测。免费的。
What The Trend Of ROCE Can Tell Us
ROCE的走势告诉我们什么
When we looked at the ROCE trend at Raytron TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.1% from 11% five years ago. 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. If these investments prove successful, this can bode very well for long term stock performance.
当我们观察瑞创科技有限公司的ROCE趋势时,我们并没有获得太多信心。过去五年,资本回报率从五年前的11%降至5.1%。然而,鉴于已动用资本和收入都有所增加,该业务目前似乎正在追求增长,这是短期回报的结果。如果这些投资被证明是成功的,这可能是长期股票表现的好兆头。
The Bottom Line
底线
In summary, despite lower returns in the short term, we're encouraged to see that Raytron TechnologyLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 51% over the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
总而言之,尽管短期内回报较低,但令我们感到鼓舞的是,瑞创科技有限公司正在为增长而进行再投资,并因此实现了更高的销售额。不过,这些增长趋势并没有带来增长回报,因为该公司股价在过去三年里下跌了51%。因此,我们建议进一步研究这只股票,以揭示该业务的其他基本面可以向我们展示什么。
Raytron TechnologyLtd does have some risks though, and we've spotted 1 warning sign for Raytron TechnologyLtd that you might be interested in.
不过,瑞创科技有限公司确实存在一些风险,我们已经发现瑞创科技有限公司的1个警告标志你可能会感兴趣的。
While Raytron TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然Raytron科技有限公司目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。