Returns On Capital At Chengdu KSW TechnologiesLtd (SHSE:688283) Paint A Concerning Picture
Returns On Capital At Chengdu KSW TechnologiesLtd (SHSE:688283) Paint A Concerning Picture
0.062 = CN¥62m ÷ (CN¥1.1b - CN¥61m) Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Having said that, from a first glance at Chengdu KSW TechnologiesLtd (SHSE:688283) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
您知道有一些财务指标可以提供潜在的多袋线索吗？除其他因素外，我们需要看到两件事：首先，资本雇用回报率（ROCE）增长；其次，公司雇用资本的数量扩大。基本上，这意味着公司有盈利的举措可以持续再投资，这是复合机器的特点。尽管如此，对成都KSW科技有限公司（SHSE：688283）的初步观察并不理想，但还是让我们深入探讨一下。
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 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. To calculate this metric for Chengdu KSW TechnologiesLtd, this is the formula:
对于那些不知道ROCE是什么的人，ROCE是衡量公司年度税前利润（其回报）相对于业务中用于支出的资本的指标。要计算成都KSW科技有限公司的此项指标，我们用以下公式：
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。
0.062 = CN¥62m ÷ (CN¥1.1b - CN¥61m) (Based on the trailing twelve months to March 2024).
0.062 = CN¥6200万 ÷ (CN¥11亿 - CN¥61m)（基于截至2024年3月的过去十二个月）.
Therefore, Chengdu KSW TechnologiesLtd has an ROCE of 6.2%. On its own that's a low return, but compared to the average of 4.0% generated by the Communications industry, it's much better.
因此，成都KSW科技有限公司的ROCE为6.2％。就独立性而言，这是一个较低的回报，但与通信行业创造的平均4.0％相比，要好得多。
In the above chart we have measured Chengdu KSW TechnologiesLtd'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 Chengdu KSW TechnologiesLtd for free.
在以上图表中，我们测量了成都KSW科技有限公司过去的ROCE与其前期表现之间的差异，但未来可能更重要。如果您愿意，您可以免费查看分析师对成都KSW科技有限公司的预测。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
When we looked at the ROCE trend at Chengdu KSW TechnologiesLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 6.2% from 33% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
当我们观察成都KSW科技有限公司的ROCE趋势时，没有多少信心。在过去的五年中，资本回报率从五年前的33％下降到6.2％。尽管如此，由于收入和业务中使用的资产数量都增加了，这可能表明公司正在投资于增长，而额外的资本导致了ROCE的短期下降。如果这些投资证明成功，这对长期股票业绩非常有利。
On a related note, Chengdu KSW TechnologiesLtd has decreased its current liabilities to 5.7% 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.
另外，成都KSW科技有限公司将其流动负债降至总资产的5.7％，这可能部分解释了ROCE的下降。这有效地意味着其供应商或短期债权人正在为业务提供的资金减少，从而降低了一些风险因素。某些人会认为，这会降低企业在利用自有资金进行更多业务的效率，从而降低其产生ROCE的能力。
Our Take On Chengdu KSW TechnologiesLtd's ROCE
我们对成都KSW科技有限公司的ROCE的看法
In summary, despite lower returns in the short term, we're encouraged to see that Chengdu KSW TechnologiesLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 49% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总之，尽管短期回报率较低，我们仍然看到成都KSW科技有限公司正在进行增长重投资，并因此获得更高的销售额。然而，这些增长趋势并没有带来更高的回报，因为该股在过去一年中下跌了49％。因此，我们认为，鉴于趋势看起来鼓舞人心，进一步调查该股票是值得的。
Chengdu KSW TechnologiesLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...
不过，成都KSW科技有限公司也有一些风险，我们在投资分析中发现了两个警告信号，其中一个可能很严重...
While Chengdu KSW TechnologiesLtd 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.
虽然成都KSW科技有限公司目前的回报率不是最高的，但我们已编写了一份目前获得超过25％股本回报的公司清单，请在此处免费查看。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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