Returns At Shanghai GenTech (SHSE:688596) Appear To Be Weighed Down
Returns At Shanghai GenTech (SHSE:688596) 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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So, when we ran our eye over Shanghai GenTech's (SHSE:688596) trend of ROCE, we liked what we saw.
如果想标识下一个几倍股,就应该注重以下几个关键趋势。首先,我们需要找出资本使用增长。如果您看到这一点,通常意味着这是一家具有出色业务模式和大量盈利再投资机会的公司。说到这一点,我们注意到通用股份(SHSE:601500)的资本回报率有很大变化,让我们来看一下。资产回报率:它是什么?资本雇用回报率 (ROCE) 是一种早期趋势,可以用来识别有可能在长期内翻倍增值的股票,然后在此基础上,要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器,能够不断地将其收益再投入业务,从而产生更高的回报。因此,在这点上,Materialise (纳斯达克:MTLS) 看起来相当有前途,因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)资产使用的回报率就是ROCE, 这实际上反映了业务在重新投入利润以增加回报率。针对上海正帆科技(SHSE:688596)的ROCE趋势,当我们进行审视时,我们对我们所看到的感到满意。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Shanghai GenTech is:
对于那些不了解ROCE的人来说,ROCE是一种对企业在业务中使用的资本的年度税前利润(即回报率)的衡量标准。在上海正帆科技的计算公式中为:
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。
0.11 = CN¥404m ÷ (CN¥8.7b - CN¥5.1b) (Based on the trailing twelve months to March 2024).
0.11 = CN¥40400万 ÷ (CN¥87亿 - CN¥5.1b)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。.
So, Shanghai GenTech has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 3.9% generated by the Semiconductor industry.
所以,上海正帆科技的ROCE为11%。单就这个数字来说,它是符合标准的,但它比半导体行业所创造的3.9%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240630/0-d86daadcf862e2cef2211fbc48150d91-0-8000b48bf6edf1f0b9c2470790e3b252.png/big)
Above you can see how the current ROCE for Shanghai GenTech 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 Shanghai GenTech for free.
您可以看到上海正帆科技的当前ROCE如何与其以前的资本回报相比,但过去只能告诉您有限的信息。如果您愿意,可以免费查看覆盖上海正帆科技的分析师的预测。
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。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 11% and the business has deployed 465% more capital into its operations. 11% is a pretty standard return, and it provides some comfort knowing that Shanghai GenTech has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趋势并不突出,但总体回报率不错。在过去的五年中,ROCE保持相对稳定,约为11%,企业已将465%的资本投入到其运营中。11%是一个相当标准的回报率,并且这种持续赚取这样的回报率就能带来一些安慰。这样一个稳定的回报率可能不会让人兴奋,但如果它们能够在长期内保持,通常会为股东提供不错的回报。
Another thing to note, Shanghai GenTech has a high ratio of current liabilities to total assets of 59%. 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.
另一件事需要注意的是,上海正帆科技的流动负债与总资产之比较高,达到了59%。这可能会带来一些风险,因为公司基本上是依靠其供应商或其他类型的短期债权人运营的。理想情况下,我们希望看到这种比率降低,因为这意味着承担风险的义务会减少。
The Key Takeaway
重要提示
To sum it up, Shanghai GenTech has simply been reinvesting capital steadily, at those decent rates of return. Therefore it's no surprise that shareholders have earned a respectable 84% return if they held over the last three years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
总之,上海正帆科技一直在以相当的回报率稳定地重新投资资本。因此,股东过去三年的收益率达到了可观的84%,这并不令人意外。因此,即使股票比以前更“昂贵”,我们认为强大的基本面也值得进一步研究此股票。
Shanghai GenTech does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
尽管上海正帆科技存在一些风险,在我们的投资分析中找到了3个警告信号,其中1个不应忽略...
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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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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