Returns On Capital Signal Tricky Times Ahead For Wingtech TechnologyLtd (SHSE:600745)
Returns On Capital Signal Tricky Times Ahead For Wingtech TechnologyLtd (SHSE:600745)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 investigating Wingtech TechnologyLtd (SHSE:600745), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只潜力股,我们应该关注企业中的哪些潜在趋势呢?首先,我们希望识别不断增长的资本雇用率(ROCE),并且紧随其后的是不断增长的资本雇用基数。如果您看到这一点,通常意味着这是一家具有良好商业模式和许多有利可图的再投资机会的公司。然而,在调查荣盛技术股份有限公司(SHSE:600745)后,我们认为它当前的趋势并不符合潜力股的模式。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Wingtech TechnologyLtd, this is the formula:
对于那些不确定ROCE是什么的人,它衡量的是一家公司在业务中所投入的资本所能够产生的税前利润数量。要为荣盛技术股份有限公司计算这一指标,可以使用以下公式:
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。
0.039 = CN¥2.0b ÷ (CN¥76b - CN¥24b) (Based on the trailing twelve months to June 2024).
0.039 = 20亿人民币 ÷(760亿人民币 - 24亿人民币)(基于2024年6月之前的过去十二个月)。
Thus, Wingtech TechnologyLtd has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.4%.
因此,荣盛技术股份有限公司的ROCE为3.9%。最终,这是一个较低的回报率,低于电子行业平均水平5.4%。
![1724979286434](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240830/43093020-0-866aae5c97aa4bcc15616455d49c86a2.webp/bigjpg)
Above you can see how the current ROCE for Wingtech TechnologyLtd 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 Wingtech TechnologyLtd .
您可以看到Wingtech TechnologyLtd目前的资本回报率(ROCE)与之前的回报率相比,但过去能告诉我们的信息有限。如果您感兴趣,可以在我们免费的Wingtech TechnologyLtd分析师报告中查看分析师的预测。
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。
On the surface, the trend of ROCE at Wingtech TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 5.5%, but since then they've fallen to 3.9%. 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.
表面上,Wingtech TechnologyLtd的ROCE趋势并不令人信服。大约五年前,资本回报率为5.5%,但自那时以来已下降至3.9%。尽管营业收入和所使用资产的数量都有所增加,这可能表明公司正在进行投资以实现增长,而额外的资本导致短期内ROCE减少。如果增加的资本带来额外收益,公司和股东因此将从中受益。
On a related note, Wingtech TechnologyLtd has decreased its current liabilities to 32% 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,Wingtech TechnologyLtd已将其流动负债降至总资产的32%。这可能在一定程度上解释了为什么ROCE下降。更重要的是,这可以减少业务的某些风险,因为现在公司的供应商或短期债权人为其运营提供的资金较少。一些人会认为,这减少了业务的效率,因为现在更多地用自己的资金来进行运营。
The Bottom Line On Wingtech TechnologyLtd's ROCE
关于Wingtech TechnologyLtd的ROCE总结
In summary, despite lower returns in the short term, we're encouraged to see that Wingtech TechnologyLtd is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 62% over the last five years, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总之,尽管短期内回报率较低,但我们很高兴看到Wingtech TechnologyLtd正在进行再投资并因此实现更高的销售额。然而,尽管有这些有希望的趋势,该股票在过去五年已下跌了62%,因此对于精明的投资者来说可能存在机会。因此,我们认为值得进一步研究这只股票,因为其趋势看起来令人鼓舞。
If you want to continue researching Wingtech TechnologyLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想继续研究Wingtech Technology Ltd,您可能会对我们分析发现的2个警告信号感兴趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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。
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。