Some Investors May Be Worried About Shenzhen Xinyichang Technology's (SHSE:688383) Returns On Capital
Some Investors May Be Worried About Shenzhen Xinyichang Technology's (SHSE:688383) Returns On Capital
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. 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. Although, when we looked at Shenzhen Xinyichang Technology (SHSE:688383), it didn't seem to tick all of these boxes.
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。首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 的已动用资本。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,当我们查看深圳新益昌科技(SHSE: 688383)时,它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Shenzhen Xinyichang Technology is:
对于那些不确定ROCE是什么的人来说,它衡量的是公司从业务中使用的资本中可以产生的税前利润。深圳信益昌科技的计算公式为:
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)
0.023 = CN¥34m ÷ (CN¥2.6b - CN¥1.1b) (Based on the trailing twelve months to September 2023).
0.023 = 34m CN¥34m ≤(CN¥2.6b-CN¥1.1b) (基于截至2023年9月的过去十二个月)。
So, Shenzhen Xinyichang Technology has an ROCE of 2.3%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.4%.
因此,深圳信益昌科技的投资回报率为2.3%。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 Shenzhen Xinyichang Technology
查看我们对深圳新益昌科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231213/0-97bbae00cc0ca84f0f47f67a71ff3b0c-0-ef690cea1bce6846db7cca008a09d303.png/big)
In the above chart we have measured Shenzhen Xinyichang Technology'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 Shenzhen Xinyichang Technology here for free.
在上面的图表中,我们对深圳信益昌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。如果你愿意,你可以在这里免费查看对深圳信益昌科技的分析师的预测。
What Can We Tell From Shenzhen Xinyichang Technology's ROCE Trend?
从深圳新益昌科技的ROCE趋势中我们可以看出什么?
In terms of Shenzhen Xinyichang Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 24% over the last four years. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就深圳信益昌科技的历史投资回报率走势而言,这种趋势并不理想。更具体地说,投资回报率已从过去四年的24%有所下降。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。这可能意味着该企业正在失去竞争优势或市场份额,因为尽管向企业投入了更多的资金,但它产生的回报却较低——本身 “成本效益较低”。
On a separate but related note, it's important to know that Shenzhen Xinyichang Technology has a current liabilities to total assets ratio of 43%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面,重要的是要知道深圳信益昌科技的流动负债与总资产的比率为43%,我们认为这个比率相当高。这实际上意味着供应商(或短期债权人)正在为企业的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。虽然这不一定是一件坏事,但如果这个比率较低,可能会有好处。
The Bottom Line
底线
In summary, we're somewhat concerned by Shenzhen Xinyichang Technology's diminishing returns on increasing amounts of capital. And long term shareholders have watched their investments stay flat over the last year. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总而言之,我们对深圳信益昌科技增加资本回报率的减少感到有些担忧。去年,长期股东的投资保持平稳。除非这些指标转向更积极的轨迹,否则我们会将目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen Xinyichang Technology (of which 3 are a bit unpleasant!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解这些风险是什么,我们已经发现了深圳信益昌科技的4个警告信号(其中3个有点不愉快!)你应该知道的。
While Shenzhen Xinyichang 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.
尽管深圳信益昌科技的回报率不是最高的,但请查看这份免费清单,列出了资产负债表稳健且股本回报率高的公司。
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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。