Ways ElectronLtd (SHSE:605218) Will Want To Turn Around Its Return Trends
Ways ElectronLtd (SHSE:605218) Will Want To Turn Around Its Return Trends
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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Ways ElectronLtd (SHSE:605218) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想寻找下一个多头股，有几个关键趋势需要关注。首先，我们想确定正在快速增长的资本雇用回报率（ROCE），以及日益增长的资本雇用基础。如果您看到这一点，通常意味着这是一家具有出色业务模式和丰富的盈利再投资机会的公司。然而，虽然简短地查看了数据，我们不认为Ways ElectronLtd（SHSE：605218）有成为多头股的优势，但让我们看看原因。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Ways ElectronLtd is:
对于那些不知道ROCE是什么的人，ROCE是衡量一家公司相对于业务所需资本雇用的年税前利润的指标。在Ways ElectronLtd上进行这个计算的公式是：
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。
0.052 = CN¥68m ÷ (CN¥1.9b - CN¥548m) (Based on the trailing twelve months to March 2024).
0.052 = CN¥6800万÷（CN ¥19亿 - CN¥548m）（基于过去12个月至2024年3月）。
Therefore, Ways ElectronLtd has an ROCE of 5.2%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.2%.
因此，Ways ElectronLtd的ROCE为5.2％。单独看来，这是一个低回报率，但与行业平均回报率5.2％相符。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ways ElectronLtd's ROCE against it's prior returns. If you'd like to look at how Ways ElectronLtd has performed in the past in other metrics, you can view this free graph of Ways ElectronLtd's past earnings, revenue and cash flow.
历史表现是研究股票的好起点，因此您可以在上面看到Ways ElectronLtd的ROCE测量值与其之前的回报相比。如果您想查看Ways ElectronLtd在过去的其他指标中的表现，可以查看Ways ElectronLtd过去收益，营收和现金流的免费图表。
What Does the ROCE Trend For Ways ElectronLtd Tell Us?
Ways ElectronLtd的ROCE趋势告诉我们什么？
In terms of Ways ElectronLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 29%, but since then they've fallen to 5.2%. 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Ways ElectronLtd历史上的ROCE趋势而言，情况并不理想。大约五年前，资本回报率为29％，但自那以后已经降至5.2％。然而，考虑到雇用资本和营收都有所增加，似乎该业务当前正在追求增长，因此短期回报受到了影响。如果增加的资本产生额外的回报，业务及股东将从中受益。
On a side note, Ways ElectronLtd has done well to pay down its current liabilities to 29% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
此外，Ways ElectronLtd成功将其流动负债偿还到总资产的29％，这可能部分解释了ROCE的下降。实际上，这意味着他们的供应商或短期债权人资助这家企业的比例降低了，从而降低了某些风险。有些人会认为，由于现在更多地使用自有资金资助运营，这降低了企业实现ROCE的效率。
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。
While returns have fallen for Ways ElectronLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has followed suit returning a meaningful 26% to shareholders over the last three years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
尽管Ways ElectronLtd的回报率近年来有所下降，但我们很高兴看到其销售额正在增长，而且业务正在进行再投资。该股票的回报率也相应地返回了有意义的26％。因此，尽管投资者似乎认识到了这些有前途的趋势，我们仍然需要进一步研究这支股票，以确保其他指标证明了正面看法。
One more thing: We've identified 3 warning signs with Ways ElectronLtd (at least 1 which shouldn't be ignored) , and understanding these would certainly be useful.
还有一件事：我们已确定Ways ElectronLtd存在3个警告信号（至少有1个不应忽视），了解这些信号一定会有所帮助。
While Ways ElectronLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然Ways ElectronLtd的回报率不是最高的，但请查看此处的免费公司列表，这些公司具有良好的资产负债表和高回报率。
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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。