Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297) Could Be Struggling To Allocate Capital
Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297) Could Be Struggling To Allocate Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297), it didn't seem to tick all of these boxes.
如果我们想找到潜在的多袋装袋机，通常有一些潜在的趋势可以提供线索。首先，我们想找一个正在成长的 返回 关于已用资本（ROCE），然后除此之外，还不断增加 基础 所用资本的比例。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Ferrotec（安惠）科技开发有限公司（深圳证券交易所代码：301297）时，它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
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. The formula for this calculation on Ferrotec (An Hui) Technology DevelopmentLTD is:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。Ferrotec（安惠）科技开发有限公司的计算公式为：
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）
0.054 = CN¥79m ÷ (CN¥1.7b - CN¥187m) (Based on the trailing twelve months to September 2023).
0.054 = 7900万元人民币 ÷（17亿元人民币-1.87亿元人民币） （基于截至2023年9月的过去十二个月）。
Therefore, Ferrotec (An Hui) Technology DevelopmentLTD has an ROCE of 5.4%. Even though it's in line with the industry average of 5.4%, it's still a low return by itself.
因此，Ferrotec（安惠）科技开发有限公司的投资回报率为5.4％。尽管它与5.4％的行业平均水平一致，但其本身的回报率仍然很低。
View our latest analysis for Ferrotec (An Hui) Technology DevelopmentLTD
查看我们对Ferrotec（安徽）科技开发有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ferrotec (An Hui) Technology DevelopmentLTD's ROCE against it's prior returns. If you're interested in investigating Ferrotec (An Hui) Technology DevelopmentLTD's past further, check out this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点，因此在上方您可以看到Ferrotec（安惠）科技开发有限公司的投资回报率与先前回报对比的指标。如果你有兴趣进一步调查Ferrotec（安惠）科技开发有限公司的过去，请查看这张过去收益、收入和现金流的免费图表。
What Can We Tell From Ferrotec (An Hui) Technology DevelopmentLTD's ROCE Trend?
我们可以从Ferrotec（安惠）科技开发有限公司的投资回报率趋势中得出什么？
In terms of Ferrotec (An Hui) Technology DevelopmentLTD's historical ROCE movements, the trend isn't fantastic. Around four years ago the returns on capital were 15%, but since then they've fallen to 5.4%. However it looks like Ferrotec (An Hui) Technology DevelopmentLTD might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.
就Ferrotec（安惠）科技发展有限公司的历史ROCE走势而言，这一趋势并不理想。大约四年前，资本回报率为15％，但此后已降至5.4％。但是，看来Ferrotec（安惠）技术开发有限公司可能正在进行再投资以实现长期增长，因为尽管动用资本有所增加，但该公司的销售额在过去12个月中没有太大变化。从现在起，值得关注公司的收益，看看这些投资最终是否确实为利润做出了贡献。
On a side note, Ferrotec (An Hui) Technology DevelopmentLTD has done well to pay down its current liabilities to 11% of total assets. That could partly explain why the ROCE has dropped. 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.
顺便说一句，Ferrotec（安惠）科技开发有限公司在将其流动负债偿还至总资产的11％方面做得很好。这可以部分解释投资回报率下降的原因。实际上，这意味着他们的供应商或短期债权人减少了对企业的融资，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的效率，因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
Bringing it all together, while we're somewhat encouraged by Ferrotec (An Hui) Technology DevelopmentLTD's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 57% over the last year, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
综上所述，尽管Ferrotec（安惠）科技开发有限公司对自有业务的再投资使我们感到有些鼓舞，但我们意识到回报正在萎缩。由于该股在过去一年中上涨了令人印象深刻的57％，投资者一定认为会有更好的事情发生。归根结底，如果潜在趋势持续下去，我们就不会屏住呼吸了。
If you'd like to know about the risks facing Ferrotec (An Hui) Technology DevelopmentLTD, we've discovered 1 warning sign that you should be aware of.
如果你想了解Ferrotec（安惠）科技开发有限公司面临的风险，我们发现了一个你应该注意的警告信号。
While Ferrotec (An Hui) Technology DevelopmentLTD 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Ferrotec（安惠）科技开发有限公司的回报率并不高，但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。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，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。