Capital Allocation Trends At Qingdao NovelBeam TechnologyLtd (SHSE:688677) Aren't Ideal
Capital Allocation Trends At Qingdao NovelBeam TechnologyLtd (SHSE:688677) Aren't Ideal
0.10 = CN¥137m ÷ (CN¥1.4b - CN¥58m) If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Qingdao NovelBeam TechnologyLtd (SHSE:688677), we don't think it's current trends fit the mold of a multi-bagger.
如果你不确定下一个多倍增长的公司从哪里开始寻找，你应该注意一些关键趋势。 首先，我们希望确定资本雇用的回报率（ROCE）增长，并且同时增加资本雇用的基础上。 基本上，这意味着公司有利润丰厚的举措可以继续投资，这是复合机的特征。 但是，调查青岛诺瓦光电科技有限公司（SHSE：688677）后，我们认为它的当前趋势不符合多重增长机制的要求。
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。
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. To calculate this metric for Qingdao NovelBeam TechnologyLtd, this is the formula:
对于那些不确定ROCE是什么的人，它衡量公司从业务所使用的资本雇用中可以产生的税前利润量。 要为青岛诺瓦光电科技有限公司计算这个指标，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。
0.10 = CN¥137m ÷ (CN¥1.4b - CN¥58m) (Based on the trailing twelve months to March 2024).
0.10 = CN¥13700万 ÷ (CN¥14亿 - CN¥58m)（基于2024年3月的过去12个月）。
Thus, Qingdao NovelBeam TechnologyLtd has an ROCE of 10%. On its own, that's a standard return, however it's much better than the 6.4% generated by the Medical Equipment industry.
因此，青岛诺瓦光电科技有限公司的ROCE为10％。 单独看是标准回报，但它比医疗设备行业的6.4％要好得多。
In the above chart we have measured Qingdao NovelBeam TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Qingdao NovelBeam TechnologyLtd for free.
在上图中，我们测量了青岛诺瓦光电科技有限公司之前的ROCE与之前的表现，但未来可能更重要。 如果您愿意，可以免费查看覆盖青岛诺瓦光电科技有限公司的分析师们的预测。
What Can We Tell From Qingdao NovelBeam TechnologyLtd's ROCE Trend?
我们从青岛诺瓦光电科技有限公司的ROCE趋势中可以了解到什么？
When we looked at the ROCE trend at Qingdao NovelBeam TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 10% from 28% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
当我们看青岛诺瓦光电科技有限公司的ROCE趋势时，我们没有获得太多信心。 在过去的五年中，资本回报率从五年前的28％下降到10％。 考虑到收入下降而使用更多资本，我们应该保持谨慎。 这可能意味着企业正在失去其竞争优势或市场份额，因为虽然更多的钱被投入了风险投资，但实际上却产生了较低的回报 - "减少了他们的投资回报 "。
On a related note, Qingdao NovelBeam TechnologyLtd has decreased its current liabilities to 4.2% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
在相关的说明中，青岛诺瓦光电科技有限公司将其流动负债减少到总资产的4.2％。 这可能部分解释了ROCE的下降。 此外，这可以降低业务的某些风险，因为现在公司的供应商或短期债权人为其运营提供的资金更少。 有人会认为，由于现在用自己的资金投资更多的业务，这会减少企业产生ROCE的效率。
What We Can Learn From Qingdao NovelBeam TechnologyLtd's ROCE
从以上分析中，我们发现青岛诺瓦光电科技有限公司的资本回报和销售额下降，同时该企业比五年前使用更多的资本。 投资者对这些发展并不感冒，因为该股票已经从三年前的水平下降了59％。 除非这些指标迈向更积极的方向，否则我们会另寻他处。
From the above analysis, we find it rather worrisome that returns on capital and sales for Qingdao NovelBeam TechnologyLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Investors haven't taken kindly to these developments, since the stock has declined 59% from where it was three years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
还有一件事，我们发现青岛诺瓦光电科技有限公司面临着1个警告标志，您可能会觉得很有趣。
One more thing, we've spotted 1 warning sign facing Qingdao NovelBeam TechnologyLtd that you might find interesting.
虽然青岛诺瓦光电科技有限公司的回报率并不是最高的，但请查看这个可靠的资产负债表和赚取高回报的公司的免费列表。
While Qingdao NovelBeam TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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