The Returns At Shenzhen Absen OptoelectronicLtd (SZSE:300389) Aren't Growing
The Returns At Shenzhen Absen OptoelectronicLtd (SZSE:300389) Aren't Growing
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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at Shenzhen Absen OptoelectronicLtd's (SZSE:300389) ROCE trend, we were pretty happy with what we saw.
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）这表明它是一个复利机器，能够不断地将其收益再投资到业务中并产生更高的回报。因此，当我们简要查看深圳市安必信光电股份有限公司（SZSE：300389）的ROCE趋势时，我们对我们所看到的感到非常满意。
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 Shenzhen Absen OptoelectronicLtd:
只是为了澄清，如果您不确定，ROCE是衡量公司在其业务中投资的资本中获得多少税前收入（以百分比为单位）的指标。分析师使用这个公式来为深圳市安必信光电股份有限公司计算它:
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。
0.17 = CN¥268m ÷ (CN¥3.9b - CN¥2.3b) (Based on the trailing twelve months to March 2024).
0.17=CN¥2.68亿/（CN¥39亿-CN¥2.3亿）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, Shenzhen Absen OptoelectronicLtd has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 5.2% generated by the Electronic industry.
因此，深圳市安必信光电股份有限公司的ROCE为17％。单看这个指标而言，这是一个标准的回报，但它比电子行业的5.2％要好得多。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Shenzhen Absen OptoelectronicLtd has performed in the past in other metrics, you can view this free graph of Shenzhen Absen OptoelectronicLtd's past earnings, revenue and cash flow.
虽然过去并不代表未来，但知道一家公司过去的表现如何可能很有帮助，这就是为什么我们有上面的图表。如果您想查看深圳市安必信光电股份有限公司以往的其他指标表现，可以查看这个免费的深圳市安必信光电股份有限公司过去的盈利，营收和现金流量图表。
What Does the ROCE Trend For Shenzhen Absen OptoelectronicLtd Tell Us?
深圳市安必信光电股份有限公司的ROCE趋势告诉我们什么？
While the returns on capital are good, they haven't moved much. Over the past five years, ROCE has remained relatively flat at around 17% and the business has deployed 23% more capital into its operations. Since 17% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
尽管资本回报率不错，但它们的变化不大。在过去的五年中，ROCE基本保持在17％左右，并且企业将其运营资本增加了23％。由于17％是一个适度的ROCE，因此很高兴看到企业能够以这些可观的回报率继续再投资。在长时间内，像这样的回报可能并不令人兴奋，但是通过始终如一的表现，它们可以带来股价回报。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 59% of total assets, this reported ROCE would probably be less than17% because total capital employed would be higher.The 17% ROCE could be even lower if current liabilities weren't 59% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另外，尽管ROCE趋势的变化可能不是很引人注目，但有趣的是，流动负债在过去五年中实际上已经增加。这很有趣，因为如果流动负债没有增加到总资产的59％，这份报告的ROCE可能会低于17％，因为总资本投入将更高。如果当前负债不占总资产的59％，那么17％的ROCE可能会更低，因为公式将显示更大的总资本投入基数。因此，由于当前负债水平如此之高，这实际上意味着供应商或短期债权人正在为业务的重要部分提供资金，这在某些情况下可能会带来一些风险。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In the end, Shenzhen Absen OptoelectronicLtd has proven its ability to adequately reinvest capital at good rates of return. However, over the last five years, the stock has only delivered a 18% return to shareholders who held over that period. That's why it could be worth your time looking into this stock further to discover if it has more traits of a multi-bagger.
最终，深圳市安必信光电股份有限公司已经证明了其能够以良好的回报率充分再投资资本的能力。然而，在过去的五年中，股票只给那些持有的股东带来了18％的回报。这就是为什么您可能要花时间进一步了解这种股票，以发现它是否具有更多倍数股票（multi-bagger）的特点。
On a final note, we've found 1 warning sign for Shenzhen Absen OptoelectronicLtd that we think you should be aware of.
最后，我们发现深圳市安必信光电股份有限公司存在1个警告信号，我们认为您应该知道。
While Shenzhen Absen OptoelectronicLtd 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.
尽管深圳市安必信光电股份有限公司目前的回报并不是最高的，但我们已经编制了一份目前收益率超过25％的公司列表。在这里查看此免费列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
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
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，也可以发送电子邮件至editorial-team@simplywallst.com