Here's What's Concerning About Hicon Network Technology (Shandong)Ltd's (SZSE:301262) Returns On Capital
Here's What's Concerning About Hicon Network Technology (Shandong)Ltd's (SZSE:301262) Returns On Capital
0.12 = CN¥412m ÷ (CN¥4.0b - CN¥413m) (Based on the trailing twelve months to March 2024).There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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 investigating Hicon Network Technology (Shandong)Ltd (SZSE:301262), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想找到下一个多倍投资，有一些关键趋势需要注意。通常，我们需要注意资本运营的增长趋势。基本上，这意味着公司有盈利的计划，可以继续投资，这是一个复利机器的特征。然而，经过简要地查看数字，我们认为 CommScope Holding Company（纳斯达克代码：commscope）未来并没有成为多倍投资的迹象，但让我们来看看原因。资产回报率：它是什么？对于那些不知道ROCE是什么的人，ROCE是一个公司每年税前利润（回报）与企业用于投资的资本关系的度量。在Elevance Health的计算公式如下：资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）资产利用率是资本雄厚的公司的特点，这意味着公司可以持续重新投资盈利项目，从而成为累加器。但是，我们认为Hicon Network Technology（山东）有限公司（SZSE:301262）目前的趋势不符合多倍增长器的模式。
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 Hicon Network Technology (Shandong)Ltd:
只是为了澄清，如果您不确定，ROCE是评估公司在投资本业务的资本上实现多少税前收入（以百分比计算）的指标。分析师使用以下公式为Hicon Network Technology（山东）有限公司计算其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。
0.12 = CN¥412m ÷ (CN¥4.0b - CN¥413m) (Based on the trailing twelve months to March 2024).
0.12 = CN¥412m ÷ (CN¥4.0b - CN¥413m)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。.
So, Hicon Network Technology (Shandong)Ltd has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Interactive Media and Services industry average of 5.3% it's much better.
因此，Hicon Network Technology（山东）有限公司的ROCE为12％。绝对来说，这是一种令人满意的回报，但与互动媒体及服务行业平均水平5.3％相比，它更加优秀。
Above you can see how the current ROCE for Hicon Network Technology (Shandong)Ltd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Hicon Network Technology (Shandong)Ltd .
您可以看到Hicon Network Technology（山东）有限公司当前ROCE与其以往资本回报率的对比情况，但是从过去中可以了解的信息有限。如果您想了解分析师对未来的预测，请查看我们针对Hicon Network Technology (Shandong)Ltd的免费分析师报告。
What Does the ROCE Trend For Hicon Network Technology (Shandong)Ltd Tell Us?
Hicon Network Technology（山东）有限公司的ROCE趋势告诉我们什么？
In terms of Hicon Network Technology (Shandong)Ltd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 29% over the last five years. However it looks like Hicon Network Technology (Shandong)Ltd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
在Hicon Network Technology（山东）有限公司历史ROCE的动态变化方面，趋势并不乐观。更具体地说，ROCE在过去五年中已从29％下降。然而，看起来Hicon Network Technology（山东）有限公司可能正在为长期增长而重新投资，因为尽管资本投入增加了，但公司的销售额在过去12个月中没有太大变化。关于这些投资带来的收益，公司可能需要花费一些时间才能看到变化。
On a side note, Hicon Network Technology (Shandong)Ltd has done well to pay down its current liabilities to 10% of total assets. That could partly explain why the ROCE has dropped. 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.
顺便说一下，Hicon Network Technology（山东）有限公司已经成功偿还了其流动负债，将其占总资产的比例降至10％。这可能部分解释了ROCE的下降。事实上，这意味着他们的供应商或短期债权人正在为企业提供更少的资金，从而降低了某些风险元素。有人会认为，由于现在使用自己的资金更多地资助业务，这将降低企业产生ROCE的效率。
The Key Takeaway
重要提示
In summary, Hicon Network Technology (Shandong)Ltd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 23% over the last year, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总的来说，Hicon Network Technology（山东）有限公司正在为其增长重新投资资金，但不幸的是，销售额仍未增加太多。由于该股票在过去一年中已下跌23％，投资者可能对这种趋势的改善持悲观态度。总之，内在趋势并不典型于多倍增长器，因此，如果您正在寻找这样的投资机会，我们认为您可能有更多运气。
If you want to continue researching Hicon Network Technology (Shandong)Ltd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想继续研究Hicon Network Technology（山东）有限公司，您可能会对我们发现的1个警告标志感到感兴趣。
While Hicon Network Technology (Shandong)Ltd 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Hicon Network Technology（山东）有限公司的回报不是最高的，但是请查看此免费列表，其中列出了收益率高且资产负债表坚实的公司。
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