The Returns On Capital At Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) Don't Inspire Confidence
The Returns On Capital At Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) Don't Inspire Confidence
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. In light of that, when we looked at Rayitek Hi-Tech Film Company Shenzhen (SHSE:688323) and its ROCE trend, we weren't exactly thrilled.
要找到一隻多袋股票，我們應該在一家企業中尋找什麼潛在趨勢？通常，我們會注意到一種增長的趨勢返回關於已使用資本(ROCE)以及與之相伴隨的是不斷擴大的基座已動用資本的比例。簡而言之，這些類型的企業是複利機器，這意味着它們不斷地以越來越高的回報率對收益進行再投資。有鑑於此，當我們看到深圳市瑞泰克高科技影業公司(上海證券交易所：688323)和它的ROCE趨勢，我們並不是很興奮。
Return On Capital Employed (ROCE): What is it?
資本回報率(ROCE)：它是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Rayitek Hi-Tech Film Company Shenzhen is:
如果你以前沒有使用過ROCE，它衡量的是一家公司從業務資本中獲得的“回報”(税前利潤)。深圳瑞特克高科技電影公司的這一計算公式為：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息税前收益(EBIT)？(總資產-流動負債)
0.039 = CN¥60m ÷ (CN¥1.7b - CN¥196m) (Based on the trailing twelve months to March 2022).
0.039=6000萬元？(17億元-1.96億元)(根據截至2022年3月的往績12個月計算).
Thus, Rayitek Hi-Tech Film Company Shenzhen has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 10.0%.
因此，深圳瑞泰克高科技影業股份有限公司的淨資產收益率為3.9%。歸根結底，這是一個較低的回報率，表現低於化工行業10.0%的平均水平。
See our latest analysis for Rayitek Hi-Tech Film Company Shenzhen
請看我們對深圳瑞泰克高科技電影公司的最新分析
Above you can see how the current ROCE for Rayitek Hi-Tech Film Company Shenzhen compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Rayitek Hi-Tech Film Company Shenzhen here for free.
上面你可以看到深圳瑞泰克高科技電影公司目前的淨資產收益率與之前的資本回報率相比，但你只能從過去了解到這麼多。如果你願意，你可以在這裏查看跟蹤深圳瑞泰克高科技電影公司的分析師的預測免費的。
What Does the ROCE Trend For Rayitek Hi-Tech Film Company Shenzhen Tell Us?
深圳瑞泰克高科技影業公司的ROCE趨勢告訴了我們什麼？
When we looked at the ROCE trend at Rayitek Hi-Tech Film Company Shenzhen, we didn't gain much confidence. To be more specific, ROCE has fallen from 5.4% over the last three years. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們看着深圳瑞泰克高科技電影公司的ROCE趨勢時，我們並沒有獲得太多的信心。更具體地説，ROCE在過去三年中從5.4%下降。考慮到在僱傭更多資本的同時收入有所下降，我們會持謹慎態度。這可能意味着企業正在失去其競爭優勢或市場份額，因為雖然更多的資金被投入到風險投資中，但實際上它產生的回報更低--本身就是“更少的回報”。
On a related note, Rayitek Hi-Tech Film Company Shenzhen has decreased its current liabilities to 11% 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. 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.
與此相關的是，深圳瑞泰克高科技電影公司已將流動負債降至總資產的11%。這可能在一定程度上解釋了ROCE下降的原因。更重要的是，這可以降低業務的某些方面的風險，因為現在該公司的供應商或短期債權人為其運營提供的資金減少了。由於企業基本上是用自有資金為更多的運營提供資金，你可以説這降低了企業產生淨資產收益率的效率。
The Bottom Line On Rayitek Hi-Tech Film Company Shenzhen's ROCE
深圳瑞泰克高科技影業公司上市的底線
In summary, we're somewhat concerned by Rayitek Hi-Tech Film Company Shenzhen's diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 21% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
綜上所述，我們對深圳瑞泰克高科技電影公司增資收益遞減感到有點擔憂。過去一年持有該股的長期股東經歷了21%的投資貶值，因此市場似乎也不喜歡這些趨勢。除非這些指標出現轉向更積極的軌跡，否則我們會把目光投向其他地方。
Rayitek Hi-Tech Film Company Shenzhen does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those shouldn't be ignored...
然而，我們發現，深圳瑞泰克高科技電影公司確實存在一些風險在我們的投資分析中出現了3個警告信號，其中兩個不應該被忽視。
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.
如果你想尋找收入豐厚的可靠公司，看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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.
對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯繫直接與我們聯繫。或者，也可以給編輯組發電子郵件，地址是implywallst.com。
本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。