Returns At Shanghai Baosight SoftwareLtd (SHSE:600845) Are On The Way Up
Returns At Shanghai Baosight SoftwareLtd (SHSE:600845) Are On The Way Up
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, we've noticed some promising trends at Shanghai Baosight SoftwareLtd (SHSE:600845) so let's look a bit deeper.
如果我们想找到一个潜在的翻番股，通常会有一些潜在的趋势可以提供线索。一种常见的方法是尝试找到一个对资本的运用有所了解的公司。简单地说，这些类型的企业是复利机器，这意味着它们在不断地以越来越高的回报率重新投资其收益。考虑到这一点，我们注意到了墨菲石油（纽交所:MUR）的一些有希望的趋势，所以让我们深入了解一下。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。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。资产回报率显示，这是一家正在以日增的投资回报率进行再投资的业务公司。因此，在这一点上，我们注意到上海宝信软件股份有限公司（SHSE:600845）有一些有希望的趋势，让我们深入了解一下。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Shanghai Baosight SoftwareLtd is:
对于不确定什么是资本雇用回报率（ROCE）的人来说，它衡量公司可以从业务中所使用的投资中产生多少税前收益。对于上海宝信软件股份有限公司的计算公式是：
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。
0.19 = CN¥2.7b ÷ (CN¥23b - CN¥8.7b) (Based on the trailing twelve months to March 2024).
0.19 = CN¥27亿 ÷ (CN¥230亿 - CN¥8.7b)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, Shanghai Baosight SoftwareLtd has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 3.0% generated by the Software industry.
因此，上海宝信软件股份有限公司的资本雇用回报率为19％。单独来看，这是一个标准回报，但它比软件行业产生的3.0％要好得多。
In the above chart we have measured Shanghai Baosight SoftwareLtd'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 Shanghai Baosight SoftwareLtd .
在上面的图表中，我们已经测量了上海宝信软件股份有限公司的先前资本雇用回报率与其先前的业绩，但未来的表现可能更重要。如果您想了解分析师对其未来的预测，请查看我们为上海宝信软件股份有限公司提供的免费分析师报告。
What Does the ROCE Trend For Shanghai Baosight SoftwareLtd Tell Us?
上海宝信软件股份有限公司资本雇用回报率的趋势告诉我们什么？
Investors would be pleased with what's happening at Shanghai Baosight SoftwareLtd. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 19%. Basically the business is earning more per dollar of capital invested and in addition to that, 100% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
投资者应该对上海宝信软件股份有限公司正在发生的变化感到高兴。数据显示，在过去的五年中，资本雇用产生的回报已大幅增长至19％。基本上，企业正在每投资一美元中增加收益，而且现在还增加了100％的投资。在不断增长的资本产生的回报中增加的资本投资在多赢家中十分常见，这就是为什么我们感到印象深刻的原因。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 38% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
另外值得注意的是，资本雇用回报率的提高似乎部分是由于流动负债的增加。流动负债已经增加到总资产的38％，因此现在企业的资金更多地由供应商或短期债权人提供。请留意未来的增长，因为当流动负债与总资产的比例特别高时，可能会为企业引入一些新的风险。
Our Take On Shanghai Baosight SoftwareLtd's ROCE
我们对上海宝信软件股份有限公司的资本雇用回报率的看法
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Shanghai Baosight SoftwareLtd has. Since the stock has returned a staggering 207% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
一家在增加资本回报率并能够持续再投资的公司是一个非常令人追捧的特质，这就是上海宝信软件股份有限公司所具备的。由于该股票在过去五年中为股东带来了惊人的207％的回报，看起来投资者正在认识到这些变化。因此，考虑到该股票已经证明具有有希望的趋势，进一步研究该公司，以了解这些趋势是否有可能继续存在，是很值得的。
Shanghai Baosight SoftwareLtd does have some risks though, and we've spotted 1 warning sign for Shanghai Baosight SoftwareLtd that you might be interested in.
上海宝信软件股份有限公司确实存在一些风险，我们已经发现了一个有关上海宝信软件股份有限公司的1个警告信号，您可能会对此感兴趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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