Dongguan Aohai Technology (SZSE:002993) Could Be Struggling To Allocate Capital
Dongguan Aohai Technology (SZSE:002993) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Having said that, from a first glance at Dongguan Aohai Technology (SZSE:002993) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票?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 所用资本的百分比。简而言之,这些类型的企业是复合机器,这意味着它们不断以更高的回报率对收益进行再投资。话虽如此,乍一看 东莞奥海科技 (SZSE: 002993) 我们不会对回报的趋势感到不安,但让我们更深入地了解一下。
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 Dongguan Aohai Technology:
对于那些不知道的人,投资回报率是衡量公司相对于企业所用资本的年度税前利润(回报)的衡量标准。分析师使用以下公式计算东莞奥海科技:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用资本回报率 = 利息和税前收益 (EBIT) ÷(总资产-流动负债)
0.069 = CN¥340m ÷ (CN¥7.3b - CN¥2.3b) (Based on the trailing twelve months to June 2023).
0.069 = 3.4亿人民币 ε(73亿元人民币-23亿人民币) (基于截至 2023 年 6 月的过去十二个月)。
Thus, Dongguan Aohai Technology has an ROCE of 6.9%. In absolute terms, that's a low return, but it's much better than the Tech industry average of 4.7%.
因此, 东莞奥海科技的投资回报率为6.9%。 按绝对值计算,这是一个低回报,但比科技行业平均水平的4.7%要好得多。
View our latest analysis for Dongguan Aohai Technology
查看我们对东莞奥海科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-d8d29acf2c59a377e1564a120111b80c-0-e1fa5342edcd246fd97f2b18242bf5bb.png/big)
In the above chart we have measured Dongguan Aohai Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中,我们将东莞奥海科技之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果您有兴趣,可以在我们的网站上查看分析师的预测 免费的 分析师对公司的预测报告。
So How Is Dongguan Aohai Technology's ROCE Trending?
那么,东莞奥海科技的投资回报率走势如何?
Unfortunately, the trend isn't great with ROCE falling from 16% five years ago, while capital employed has grown 859%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Dongguan Aohai Technology probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
不幸的是,趋势并不乐观,投资回报率从五年前的16%下降,而使用的资本增长了859%。但是,动用资本的部分增加可能归因于最近一次报告期之前完成的融资,因此在考虑投资回报率的下降时,请记住这一点。东莞奥海科技可能尚未从其筹集的新资金中获得全年收益,因此应该对这些数字持保留态度。
On a related note, Dongguan Aohai Technology has decreased its current liabilities to 32% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,东莞奥海科技已将其流动负债减少至总资产的32%。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人减少了对业务的融资,从而降低了某些风险因素。有人会声称,这降低了企业产生投资回报率的效率,因为它现在用自己的资金为更多的运营提供资金。
The Bottom Line
底线
In summary, Dongguan Aohai Technology is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last three years, the stock has given away 47% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之,东莞奥海科技正在将资金重新投资到业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。在过去的三年中,该股已经下跌了47%,因此市场对这些趋势在短期内走强的希望不大。总而言之,多袋装箱的固有趋势并不典型,因此,如果你追求的是这样的话,我们认为你在其他地方可能会有更多的运气。
Dongguan Aohai Technology does have some risks though, and we've spotted 3 warning signs for Dongguan Aohai Technology that you might be interested in.
但是,东莞奥海科技确实存在一些风险,我们已经发现 东莞奥海科技的3个警告标志 你可能会感兴趣的。
While Dongguan Aohai Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然东莞奥海科技的回报率不高,但请查看这个 免费的 资产负债表稳健且股本回报率高的公司名单。
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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,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。