There Are Reasons To Feel Uneasy About Shenzhen Fortune Trend Technology's (SHSE:688318) Returns On Capital
There Are Reasons To Feel Uneasy About Shenzhen Fortune Trend Technology's (SHSE:688318) Returns On Capital
0.084 = CN¥289m ÷ (CN¥3.6b - CN¥197m) (Based on the trailing twelve months to December 2023).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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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 Shenzhen Fortune Trend technology (SHSE:688318), it didn't seem to tick all of these boxes.
要找到一个有潜力大幅增长的业务并不容易，但如果我们看几个关键的财务指标是可能的。首先，我们要确定一个不断增长的资本雇用率。简单地说，这些类型的企业是复合机器，这意味着它们不断地以越来越高的回报率再投资其收益。说到这个，我们发现亚钾国际（广州）投资有很大的变化回报率，让我们看看它。资产回报率：它是什么？资本雇用回报率 (ROCE) 是一种早期趋势，可以用来识别有可能在长期内翻倍增值的股票，然后在此基础上，要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器，能够不断地将其收益再投入业务，从而产生更高的回报。因此，在这点上，Materialise (纳斯达克:MTLS) 看起来相当有前途，因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）资本投入回报率。基本上，这意味着公司有有利可图的计划，可以继续投资，这是一个复利机器的特点。然而，在我们研究了深圳财富趋势技术有限公司（SHSE:688318）之后，它似乎没有完全符合这些要求。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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. Analysts use this formula to calculate it for Shenzhen Fortune Trend technology:
只是为了澄清，如果您不确定，ROCE是用于评估公司在其业务中投资的资本上赚取多少税前收入（以百分比形式）的指标。分析师使用此公式计算深圳财富趋势技术有限公司的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.084 = CN¥289m ÷ (CN¥3.6b - CN¥197m) (Based on the trailing twelve months to December 2023).
0.084= 2.89亿元人民币 ÷ (36亿元人民币- 1.97亿元人民币) （基于截至2023年12月的过去十二个月）.
So, Shenzhen Fortune Trend technology has an ROCE of 8.4%. On its own that's a low return, but compared to the average of 3.3% generated by the Software industry, it's much better.
因此，深圳财富趋势技术有限公司的ROCE为8.4％。单独看来，这是一个低回报，但与软件行业的平均3.3％相比，要好得多。
In the above chart we have measured Shenzhen Fortune Trend technology's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen Fortune Trend technology .
在上图中，我们已经测量了深圳财富趋势技术有限公司之前的ROCE与其之前的业绩，但未来可能更重要。如果您想了解分析师对深圳财富趋势技术有限公司的预测，请查看我们的免费分析师报告。
What Does the ROCE Trend For Shenzhen Fortune Trend technology Tell Us?
深圳财富趋势技术有限公司的ROCE趋势告诉我们什么？
On the surface, the trend of ROCE at Shenzhen Fortune Trend technology doesn't inspire confidence. To be more specific, ROCE has fallen from 16% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上，深圳财富趋势技术有限公司的ROCE趋势并不令人信服。更具体地说，ROCE在过去五年中从16％下降到了现在的8.4％。虽然，考虑到收入和经营资产的增加，这可能表明公司正在投资于增长，而额外的资本已导致ROCE在短期内下降。如果增加的资本产生额外的回报，企业和股东将从中受益。
The Bottom Line
还有一件事需要注意的是，我们已经确定了上海医药的2个警告信号，了解这些信号应该成为你的投资过程的一部分。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Shenzhen Fortune Trend technology. Furthermore the stock has climbed 32% over the last three years, it would appear that investors are upbeat about the future. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
尽管短期内资本回报率下降，但深圳财富趋势技术有限公司的收入和资产投入均增加，这令人鼓舞。此外，股票在过去三年中上涨了32％，投资者对未来持乐观态度。因此，尽管潜在趋势已经被投资者考虑在内，我们仍认为这个股票值得进一步研究。
One final note, you should learn about the 2 warning signs we've spotted with Shenzhen Fortune Trend technology (including 1 which is significant) .
最后一条，您应该了解深圳财富趋势技术有限公司的 2个警告信号（其中1个是显著的）。
While Shenzhen Fortune Trend technology may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管深圳财富趋势技术有限公司目前的回报率并不是最高的，但我们已编制了一份目前收益率高于25％的公司名单。在这里查看免费名单。
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