Returns On Capital Signal Tricky Times Ahead For SUPCON Technology (SHSE:688777)
Returns On Capital Signal Tricky Times Ahead For SUPCON Technology (SHSE:688777)
0.074 = CN¥750m ÷ (CN¥17b - CN¥7.4b) 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. Although, when we looked at SUPCON Technology (SHSE:688777), it didn't seem to tick all of these boxes.
如果我们想找到下一个多倍增长器，就要关注一些重要的趋势。首先，我们需要识别不断增长的资本回报率(ROCE)，并且这种增长还伴随着越来越多的资本投入。这最终表明，这是一家能够以不断增加的回报率将利润再投资的企业。虽然在审视SUPCON Technology(SHSE:688777)的时候，它似乎没有完全满足这些条件。
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 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 SUPCON Technology is:
对于那些不确定ROCE是什么的人来说，它衡量了一家公司在业务中所投入的资本所能产生多少税前利润。SUPCON Technology这个计算公式为:
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。
0.074 = CN¥750m ÷ (CN¥17b - CN¥7.4b) (Based on the trailing twelve months to March 2024).
因此，SUPCON Technology的ROCE为7.4%。从绝对值上看，这是一个较低的回报率，但它比电子行业的平均水平5.2%要好得多。
Therefore, SUPCON Technology has an ROCE of 7.4%. In absolute terms, that's a low return, but it's much better than the Electronic industry average of 5.2%.
上面你可以看到SUPCON Technology当前的ROCE如何与以前的资本回报率相比，但是从过去只能看到这么多。如果你想看看分析师对SUPCON Technology未来的预测，你应该查看我们免费的分析师报告。
Above you can see how the current ROCE for SUPCON Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for SUPCON Technology .
在上面，你可以看到SUPCON Technology当前的ROCE如何与以前的资本回报率相比，但是从过去只能看到这么多。如果你想看看分析师对SUPCON Technology未来的预测，你应该查看我们免费的分析师报告。
What Does the ROCE Trend For SUPCON Technology Tell Us?
SUPCON Technology的ROCE趋势告诉我们什么？
In terms of SUPCON Technology's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 7.4% from 20% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就SUPCON Technology历史上的ROCE变化而言，趋势并不是很好。在过去的五年中，资本回报率从五年前的20%下降到了7.4%。然而，考虑到资本投入和营业收入都在增长，看来该企业目前正在追求创业，但牺牲了短期的回报。如果增加的投入能够产生额外的回报，那么企业，甚至股东，在长期内都将受益。
On a side note, SUPCON Technology has done well to pay down its current liabilities to 42% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
顺便说一句，SUPCON Technology经过了很好的偿付其流动负债的过程，这笔债务占总资产的42%。这可能在一定程度上解释了为什么ROCE会下降。此外，这将会减小业务的一些风险，因为现在公司的供应商或短期债权人资助了其经营的一部分。由于企业基本上是用自己的资金来资助其运营，因此可以说这使企业在产生ROCE方面变得不那么高效。无论哪种方式，它们仍然处于一个相当高的水平，因此我们希望看到它们如果可能的话进一步下降。
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。
While returns have fallen for SUPCON Technology in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 43% over the last three years, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管SUPCON Technology的回报率近来有所下降，但我们还是很欣慰地看到销售额在增长，而且该企业正在继续投资自身。但是，尽管趋势很有前景，股票在过去三年中下跌了43%，因此对于敏锐的投资者来说，这可能是一个机会。因此，我们认为，考虑到趋势看起来很鼓舞人心，进一步研究这支股票是值得的。
If you want to know some of the risks facing SUPCON Technology we've found 2 warning signs (1 is significant!) that you should be aware of before investing here.
如果你想知道SUPCON Technology面临的一些风险，我们已经发现了2个警示(其中1个非常重要!)，在投资此处之前你应该了解一下。
While SUPCON Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管SUPCON Technology没有获得最高的回报率，但请查看这份免费的公司名单，这些公司拥有坚实的资产负债表和高回报率。
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