Shennan Circuit (SZSE:002916) Will Be Hoping To Turn Its Returns On Capital Around
Shennan Circuit (SZSE:002916) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. However, after briefly looking over the numbers, we don't think Shennan Circuit (SZSE:002916) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要找到潜在的翻倍股,通常有一些潜在趋势可以提供线索。一个常见的做法是寻找ROCE不断增加、同时使用的资本也在增长的公司。这表明公司是一个复合机器,能够不断将其盈利再投资到业务中,并产生更高的回报。然而,经过简要地查看数据,我们认为深南电路(SZSE:002916)未来不具备成为潜在翻倍股的特点,但让我们看看可能的原因。
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。
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 Shennan Circuit is:
对于那些不了解的人来说,ROCE是衡量公司年度税前利润(其回报)与业务中使用的资本之比的一种指标。在深南电路的计算公式中为:
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。
0.064 = CN¥1.1b ÷ (CN¥23b - CN¥6.7b) (Based on the trailing twelve months to March 2024).
0.064 = CN¥11亿 ÷ (CN¥230亿 - CN¥6.7b)(基于过去十二个月直至2024年3月的数据)。
So, Shennan Circuit has an ROCE of 6.4%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
因此,深南电路的ROCE为6.4%。单独来看这是一个较低的回报,但与整个电子行业的平均5.2%相比,它更好。
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Above you can see how the current ROCE for Shennan Circuit compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shennan Circuit .
以上内容展示了深南电路当前ROCE与其以往资本回报的比较情况,但仅从过去的情况看不出太多信息。如果想要了解分析师的预测,您可以查看我们针对深南电路的免费分析师报告。
So How Is Shennan Circuit's ROCE Trending?
那么,深南电路的ROCE趋势如何?
In terms of Shennan Circuit's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.4% from 18% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
在深南电路的历史ROCE波动方面,其趋势并不理想。在过去五年中,资本回报率从五年前的18%下降到了6.4%。与此同时,企业使用的资本更多了,但过去12个月的销售表现并不出色,因此这可能反映了一些长期投资。在这些投资获得收益之前,公司可能需要一些时间。
On a side note, Shennan Circuit has done well to pay down its current liabilities to 29% 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.
顺便提一下,深南电路成功地将其流动负债降至总资产的29%。因此,我们可以将其中的一部分归因于ROCE的下降。有效地,这意味着它们的供应商或短期债权人为业务提供的资金较少,从而降低了某些风险因素。由于业务基本上是用自己的资金来资助其运营,因此您可以认为这使得业务在产生ROCE方面不太高效。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
Bringing it all together, while we're somewhat encouraged by Shennan Circuit's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 18% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总体来说,虽然我们对深南电路重新投资其自有业务感到有些鼓舞,但我们意识到回报正在缩水。同时,投资者也可能认识到这些趋势,因为在过去五年中,该股票仅为股东带来了总共18%的回报。因此,如果您正在寻找潜在的翻倍股,那么潜在趋势表明您可能在别处有更好的机会。
If you want to continue researching Shennan Circuit, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想继续研究深南电路,您可能会有兴趣了解我们分析发现的2个警示信号。
While Shennan Circuit 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.
虽然深南电路目前可能没有最高回报,但我们已经编制了一份当前回报率超过25%的公司列表。在这里查看这个免费列表。
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