Returns On Capital Signal Tricky Times Ahead For GRINM Semiconductor Materials (SHSE:688432)
Returns On Capital Signal Tricky Times Ahead For GRINM Semiconductor Materials (SHSE:688432)
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think GRINM Semiconductor Materials (SHSE:688432) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您正在寻找高增长潜力的股票，需要注意几个方面。首先，股票应当有不断增长的资本回报率（ROCE）和投入资本量。这表明该企业利用期盈利进行再投资，且投资回报率在不断提高。然而，经过初步分析，我们认为GRINm Semiconductor Materials（SHSE:688432）未来可能不会成为高增长潜力的多倍股票。下面将说明原因。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on GRINM Semiconductor Materials is:
如果您以前没有接触过ROCE，它用于衡量企业资本运用的回报（税前利润）。GRINm Semiconductor Materials的ROCE计算公式如下：
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。
0.034 = CN¥163m ÷ (CN¥5.0b - CN¥205m) (Based on the trailing twelve months to March 2024).
0.034 = CN¥16300万 ÷ (CN¥50亿 - CN¥205m)（基于截至2024年3月的最近12个月）。
Therefore, GRINM Semiconductor Materials has an ROCE of 3.4%. In absolute terms, that's a low return but it's around the Semiconductor industry average of 3.9%.
因此，GRINm Semiconductor Materials的ROCE为3.4%。绝对来看，其回报率虽然较低，但与半导体行业平均水平（3.9%）相当。
Above you can see how the current ROCE for GRINM Semiconductor Materials 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 GRINM Semiconductor Materials for free.
当我们看到GRINm Semiconductor Materials的ROCE趋势时，我们并没有得到很大的信心。5年前，该公司的资本回报率为17%，但此后下降至3.4%。由于营业收入下降，而企业仍在扩大投入资本，这有点令人担忧。如果这种情况继续下去，您可能会看到一个企业是在为增长而再投资，但实际上由于销售额并没有增长而失去了市场份额。
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。
When we looked at the ROCE trend at GRINM Semiconductor Materials, we didn't gain much confidence. Around five years ago the returns on capital were 17%, but since then they've fallen to 3.4%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
相关情况是，GRINm Semiconductor Materials将其流动负债减少至总资产的4.1%。因此，我们可以将其中一部分原因归结为ROCE的下降。此外，这可以降低企业的某些风险，因为现在公司的供应商或短期债权人资助其运营的资金更少。一些人可能会认为这降低了企业产生ROCE的效率，因为它现在使用自己的资金来资助更多的运营。
On a related note, GRINM Semiconductor Materials has decreased its current liabilities to 4.1% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
GRINm Semiconductor Materials的ROCE底线是：总的来说，我们对该公司的回报率下降和投入资金的增加感到有些担忧。去年该股票下跌了33%，因此，投资者已经认识到这些变化。在这些方面存在不佳的基本趋势，我们应该考虑其他投资。
The Bottom Line On GRINM Semiconductor Materials' ROCE
虽然GRINm Semiconductor Materials的回报率并不是最高的，但请查看此处免费列出的经营业绩出色且资产负债表稳健的公司列表。
In summary, we're somewhat concerned by GRINM Semiconductor Materials' diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 33% over the last year, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
GRINm Semiconductor Materials确实具有一些风险，我们已经发现了1个警告信号，或许您会感兴趣。
GRINM Semiconductor Materials does have some risks though, and we've spotted 1 warning sign for GRINM Semiconductor Materials that you might be interested in.
如果您正在寻找高增长潜力的股票，需要注意几个方面。首先，股票应当有不断增长的资本回报率（ROCE）和投入资本量。这表明该企业利用期盈利进行再投资，且投资回报率在不断提高。然而，经过初步分析，我们认为GRINm Semiconductor Materials（SHSE:638832）未来可能不会成为高增长潜力的多倍股票。下面将说明原因。
While GRINM Semiconductor Materials isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
如果您以前没有接触过ROCE，它用于衡量企业资本运用的回报（税前利润）。GRINm Semiconductor Materials的ROCE计算公式如下：
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。