Investors Could Be Concerned With Maxvision Technology's (SZSE:002990) Returns On Capital
Investors Could Be Concerned With Maxvision Technology's (SZSE:002990) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. However, after briefly looking over the numbers, we don't think Maxvision Technology (SZSE:002990) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一个多倍收益的股票,我们应该从业务中寻找哪些基本趋势呢?首先,我们需要看到已有的资本使用证明。简而言之,这些类型的企业是复合机器,意味着他们在不断地以越来越高的回报率再投资他们的收益。考虑到这一点,好时(NYSE:HSY)的ROCE现在看起来很有吸引力,让我们看看收益的趋势能告诉我们什么。资产回报率:它是什么?了解资本使用回报率(ROCE)如果你以前没有接触过ROCE,它衡量公司从资本使用中产生的“回报”(税前利润)。要为洪恩计算此指标,这是公式:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)这意味着公司有利可图的举措可以继续投资,这是复合机器的特点 。然而,简要查看数字后,我们认为Maxvision Technology(SZSE:002990)未来没有成为成倍增长股票的潜质,但让我们看看可能的原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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 Maxvision Technology, this is the formula:
只是为了澄清,如果您不确定,ROCE是一种评估公司在其业务中投资的资本所获得的税前收入百分比的指标。 要计算Maxvision Technology的这个指标,请使用以下公式:
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。
0.067 = CN¥162m ÷ (CN¥3.5b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.067 = CN¥162m ÷ (CN¥3.5b - CN¥1.1b) 在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, Maxvision Technology has an ROCE of 6.7%. In absolute terms, that's a low return, but it's much better than the Electronic industry average of 5.2%.
因此,Maxvision Technology的ROCE为6.7%。 绝对来说,这是一个低回报,但比电子行业平均水平5.2%好多了。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-02c37e793d2711923516902a4eacea7a-0-9deac679c7c6d42573d7bbeba6611173.png/big)
In the above chart we have measured Maxvision 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 Maxvision Technology .
在上图中,我们比较了Maxvision Technology之前的ROCE与其之前的表现,但未来可以说更重要。 如果您想了解分析师对未来的预测,请查看我们为Maxvision Technology提供的免费分析师报告。
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。
On the surface, the trend of ROCE at Maxvision Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 36% over the last five years. 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.
从表面上看,Maxvision Technology的ROCE趋势并不令人信服。 更具体而言,ROCE在过去五年中已从36%下降。 但是,鉴于资本投入和收入均已增加,似乎该业务目前正在追求增长,以损害短期回报。 如果增加的资本产生额外的回报,则业务,因此股东,将受益长期。
On a side note, Maxvision Technology has done well to pay down its current liabilities to 31% 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.
顺便提一句,Maxvision Technology做得很好,将其流动负债降至总资产的31%。 因此,我们可能将其中一部分归因于ROCE的下降。 实际上,这意味着他们的供应商或短期债权人资助该业务的较少,从而降低了某些风险因素。 由于该业务基本上正在使用自己的资金为其运营提供更多的资金,因此可以说这使得该业务在产生ROCE方面效率降低了。
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。
In summary, despite lower returns in the short term, we're encouraged to see that Maxvision Technology is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 40% over the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
总之,尽管短期内的回报较低,但我们鼓励看到Maxvision Technology正在重新投资以实现增长,并因此实现更高的销售额。 然而,这些增长趋势并没有带来增长的回报,因为股票在过去三年中下跌了40%。 因此,我们建议进一步研究该股票以发现业务的其他基本面可以告诉我们什么。
Maxvision Technology does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
尽管Maxvision Technology的回报较低,但我们的投资分析中发现了2个警告信号,并且其中1个让我们感到不太舒服......
While Maxvision 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.
虽然Maxvision Technology的收益不是最高的,但请查看这个收益率高,资产负债表稳健的公司免费列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。