ShenZhen QiangRui Precision Technology (SZSE:301128) Is Reinvesting At Lower Rates Of Return
ShenZhen QiangRui Precision Technology (SZSE:301128) Is Reinvesting At Lower Rates Of Return
0.053 = CN¥50m ÷ (CN¥1.3b - CN¥301m) 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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating ShenZhen QiangRui Precision Technology (SZSE:301128), we don't think it's current trends fit the mold of a multi-bagger.
如果您不确定从哪里开始寻找下一个多倍赚钱机会，有几个关键趋势您应该着眼。理想情况下，一个企业将展现两个趋势；首先是不断增长的资本利用率（ROCE），其次是不断增加的资本用量。基本上，这意味着公司拥有可持续再投资的盈利倡议，这是复利机器的特征。然而，在调研深圳强瑞精密科技（SZSE:301128）后，我们认为其当前趋势不符合多倍赚钱机会的模式。
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. Analysts use this formula to calculate it for ShenZhen QiangRui Precision Technology:
对于那些不了解的人，ROCE是一家公司每年税前利润（其回报）相对于业务中资本用量的衡量标准。分析师使用该公式为深圳强瑞精密科技计算：
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。
0.053 = CN¥50m ÷ (CN¥1.3b - CN¥301m) (Based on the trailing twelve months to March 2024).
0.053 = 5000万元 ÷（130亿 - 3.01亿）（截至2024年3月的过去十二个月）。
So, ShenZhen QiangRui Precision Technology has an ROCE of 5.3%. In absolute terms, that's a low return but it's around the Machinery industry average of 5.8%.
因此，深圳强瑞精密科技的ROCE为5.3%。从绝对角度来看，这是一个低回报，但接近机械行业平均水平的5.8%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for ShenZhen QiangRui Precision Technology's ROCE against it's prior returns. If you're interested in investigating ShenZhen QiangRui Precision Technology's past further, check out this free graph covering ShenZhen QiangRui Precision Technology's past earnings, revenue and cash flow.
历史表现是研究股票的一个好的起点，所以您可以在上面看到深圳强瑞精密技术的ROCE与其之前回报的对比。如果您对深圳强瑞精密技术的过去有进一步的了解，请查看这个免费的图表，包括深圳强瑞精密技术过去的盈利、营业收入和现金流量。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
In terms of ShenZhen QiangRui Precision Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 36% over the last five years. 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就深圳强瑞精密技术的历史ROCE变动而言，趋势并不理想。具体来说，ROCE在过去五年中从36%下降。尽管如此，考虑到营业收入和业务所使用的资产增加，这可能表明该公司正在投资增长，并且额外的资本导致了ROCE的短期降低。如果增加的资本产生了额外的回报，企业和股东将从中受益。
On a side note, ShenZhen QiangRui Precision Technology has done well to pay down its current liabilities to 24% 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.
另外，深圳强瑞精密技术已经很好地偿还了其流动负债，占总资产的24%。这可能在一定程度上解释了为什么ROCE下降。此外，这可以减少业务面临的一些风险，因为公司的供应商或短期债权人现在资助了更少的运营。有人认为，这样做会减少业务产生ROCE的效率，因为现在更多地使用自有资金来进行运营。
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 ShenZhen QiangRui Precision Technology. And the stock has followed suit returning a meaningful 13% to shareholders over the last year. So should these growth trends continue, we'd be optimistic on the stock going forward.
虽然短期内资本回报率有所下降，但深圳强瑞精密技术的营业收入和投入资本都有所增加是让人有希望的。股票的回报率也相应地增长了13%，给股东带来了有意义的回报。因此，如果这些增长趋势继续下去，我们对股票的前景持乐观态度。
One more thing: We've identified 4 warning signs with ShenZhen QiangRui Precision Technology (at least 3 which shouldn't be ignored) , and understanding them would certainly be useful.
再多一件事：我们已经确认深圳强锐精密科技存在4个警示信号（至少3个不容忽视），了解它们肯定会很有用。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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