Shenzhen Highpower Technology (SZSE:001283) May Have Issues Allocating Its Capital
Shenzhen Highpower Technology (SZSE:001283) May Have Issues Allocating Its Capital
0.039 = CN¥115m ÷ (CN¥5.6b - CN¥2.7b) (Based on the trailing twelve months to June 2023).Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Shenzhen Highpower Technology (SZSE:001283), we don't think it's current trends fit the mold of a multi-bagger.
你知道吗，有一些财务指标可以提供潜在的多管齐下的线索？理想情况下，一家企业将呈现两种趋势；第一，增长退货关于已使用资本(ROCE)，第二，增加金额已动用资本的比例。这向我们表明，它是一台复合机器，能够不断地将其收益再投资于企业，并产生更高的回报。不过，经过调查，深圳高能科技(SZSE：001283)，我们认为目前的趋势不适合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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. Analysts use this formula to calculate it for Shenzhen Highpower Technology:
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)。分析师用这个公式来计算深圳高力科技的股价：
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¥115m ÷ (CN¥5.6b - CN¥2.7b) (Based on the trailing twelve months to June 2023).
0.039=CN元1.15亿？(CN元56亿-CN元27亿)(根据截至2023年6月的往绩12个月计算)。
Therefore, Shenzhen Highpower Technology has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.3%.
所以呢，深圳高力科技ROCE为3.9%。归根结底，这是一个较低的回报率，表现低于6.3%的电气行业平均水平。
View our latest analysis for Shenzhen Highpower Technology
查看我们对深圳高能科技的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Highpower Technology's ROCE against it's prior returns. If you're interested in investigating Shenzhen Highpower Technology's past further, check out this free graph of past earnings, revenue and cash flow.
在研究一只股票时，历史表现是一个很好的起点，因为在历史表现之上，你可以看到深圳高力科技的ROCE相对于其先前回报的衡量标准。如果你有兴趣进一步调查深圳高力科技的过去，请查看以下内容免费过去收益、收入和现金流的图表。
What Does the ROCE Trend For Shenzhen Highpower Technology Tell Us?
深圳高能科技的ROCE趋势告诉我们什么？
On the surface, the trend of ROCE at Shenzhen Highpower Technology doesn't inspire confidence. Around four years ago the returns on capital were 24%, but since then they've fallen to 3.9%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看，深圳高力科技的ROCE走势并没有激发信心。大约四年前，资本回报率为24%，但自那以来已降至3.9%。与此同时，该公司正在利用更多资本，但这在过去12个月的销售额方面没有太大变化，因此这可能反映了较长期的投资。从现在开始，值得密切关注该公司的收益，看看这些投资最终是否真的为利润做出了贡献。
On a related note, Shenzhen Highpower Technology has decreased its current liabilities to 48% 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. Keep in mind 48% is still pretty high, so those risks are still somewhat prevalent.
与此相关的是，深圳高力科技已将流动负债降至总资产的48%。因此，我们可以将其中一些因素与净资产收益率的下降联系起来。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。一些人会说，这降低了企业产生净资产收益率的效率，因为它现在用自己的钱为更多的运营提供资金。请记住，48%仍然是相当高的，所以这些风险在某种程度上仍然很普遍。
Our Take On Shenzhen Highpower Technology's ROCE
我们对深圳高力科技ROCE的看法
To conclude, we've found that Shenzhen Highpower Technology is reinvesting in the business, but returns have been falling. Unsurprisingly then, the total return to shareholders over the last year has been flat. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
综上所述，我们发现深圳高力科技正在对该业务进行再投资，但回报一直在下降。因此，去年股东的总回报率持平也就不足为奇了。总体而言，我们不太受潜在趋势的鼓舞，我们认为在其他地方可能会有更好的机会找到多个袋子。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen Highpower Technology (of which 1 is a bit concerning!) that you should know about.
由于几乎每家公司都面临一些风险，了解它们是什么是值得的，我们已经发现深圳高能科技的4个警示标志(其中1个有点令人担忧！)这是你应该知道的。
While Shenzhen Highpower 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.
虽然深圳高能科技并没有获得最高的回报，但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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。