Some Investors May Be Worried About Northking Information Technology's (SZSE:002987) Returns On Capital
Some Investors May Be Worried About Northking Information Technology's (SZSE:002987) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after investigating Northking Information Technology (SZSE:002987), we don't think it's current trends fit the mold of a multi-bagger.
您知道有一些财务指标可以提供潜在成倍收益的线索吗?首先,我们希望找到一个持续增长的行业板块。如果你看到这个,通常意味着公司有一个很好的商业模式和充足的有利可图的再投资机会。然而,在调查北斗星信息科技(SZSE:002987)后,我们认为它目前的趋势并不符合成倍收益模式。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)资产的增长率是衡量其成倍回报潜力的关键指标之一。如果资产增长,业务板块通常具有出色的商业模式和丰富的有利可图的再投资机会。然而,在调查北斗星信息科技(SZSE:002987)后,我们认为当前的趋势并不符合成倍收益的模式。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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 Northking Information Technology, this is the formula:
仅为澄清,ROCE是一种衡量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。要计算Northking Information Technology的这个指标,使用以下公式:
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。
0.12 = CN¥320m ÷ (CN¥3.1b - CN¥507m) (Based on the trailing twelve months to December 2023).
0.12 = CN¥320m ÷ (CN¥3.1b - CN¥507m)(基于截至2023年12月的过去十二个月).
So, Northking Information Technology has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 3.9% generated by the IT industry.
因此,北斗星信息技术的ROCE为12%。单独看,这是一个标准回报,但它比IT行业产生的3.9%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240522/0-d03c1a218762ec4feecb3d6c26e26de4-0-fbe63a816fcc4eb237c0dd954d7072ed.png/big)
In the above chart we have measured Northking Information Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Northking Information Technology .
在上面的图表中,我们已经比较了北斗星信息技术之前的ROCE和之前的表现,但未来可能更重要。如果您感兴趣,您可以在我们免费的北斗星信息技术分析师报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
The trend of ROCE doesn't look fantastic because it's fallen from 17% five years ago, while the business's capital employed increased by 455%. Usually this isn't ideal, but given Northking Information Technology conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. Northking Information Technology probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不理想,因为五年前它从17%下降到目前的水平,而公司的资产增长了455%。通常这并不理想,但考虑到北斗星信息技术在最近的盈利公告之前进行了资本募集,这可能至少部分地促成了增加的资本。北斗星信息技术可能还没有从新筹集的资金中获得一整年的收益,因此这些数字应该加以考虑。
On a side note, Northking Information Technology has done well to pay down its current liabilities to 16% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一句,北斗星信息技术已经做得很好,将其目前的负债降至总资产的16%。因此,我们可以将其中的一些联系与ROCE下降联系起来。实际上,这意味着它们的供应商或短期债权人为业务提供了更少的资金,从而降低了一些风险因素。由于企业基本上正在用自己的钱为其运营提供更多资金,因此您可以认为这使得企业在产生ROCE方面不那么高效。
Our Take On Northking Information Technology's ROCE
我们对北斗星信息技术的ROCE的看法是:
In summary, despite lower returns in the short term, we're encouraged to see that Northking Information Technology is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 0.6% gain to shareholders who've held 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.
总之,尽管短期内回报较低,但我们很高兴看到北斗星信息技术正在为增长进行再投资,并因此获得更高的销售额。由于股票为持有过去三年的股东提供了0.6%的收益,因此投资者逐渐意识到了这些趋势。因此,我们建议进一步研究该股票,以确认它是否具有良好的投资潜力。
Northking Information Technology does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is concerning...
北斗星信息技术确实存在一些风险,我们在我们的投资分析中发现了2个警告信号,并且其中1个令人担忧...
While Northking Information 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.
尽管北斗星信息技术的收益不是最高的,但请查看此获得实质平衡表的公司的免费列表。
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