Shanghai V-Test Semiconductor Tech (SHSE:688372) May Have Issues Allocating Its Capital
Shanghai V-Test Semiconductor Tech (SHSE:688372) May Have Issues Allocating Its Capital
0.025 = CN¥79m ÷ (CN¥3.8b - CN¥635m) If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Shanghai V-Test Semiconductor Tech (SHSE:688372), it didn't seem to tick all of these boxes.
如果我们想找到一只长期可倍增的股票，我们应该寻找哪些潜在趋势？一种常见的方法是尝试找到一个资本雇用回报率（ROCE）逐渐增加的公司，以及逐渐增加的资本雇用量。这表明它是一个复利机器，能够持续将其盈利再投入业务并产生更高的回报。虽然，当我们看着上海微芯生产测试设备股份有限公司（SHSE:688372）的时候，似乎没有完全符合这些标准。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shanghai V-Test Semiconductor Tech is:
只是为了澄清，如果您不确定，ROCE是评估企业在其业务投资中获得多少税前收入（以百分比形式）的指标。这一计算是基于2024年3月的过去12个月对上海微芯生产测试设备股份有限公司进行的。
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。
0.025 = CN¥79m ÷ (CN¥3.8b - CN¥635m) (Based on the trailing twelve months to March 2024).
0.025 = 7900万人民币 ÷ （38亿人民币 - 6350万人民币）（基于2024年3月的过去12个月）。
So, Shanghai V-Test Semiconductor Tech has an ROCE of 2.5%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.2%.
上海微芯生产测试设备股份有限公司的ROCE为2.5％。最终，这是一个较低的回报，表现不及半导体行业平均水平4.2％。
Above you can see how the current ROCE for Shanghai V-Test Semiconductor Tech compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Shanghai V-Test Semiconductor Tech .
您可以看到上海微芯生产测试设备股份有限公司的当前资本回报率与其先前的资本回报率相比如何，但是从过去得出的结论是有限的。如果您有兴趣，可以查看我们免费的上海微芯生产测试设备股份有限公司的分析师报告中的分析师预测。
So How Is Shanghai V-Test Semiconductor Tech's ROCE Trending?
那么上海微芯生产测试设备股份有限公司的ROCE趋势如何？
On the surface, the trend of ROCE at Shanghai V-Test Semiconductor Tech doesn't inspire confidence. To be more specific, ROCE has fallen from 8.1% over the last five years. 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.
表面上看，上海微芯生产测试设备股份有限公司ROCE的趋势并不令人信服。更具体地说，过去五年的ROCE已从8.1％下降。然而，由于资本雇用和营业收入均已增加，似乎该业务目前正在追求增长，这是在短期回报的代价下完成的。如果增加的资本产生额外的回报，该业务以及股东将从长远来看受益。
On a side note, Shanghai V-Test Semiconductor Tech has done well to pay down its current liabilities to 17% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
另外，上海微芯生产测试设备股份有限公司已成功将其流动负债降至总资产的17％。因此，我们可以将这部分归因于ROCE的降低。实际上，这意味着他们的供应商或短期债权人正在为业务提供的资金减少，从而降低了某些风险因素。由于该企业基本上正在使用自己的资金为其运营注资，因此可以认为该企业在生成ROCE方面的效率降低了。
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。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Shanghai V-Test Semiconductor Tech. And there could be an opportunity here if other metrics look good too, because the stock has declined 61% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管资本回报率短期内有所下降，但上海微芯生产测试设备股份有限公司的营业收入和资本雇用均有所增加，这一点令人鼓舞。如果其他指标也看好，这里可能存在机会，因为股票在过去一年中已下跌了61％。因此，我们认为值得进一步研究这只股票，因为趋势看上去是令人鼓舞的。
On a final note, we found 4 warning signs for Shanghai V-Test Semiconductor Tech (1 is potentially serious) you should be aware of.
最后，我们找到了上海微芯生产测试设备股份有限公司的4个警告信号（其中1个可能非常严重），您应该注意。
While Shanghai V-Test Semiconductor Tech 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.
尽管上海微芯生产测试设备股份有限公司目前的回报率不是最高的，但是我们已编制了一份比它表现更好的公司列表，这些公司目前的股本回报率高达25％或更高。在此免费列表中查看。
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