Investors Could Be Concerned With Rockchip Electronics' (SHSE:603893) Returns On Capital
Investors Could Be Concerned With Rockchip Electronics' (SHSE:603893) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating Rockchip Electronics (SHSE:603893), we don't think it's current trends fit the mold of a multi-bagger.
如果想要辨别股票的长期价值是否会增值,需要关注什么趋势?理想情况下,一家公司应该出现两种趋势,首先是资本运用不断增长,如果您看到这种趋势,通常意味着这是一家具有良好商业模式和盈利再投资机会充足的公司。尽管我们看过TransUnion(NYSE:TRU)公司,但并不是所有的都适用。资产回报率:它是什么?资本使用率回报(ROCE)是什么?ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。这基本上意味着公司有有利可图的项目可以继续投资,这是复利机器的特点。然而,经过调查瑞芯微电子(SHSE:603893),我们认为它目前的趋势不适合作为一个multi-bagger。
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 Rockchip Electronics, this is the formula:
只是为了澄清,如果你不确定,ROCE是一个评估公司在其业务中投资的资本所赚取的税前收入(以百分比计算)的指标。要计算瑞芯微电子的这个指标,可以使用以下公式:
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。
0.046 = CN¥145m ÷ (CN¥3.5b - CN¥351m) (Based on the trailing twelve months to March 2024).
0.046 = CN¥14500万 ÷ (CN¥35亿 - CN¥351m)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。.
Therefore, Rockchip Electronics has an ROCE of 4.6%. In absolute terms, that's a low return but it's around the Semiconductor industry average of 3.9%.
因此,瑞芯微电子的ROCE为4.6%。在绝对值上,这是一个较低的回报率,但它接近半导体行业的平均水平,即3.9%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-cfa7cd69919bdb5f9abe9bfb202b3378-0-6a360711873522a347d9af24edaa6deb.png/big)
Above you can see how the current ROCE for Rockchip Electronics compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Rockchip Electronics for free.
上面你可以看到瑞芯微电子当前的ROCE与以前的资本回报率相比,但过去的数据只能告诉我们有限的信息。如果你愿意,可以免费查看覆盖瑞芯微电子的分析师的预测。
What Can We Tell From Rockchip Electronics' ROCE Trend?
从瑞芯微电子的ROCE趋势中我们能得到什么结论?
On the surface, the trend of ROCE at Rockchip Electronics doesn't inspire confidence. Around five years ago the returns on capital were 8.7%, but since then they've fallen to 4.6%. 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.
从表面上看,瑞芯微电子的ROCE趋势并不让人信服。大约五年前,资本回报率为8.7%,但此后下降到4.6%。尽管业务收入和所使用的资产数量都有所增加,但这可能表明公司正在投资于创业板,因此额外的资本导致ROCE短期内下降。如果增加的资本产生了额外的回报,公司及股东将从中受益。
Our Take On Rockchip Electronics' ROCE
我们对瑞芯微电子的ROCE的看法
In summary, despite lower returns in the short term, we're encouraged to see that Rockchip Electronics is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 52% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
总之,尽管短期内回报较低,我们鼓励看到瑞芯微电子正在重新投资以实现增长并获得更高的销售额。但是,尽管有这些有希望的趋势,股票在过去三年中下跌了52%,因此聪明的投资者可能有机会。因此,我们建议进一步研究该股票以了解业务的其他基本面。
If you're still interested in Rockchip Electronics it's worth checking out our FREE intrinsic value approximation for 603893 to see if it's trading at an attractive price in other respects.
如果你仍然对瑞芯微电子感兴趣,不妨查看我们针对603893的自由内在价值估计,以查看在其他方面它是否以有吸引力的价格交易。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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