There Are Reasons To Feel Uneasy About AAC Technologies Holdings' (HKG:2018) Returns On Capital
There Are Reasons To Feel Uneasy About AAC Technologies Holdings' (HKG:2018) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at AAC Technologies Holdings (HKG:2018) and its ROCE trend, we weren't exactly thrilled.
如果我们想确定可以长期价值成倍增长的股票,我们应该寻找什么趋势?在一个完美的世界中,我们希望看到一家公司向其业务投资更多的资本,理想情况下,从这些资本中获得的回报也在增加。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。有鉴于此,当我们查看瑞声科技控股(HKG: 2018)及其投资回报率趋势时,我们并不感到非常兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for AAC Technologies Holdings:
如果你以前没有与ROCE合作过,它可以衡量一家公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用以下公式为瑞声科技控股公司计算:
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)
0.01 = CN¥321m ÷ (CN¥39b - CN¥8.5b) (Based on the trailing twelve months to June 2023).
0.01 = 3.21亿人民币 ↓(39亿元人民币-85亿元人民币) (基于截至 2023 年 6 月的过去十二个月)。
Thus, AAC Technologies Holdings has an ROCE of 1.0%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.2%.
因此,瑞声科技控股公司的投资回报率为1.0%。归根结底,这是一个低回报,表现低于电子行业7.2%的平均水平。
View our latest analysis for AAC Technologies Holdings
查看我们对瑞声科技控股的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231130/0-337d7f06bcf8a33df04f212c06940d25-0-2b159edb6e589221393dfc423ad7a7ef.png/big)
In the above chart we have measured AAC Technologies Holdings' 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.
在上面的图表中,我们对瑞声科技控股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。如果你有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What Does the ROCE Trend For AAC Technologies Holdings Tell Us?
瑞声科技控股的投资回报率趋势告诉我们什么?
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 1.0% from 28% 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.
当我们审视瑞声科技控股公司的投资回报率趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率已从五年前的28%降至1.0%。但是,鉴于使用的资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。如果这些投资被证明是成功的,那么对于股票的长期表现来说,这可能是个好兆头。
The Bottom Line
底线
In summary, despite lower returns in the short term, we're encouraged to see that AAC Technologies Holdings 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 57% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报率较低,但我们欣慰地看到,瑞声科技控股正在进行再投资以实现增长,从而实现了更高的销售额。但是,这些增长趋势并没有带来增长回报,因为该股在过去五年中下跌了57%。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究这只股票。
One more thing, we've spotted 1 warning sign facing AAC Technologies Holdings that you might find interesting.
还有一件事,我们发现了瑞声科技控股面临的1个警告标志,你可能会觉得很有趣。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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。