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Investors Met With Slowing Returns on Capital At Hefei Meyer Optoelectronic Technology (SZSE:002690)

Investors Met With Slowing Returns on Capital At Hefei Meyer Optoelectronic Technology (SZSE:002690)

投资者在合肥美尔科技(SZSE:002690)获得资本回报放缓。
Simply Wall St ·  10/27 09:46

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So while Hefei Meyer Optoelectronic Technology (SZSE:002690) has a high ROCE right now, lets see what we can decipher from how returns are changing.

如果您正在寻找一个潜力巨大的股票,有几件事情需要留意。首先,我们希望看到资本利用率(ROCE)逐渐增加,其次,是资本利用率的扩大基础。简而言之,这些类型的企业是复利机器,意味着它们不断以更高的回报率再投资其收益。所以虽然合肥美尔光电技术(SZSE:002690)目前拥有较高的ROCE,让我们看看从收益如何变化中我们能够解读出什么。

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。

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 Hefei Meyer Optoelectronic Technology:

对于不了解的人,ROCE是一个公司每年税前利润(其回报)与企业中使用的资本相对的衡量标准。分析师使用这个公式来计算合肥美尔光电技术的ROCE:

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。

0.24 = CN¥637m ÷ (CN¥3.2b - CN¥544m) (Based on the trailing twelve months to September 2024).

0.24 = CN¥63700万 ÷ (CN¥32亿 - CN¥544m)(基于2024年9月的过去十二个月)。

Thus, Hefei Meyer Optoelectronic Technology has an ROCE of 24%. That's a fantastic return and not only that, it outpaces the average of 5.5% earned by companies in a similar industry.

因此,合肥美尔光电技术的ROCE为24%。这是一个极好的回报,不仅如此,它还超过了同行业公司平均获得的5.5%。

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SZSE:002690 Return on Capital Employed October 27th 2024
SZSE:002690 资本利用率回报 2024年10月27日

In the above chart we have measured Hefei Meyer Optoelectronic Technology'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 Hefei Meyer Optoelectronic Technology for free.

在上图中,我们已经测量了合肥迈瑞光电科技之前的ROCE与之前的表现,但未来可能更重要。 如果您愿意,您可以免费查看覆盖合肥迈瑞光电科技的分析师的预测。

What Does the ROCE Trend For Hefei Meyer Optoelectronic Technology Tell Us?

合肥迈瑞光电科技的ROCE趋势告诉我们什么?

Over the past five years, Hefei Meyer Optoelectronic Technology's ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. Although current returns are high, we'd need more evidence of underlying growth for it to look like a multi-bagger going forward. On top of that you'll notice that Hefei Meyer Optoelectronic Technology has been paying out a large portion (75%) of earnings in the form of dividends to shareholders. If the company is in fact lacking growth opportunities, that's one of the viable alternatives for the money.

在过去五年中,合肥迈瑞光电科技的ROCE和资本雇用量基本保持不变。 这告诉我们该公司并未对自身进行再投资,因此有可能过了增长阶段。 尽管目前的回报率很高,但我们需要更多证据表明潜在增长,才能看起来像一个未来可能大幅增值的投资。 除此之外,您会注意到合肥迈瑞光电科技以股息形式向股东支付了75%的收益。 如果公司实际上缺乏增长机会,这是货币的一个可行替代方案之一。

Our Take On Hefei Meyer Optoelectronic Technology's ROCE

对合肥迈瑞光电科技的ROCE我们的看法。

While Hefei Meyer Optoelectronic Technology has impressive profitability from its capital, it isn't increasing that amount of capital. Since the stock has declined 36% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.

虽然合肥迈瑞光电科技从其资本中获取令人印象深刻的盈利能力,但资本数量并未增加。 由于过去五年股价下跌了36%,投资者对这种改善趋势可能也不太乐观。 无论如何,该股没有上述讨论的大幅增值特征,所以如果您正在寻找这样的股票,我们认为您可能在其他地方更有好运。

On a separate note, we've found 1 warning sign for Hefei Meyer Optoelectronic Technology you'll probably want to know about.

另外,我们发现对合肥迈瑞光电科技的1个警告标志,您可能想了解。

High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.

高回报率是强劲表现的关键因素,因此请查看我们的免费股票列表,其中列出了盈利能力强、资产负债表坚实的股票。

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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.

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