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Investors Could Be Concerned With Qingdao Topscomm Communication's (SHSE:603421) Returns On Capital

Investors Could Be Concerned With Qingdao Topscomm Communication's (SHSE:603421) Returns On Capital

投资者可能会担心青岛拓普信通讯(SHSE: 603421)的资本回报率
Simply Wall St ·  2023/12/07 23:15

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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 briefly looking over the numbers, we don't think Qingdao Topscomm Communication (SHSE:603421) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 已动用资本的百分比。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。但是,在简短地浏览了这些数字之后,我们认为青岛Topscomm Communication(SHSE: 603421)不具备未来的多功能装备,但让我们来看看为什么会这样。

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 Qingdao Topscomm Communication:

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青岛Topscomm Communication计算得出:

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)

0.03 = CN¥123m ÷ (CN¥5.6b - CN¥1.4b) (Based on the trailing twelve months to September 2023).

0.03 = 人民币 12300 万元 ≤(CN¥5.6b-CN¥1.4b) (基于截至2023年9月的过去十二个月)

Therefore, Qingdao Topscomm Communication has an ROCE of 3.0%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.4%.

因此,青岛拓普信通信的投资回报率为3.0%。归根结底,这是一个低回报,其表现低于半导体行业4.4%的平均水平。

View our latest analysis for Qingdao Topscomm Communication

查看我们对青岛特普斯康通讯的最新分析

roce
SHSE:603421 Return on Capital Employed December 7th 2023
SHSE: 603421 2023 年 12 月 7 日使用资本回报率

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Qingdao Topscomm Communication's past further, check out this free graph of past earnings, revenue and cash flow.

虽然过去不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查青岛Topscomm Communication的过去,请查看这张免费的过去收益、收入和现金流图表。

How Are Returns Trending?

退货趋势如何?

In terms of Qingdao Topscomm Communication's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 3.0% from 10% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.

就青岛Topscomm Communication的历史投资回报率走势而言,这种趋势并不理想。在过去五年中,资本回报率已从五年前的10%降至3.0%。另一方面,去年,该公司一直在使用更多资金,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 25%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 3.0%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.

在谈到这个问题时,我们注意到流动负债与总资产的比率已上升至25%,这影响了ROCE。如果没有这种增长,投资回报率很可能会低于3.0%。尽管该比率目前还不算太高,但值得密切关注,因为如果比率特别高,则企业可能会面临一些新的风险因素。

The Bottom Line

底线

In summary, Qingdao Topscomm Communication is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 31% in the last five years. Therefore based on the analysis done in this article, we don't think Qingdao Topscomm Communication has the makings of a multi-bagger.

总而言之,青岛Topscomm Communication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。投资者似乎对趋势是否会回升犹豫不决,因为该股在过去五年中下跌了31%。因此,根据本文所做的分析,我们认为青岛Topscomm Communication不具备多功能装袋机的特质。

Qingdao Topscomm Communication does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit unpleasant...

但是,青岛Topscomm Communication确实存在一些风险,我们在投资分析中发现了3个警告信号,其中一个有点令人不快...

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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。

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