Returns At Taiji Computer (SZSE:002368) Appear To Be Weighed Down
Returns At Taiji Computer (SZSE:002368) Appear To Be Weighed Down
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Taiji Computer (SZSE:002368) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到下一个倍增股,有一些关键趋势需要注意。首先,我们需要看到一个经过验证的资本使用率。如果你看到这一点,通常意味着这是一家具有出色业务模式和充足盈利再投资机会的公司。但是,简要查看了数据后,我们认为BWX Technologies(纽交所:BWXT)未来不具备成为倍增股的特点,但让我们看看为什么。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)资本雇用的回报率。 简单地说,这些类型的企业是复合机器,这意味着它们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,当我们看到台基计算机(SZSE: 002368)及其ROCE趋势时,我们并不感到激动。
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. Analysts use this formula to calculate it for Taiji Computer:
对于那些不确定ROCE是什么的人,它衡量企业在其业务中使用的资本所能产生的税前利润额。分析师使用以下公式为Taiji Computer计算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。
0.074 = CN¥428m ÷ (CN¥16b - CN¥10b) (Based on the trailing twelve months to March 2024).
0.074 = CN¥42800万 ÷ (CN¥160亿 - CN¥10b)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, Taiji Computer has an ROCE of 7.4%. On its own that's a low return, but compared to the average of 3.9% generated by the IT industry, it's much better.
因此,台基计算机的ROCE为7.4%。就其本身而言,这是一个较低的回报率,但与IT行业生成的3.9%的平均回报率相比要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-119bf068a0dd1696b81b5bfb4107a11d-0-a049165873794addbda7af7c1f4cdc6f.png/big)
Above you can see how the current ROCE for Taiji Computer compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Taiji Computer .
您可以看到Taiji Computer目前的ROCE与其以前的资本回报率相比如何,但从过去中能了解的有限。如果您感兴趣,可以在Taiji Computer的免费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。
There are better returns on capital out there than what we're seeing at Taiji Computer. Over the past five years, ROCE has remained relatively flat at around 7.4% and the business has deployed 77% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
有更好的资本回报率可供选择,而不是我们在Taiji Computer中所看到的。在过去五年中,ROCE保持在7.4%左右的相对稳定水平,该企业将资本投入运营的数量增加了77%。这种较差的ROCE现在并不令人信心满满,并且随着投入资本的增加,很明显该企业并未将资金投入高回报的投资。
On a side note, Taiji Computer's current liabilities are still rather high at 64% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺带一提,Taiji Computer的流动负债仍然相当高,占其总资产的64%。这可能会带来一些风险,因为公司基本上是在相当大程度上依赖其供应商或其他短期债权人经营的。理想情况下,我们希望看到这种情况减少,因为这意味着承担风险的义务更少。
The Bottom Line On Taiji Computer's ROCE
关于Taiji Computer的ROCE的底线
As we've seen above, Taiji Computer's returns on capital haven't increased but it is reinvesting in the business. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
正如我们所看到的,Taiji Computer的资本回报率并没有增加,但它正在企业中重新投资。此外,股票在过去五年中的总回报率保持不变,这并不令人太意外。总的来说,我们对基本趋势并不感到太震惊,我们认为在其他地方可能会有更好的机会。
One more thing to note, we've identified 1 warning sign with Taiji Computer and understanding it should be part of your investment process.
值得注意的是,我们已经确定了Taiji Computer的1个警告信号,并且了解它应该是您投资过程的一部分。
While Taiji Computer may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管Taiji Computer目前的回报不是最高的,但我们编制了一份目前获得超过25%股本回报率的公司列表。查看此处的免费列表。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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