Investors Could Be Concerned With Dalian Demaishi Precision Technology's (SZSE:301007) Returns On Capital
Investors Could Be Concerned With Dalian Demaishi Precision Technology's (SZSE:301007) Returns On Capital
0.076 = CN¥53m ÷ (CN¥1.0b - CN¥334m) 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. 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. Although, when we looked at Dalian Demaishi Precision Technology (SZSE:301007), it didn't seem to tick all of these boxes.
如果你不确定在寻找下一个暴利股时从何开始，有几个关键趋势你应该关注。首先，我们希望看到一个证明有效的资本回报率（ROCE）在上升，其次是扩大的资本使用基础。简单来说，这些类型的业务是复利机器，意味着它们在不断以更高的回报率再投资其收益。虽然，当我们查看大连德迈士精密科技（SZSE:301007）时，它似乎并没有满足所有这些条件。
Return On Capital Employed (ROCE): What Is It?
资本利用率（ROCE）是什么？
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. To calculate this metric for Dalian Demaishi Precision Technology, this is the formula:
为了澄清，如果你不确定，ROCE是评估公司在其业务中投资资本所赚取的税前收入（以百分比计算）的指标。要计算大连德迈士精密科技的这个指标，公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润（EBIT） ÷ （总资产 - 流动负债）
0.076 = CN¥53m ÷ (CN¥1.0b - CN¥334m) (Based on the trailing twelve months to September 2024).
0.076 = CN¥5300万 ÷ (CN¥10亿 - CN¥334m)（基于截至2024年9月的过去十二个月）。
Therefore, Dalian Demaishi Precision Technology has an ROCE of 7.6%. In absolute terms, that's a low return but it's around the Auto Components industry average of 7.0%.
因此，大连德迈士精密科技的资本回报率为7.6%。从绝对值来看，这是一个较低的回报，但它大约在汽车元件行业的平均水平7.0%左右。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Dalian Demaishi Precision Technology's ROCE against it's prior returns. If you're interested in investigating Dalian Demaishi Precision Technology's past further, check out this free graph covering Dalian Demaishi Precision Technology's past earnings, revenue and cash flow.
历史业绩是研究股票时的一个重要起点，因此在上面你可以看到大连德迈士精密科技的投资回报率（ROCE）与其以前回报的比较。如果你有兴趣进一步调查大连德迈士精密科技的过去，可以查看这个免费的图表，涵盖了大连德迈士精密科技的过去盈利、营业收入和现金流。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
On the surface, the trend of ROCE at Dalian Demaishi Precision Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 12% 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.
从表面上看，大连德迈士精密科技的ROCE趋势并不令人信服。更具体地说，ROCE在过去五年中下降了12%。然而，考虑到所投入的资本和营业收入均有所增加，似乎该业务当前正在追求增长，尽管这导致了短期回报的降低。如果增加的资本能够产生额外回报，企业及其股东将在长期受益。
On a related note, Dalian Demaishi Precision Technology has decreased its current liabilities to 33% of total assets. So we could link some of this to the decrease in ROCE. 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. 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.
相关地，大连德迈士精密科技将其流动负债降低到总资产的33%。因此，我们可以将部分原因归咎于ROCE的下降。此外，这可以减少企业某些方面的风险，因为公司现在的供应商或短期债权人为其运营提供的资金减少。由于企业基本上用自己的资金为更多的运营进行融资，可以说这使得企业在产生ROCE方面的效率降低。
What We Can Learn From Dalian Demaishi Precision Technology's ROCE
我们可以从大连德迈士精密科技的ROCE中学到什么
In summary, despite lower returns in the short term, we're encouraged to see that Dalian Demaishi Precision Technology is reinvesting for growth and has higher sales as a result. And there could be an opportunity here if other metrics look good too, because the stock has declined 12% in the last three years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总之，尽管短期回报较低，但我们很高兴看到大连德迈士精密科技正在进行再投资以实现增长，并因此获得了更高的销售额。如果其他指标也不错，这里可能会有机会，因为该股票在过去三年中下降了12%。因此，我们认为进一步研究这只股票是值得的，因为趋势看起来令人鼓舞。
If you'd like to know about the risks facing Dalian Demaishi Precision Technology, we've discovered 1 warning sign that you should be aware of.
如果你想了解大连德迈施精密科技面临的风险，我们发现了一个你应该注意的警告信号。
While Dalian Demaishi Precision Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然大连德迈施精密科技的回报并不是最高的，但请查看这份免费名单，其中有一些公司在获得高股本回报和拥有稳健的资产负债表。
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