There Are Reasons To Feel Uneasy About NCS Testing Technology's (SZSE:300797) Returns On Capital
There Are Reasons To Feel Uneasy About NCS Testing Technology's (SZSE:300797) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at NCS Testing Technology (SZSE:300797), it didn't seem to tick all of these boxes.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,当我们研究NCS测试技术(深圳证券交易所代码:300797)时,它似乎并没有勾选所有这些方框。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. To calculate this metric for NCS Testing Technology, this is the formula:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。要计算 NCS 测试技术的这个指标,公式如下:
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)
0.047 = CN¥58m ÷ (CN¥1.7b - CN¥477m) (Based on the trailing twelve months to September 2023).
0.047 = 5800万元人民币 ÷(17亿元人民币-4.77亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, NCS Testing Technology has an ROCE of 4.7%. On its own, that's a low figure but it's around the 5.5% average generated by the Professional Services industry.
因此,NCS测试技术的投资回报率为4.7%。就其本身而言,这是一个很低的数字,但约为专业服务行业的平均5.5%。
See our latest analysis for NCS Testing Technology
查看我们对 NCS 测试技术的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240120/0-3808a227fb6201f37b2cb8723e72afcd-0-a88abb82afd914fe4cc6922ae3badc9d.png/big)
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 want to delve into the historical earnings, revenue and cash flow of NCS Testing Technology, check out these free graphs here.
虽然过去并不能代表未来,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。如果您想深入了解NCS测试技术的历史收益、收入和现金流,请在此处查看这些免费图表。
What Does the ROCE Trend For NCS Testing Technology Tell Us?
NCS测试技术的投资回报率趋势告诉我们什么?
In terms of NCS Testing Technology's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.7% from 10% 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就NCS Testing Technology的历史投资回报率走势而言,这一趋势并不理想。在过去五年中,资本回报率从五年前的10%下降到4.7%。但是,鉴于已动用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。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东将受益。
The Bottom Line
底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for NCS Testing Technology. In light of this, the stock has only gained 9.7% over the last three years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
尽管短期内资本回报率有所下降,但我们认为有希望的是,NCS测试技术的收入和所用资本均有所增加。有鉴于此,该股在过去三年中仅上涨了9.7%。因此,我们建议进一步研究这只股票,以确认它是否具有良好的投资价值。
If you want to know some of the risks facing NCS Testing Technology we've found 2 warning signs (1 shouldn't be ignored!) that you should be aware of before investing here.
如果你想了解NCS测试技术面临的一些风险,我们发现了2个警告信号(其中一个不容忽视!)在这里投资之前,您应该注意这一点。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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。