The Returns At Shenzhen Absen OptoelectronicLtd (SZSE:300389) Aren't Growing
The Returns At Shenzhen Absen OptoelectronicLtd (SZSE:300389) Aren't Growing
0.17 = CN¥231m ÷ (CN¥3.3b - CN¥2.0b) (Based on the trailing twelve months to June 2023).What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. Although, when we looked at Shenzhen Absen OptoelectronicLtd (SZSE:300389), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票？一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加，同時也在增長金額已動用資本的比例。如果你看到這個，通常意味著它是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。雖然，當我們看到深圳市艾伯森光電有限公司(SZSE：300389)，它似乎沒有勾選所有這些框。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Shenzhen Absen OptoelectronicLtd, this is the formula:
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”(稅前利潤)。要計算深圳艾伯生光電有限公司的這一指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)？(總資產-流動負債)
0.17 = CN¥231m ÷ (CN¥3.3b - CN¥2.0b) (Based on the trailing twelve months to June 2023).
0.17=CN元2.31億？(CN元33億-CN元20億)(根據截至2023年6月的往績12個月計算)。
So, Shenzhen Absen OptoelectronicLtd has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.3% it's much better.
所以,深圳亞森光電股份有限公司的淨資產收益率為17%。就絕對值而言，這是一個令人滿意的回報率，但與電子行業5.3%的平均回報率相比，這要好得多。
View our latest analysis for Shenzhen Absen OptoelectronicLtd
查看我們對深圳艾伯生光電有限公司的最新分析
Above you can see how the current ROCE for Shenzhen Absen OptoelectronicLtd 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 Shenzhen Absen OptoelectronicLtd here for free.
上面你可以看到深圳阿森光電股份有限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。如果您願意，您可以在這裡查看深圳阿森光電有限公司分析師的預測。免費的。
How Are Returns Trending?
回報趨勢如何？
There hasn't been much to report for Shenzhen Absen OptoelectronicLtd's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Shenzhen Absen OptoelectronicLtd to be a multi-bagger going forward.
深圳艾伯生光電股份有限公司的回報和資本水準一直沒有太多可報告的數據，因為這兩個指標在過去五年裡都是穩定的。具有這些特徵的企業往往是成熟和穩定的運營，因為它們已經過了成長期。考慮到這一點，除非未來投資再次回升，否則我們不會指望深圳阿森光電有限公司成為一家多元化的公司。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 60% of total assets, this reported ROCE would probably be less than17% because total capital employed would be higher.The 17% ROCE could be even lower if current liabilities weren't 60% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一方面，雖然ROCE趨勢的變化可能不會引起人們的注意，但有趣的是，目前的負債實際上在過去五年裡有所上升。這很耐人尋味，因為如果流動負債沒有增加到總資產的60%，這個報告的淨資產收益率可能會低於17%，因為使用的總資本會更高。如果流動負債不是總資產的60%，淨資產收益率可能會更低，因為公式將顯示使用總資本的更大基數。此外，這種高水平的流動負債並不理想，因為這意味著該公司的供應商(或短期債權人)實際上正在為很大一部分業務提供資金。
Our Take On Shenzhen Absen OptoelectronicLtd's ROCE
我們對深圳艾伯生光電有限公司ROCE的看法
In summary, Shenzhen Absen OptoelectronicLtd isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And with the stock having returned a mere 2.8% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之，深圳艾伯生光電股份有限公司並沒有實現盈利的複利，但在相同的資本投入下產生了穩定的回報。鑑於該股過去五年向股東的回報率僅為2.8%，你可以說他們意識到了這些乏善可陳的趨勢。因此，如果你正在尋找一個多袋子，潛在的趨勢表明，你可能在其他地方有更好的機會。
One more thing, we've spotted 1 warning sign facing Shenzhen Absen OptoelectronicLtd that you might find interesting.
還有一件事，我們發現了1個個警告標誌面對深圳阿森光電有限公司，你可能會感興趣。
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。
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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.
