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Returns On Capital Signal Tricky Times Ahead For Rigol Technologies (SHSE:688337)

Returns On Capital Signal Tricky Times Ahead For Rigol Technologies (SHSE:688337)

对于Rigol Technologies(SHSE:688337)而言,资本回报率的回报信号表明未来将面临一些棘手的时期。
Simply Wall St ·  06/29 21:55

What are the early trends we should look for to identify a stock that could 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Rigol Technologies (SHSE:688337) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

我们应该看什么早期趋势来判断一只长期能够翻倍的股票呢?业务应该会呈现两个趋势,首先是资本雇用率增长;这体现了企业以越来越高的回报率将利润再投资于业务。因此,纳斯达克g-iii服装集团的资本雇用率回报率(ROCE)目前看起来不错,让我们看看回报率的趋势能告诉我们什么。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。资本使用率这种指标表明它是一个复合机器,能够持续将其盈利再投资于业务中,从而产生更高的回报。然而,经过简要查阅数字,我们不认为Rigol Technologies(SHSE:688337)未来具备复合股票的条件,但让我们看看为什么。

Return On Capital Employed (ROCE): What Is It?

资本雇用回报率(ROCE)是什么?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Rigol Technologies, this is the formula:

如果您以前没有使用ROCE指标,那么它衡量公司从投入的资本中产生的“回报”(税前利润)。要计算Rigol Technologies的这个指标,使用下面的公式:

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。

0.011 = CN¥34m ÷ (CN¥3.4b - CN¥422m) (Based on the trailing twelve months to March 2024).

0.011 = CN¥3400万 ÷ (CN¥34亿 - CN¥422m) 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, Rigol Technologies has an ROCE of 1.1%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.2%.

因此,Rigol Technologies的ROCE为1.1%。就绝对数而言,这是一个低回报,而且还低于电子行业的平均水平5.2%。

roce
SHSE:688337 Return on Capital Employed June 30th 2024
SHSE:688337 Return on Capital Employed June 30th 2024

Above you can see how the current ROCE for Rigol Technologies 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 Rigol Technologies for free.

您可以看到Rigol Technologies目前的ROCE与其之前的资金回报率相比如何,但过去只能告诉你这么多。如果您愿意,可以免费查看分析师对Rigol Technologies的预测。

What Does the ROCE Trend For Rigol Technologies Tell Us?

Rigol Technologies的ROCE趋势告诉我们什么?

We weren't thrilled with the trend because Rigol Technologies' ROCE has reduced by 96% over the last five years, while the business employed 1,713% more capital. That being said, Rigol Technologies raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Rigol Technologies probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.

我们对这个趋势不是很满意,因为Rigol Technologies的ROCE在过去五年中降低了96%,而该企业应用的资本增加了1713%。也就是说,Rigol Technologies在最新财报公布之前筹集了一些资本,这可能部分解释了资本使用的增加。Rigol Technologies可能尚未从筹集的新资金中获得一整年的盈利,因此这些数字应该带着一份谨慎的态度来看待。

On a related note, Rigol Technologies has decreased its current liabilities to 12% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

Rigol Technologies将其流动负债降至总资产的12%。这可能部分解释了ROCE的下降。从根本上讲,这意味着他们的供应商或短期债权人为企业提供的资金减少了一些,降低了某些风险元素。由于企业实际上正在用自己的资金来资助其运营,因此可以认为这使企业在产生ROCE方面变得不那么高效。

The Bottom Line

还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。

In summary, Rigol Technologies is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 57% in the last year. Therefore based on the analysis done in this article, we don't think Rigol Technologies has the makings of a multi-bagger.

总之,Rigol Technologies正在将资金重新投资于业务中以实现增长,但不幸的是,销售额似乎还没有显著增加。而且投资者似乎对趋势是否会持续担心,因为该股票去年下降了57%。因此,根据本文分析,我们认为Rigol Technologies没有复合股票的潜力。

If you want to know some of the risks facing Rigol Technologies we've found 3 warning signs (2 shouldn't be ignored!) that you should be aware of before investing here.

如果您想了解Rigol Technologies面临的一些风险,我们已发现3个警告信号(2个不应被忽视!),您在此进行投资前应该意识到。

While Rigol Technologies 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.

虽然Rigol Technologies目前可能没有获得最高回报,但我们已经编制了一份目前获得25%以上股本回报的公司名单。在这里查看免费名单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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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声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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