Camelot Electronics TechnologyLtd (SZSE:301282) Could Be Struggling To Allocate Capital
Camelot Electronics TechnologyLtd (SZSE:301282) Could Be Struggling To Allocate Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Camelot Electronics TechnologyLtd (SZSE:301282), 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。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,当我们查看卡米洛特电子科技有限公司(深圳证券交易所代码:301282)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)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Camelot Electronics TechnologyLtd, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算卡米洛特电子科技有限公司的这个指标,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)
0.032 = CN¥56m ÷ (CN¥2.6b - CN¥844m) (Based on the trailing twelve months to September 2023).
0.032 = 5600万元人民币 ÷(26亿元人民币-8.44亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Camelot Electronics TechnologyLtd has an ROCE of 3.2%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.1%.
因此,卡米洛特电子科技有限公司的投资回报率为3.2%。从绝对值来看,这是一个低回报,其表现也低于电子行业5.1%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240225/0-b1781448381aef68e834e7f24fae1129-0-526ddb96ea9a5e80f1b398e60c5813ce.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'd like to look at how Camelot Electronics TechnologyLtd has performed in the past in other metrics, you can view this free graph of Camelot Electronics TechnologyLtd's past earnings, revenue and cash flow.
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。如果你想在其他指标中查看卡米洛特电子科技有限公司过去的表现,你可以查看这张关于卡米洛特电子科技有限公司过去收益、收入和现金流的免费图表。
What Can We Tell From Camelot Electronics TechnologyLtd's ROCE Trend?
我们可以从卡米洛特电子科技有限公司的ROCE趋势中得出什么?
On the surface, the trend of ROCE at Camelot Electronics TechnologyLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 26% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
从表面上看,卡米洛特电子科技有限公司的投资回报率趋势并不能激发信心。更具体地说,投资回报率已从过去五年的26%下降。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多的资金,但它产生的回报实际上更低—— “成本效益更低” 本身。
On a side note, Camelot Electronics TechnologyLtd has done well to pay down its current liabilities to 33% of total assets. So we could link some of this to the decrease in ROCE. 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,卡米洛特电子科技有限公司在偿还其流动负债占总资产的33%方面做得很好。因此,我们可以将其中一些与投资回报率的下降联系起来。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 On Camelot Electronics TechnologyLtd's ROCE
卡米洛特电子科技有限公司投资回报率的底线
We're a bit apprehensive about Camelot Electronics TechnologyLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last year have experienced a 45% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
我们对Camelot Electronics TechnologyLtd有点担忧,因为尽管在业务中投入了更多资金,但资本回报率和销售额都下降了。去年持有该股的长期股东的投资贬值了45%,因此看来市场可能也不喜欢这些趋势。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
If you want to know some of the risks facing Camelot Electronics TechnologyLtd we've found 4 warning signs (2 shouldn't be ignored!) that you should be aware of before investing here.
如果你想了解卡米洛特电子科技有限公司面临的一些风险,我们发现了4个警告信号(2个不容忽视!)在这里投资之前,您应该注意这一点。
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。