The Returns On Capital At Union OptechLtd (SZSE:300691) Don't Inspire Confidence
The Returns On Capital At Union OptechLtd (SZSE:300691) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 Union OptechLtd (SZSE:300691) and its ROCE trend, we weren't exactly thrilled.
如果我們想確定下一個多層裝袋機,有幾個關鍵的趨勢需要考慮。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資金,理想情況下,從這些資本中獲得的回報也在增加。簡而言之,這些類型的企業是複利機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們看 聯合光電有限公司 (深交所代碼:300691)及其投資回報率趨勢,我們並不感到非常興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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 Union OptechLtd, this is the formula:
爲了澄清一下你是否不確定,投資回報率是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算 Union OptechLtd 的這個指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用資本回報率 = 利息和稅前收益 (EBIT) ÷(總資產-流動負債)
0.029 = CN¥58m ÷ (CN¥2.6b - CN¥631m) (Based on the trailing twelve months to June 2023).
0.029 = 5800萬元人民幣 ε(26億元人民幣-6.31億元人民幣) (基於截至 2023 年 6 月的過去十二個月)。
Thus, Union OptechLtd has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.3%.
因此, Union OptechLtd的投資回報率爲2.9%。 歸根結底,這是一個很低的回報,其表現低於電子行業5.3%的平均水平。
View our latest analysis for Union OptechLtd
查看我們對 Union OptechLtd 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230923/0-5127f86d1fb559c42f9f3dd4c542da19-0-a4ecd8a223a35c5d1323e4eb47a6b6cd.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Union OptechLtd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Union OptechLtd, check out these free graphs here.
在研究股票時,歷史表現是一個不錯的起點,因此在上面你可以看到Union OptechLtd的投資回報率與其先前回報的衡量標準。如果你想深入研究Union OptechLtd的歷史收益、收入和現金流,請查看這些 免費的 這裏的圖表。
What Does the ROCE Trend For Union OptechLtd Tell Us?
Union OptechLtd的投資回報率趨勢告訴我們什麼?
In terms of Union OptechLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 5.4%, but since then they've fallen to 2.9%. However it looks like Union OptechLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就Union OptechLtd的歷史投資回報率走勢而言,這種趨勢並不奇妙。大約五年前,資本回報率爲5.4%,但此後已降至2.9%。但是,看來Union OptechLtd可能正在爲長期增長進行再投資,因爲儘管資本使用量有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a related note, Union OptechLtd has decreased its current liabilities to 24% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,Union OptechLtd已將其流動負債減少至總資產的24%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對業務的融資,從而降低了某些風險因素。由於該企業基本上是用自己的資金爲更多的運營提供資金,因此你可以爭辯說,這降低了該企業產生投資回報率的效率。
Our Take On Union OptechLtd's ROCE
我們對 Union OptechLtd 投資回報率的看法
Bringing it all together, while we're somewhat encouraged by Union OptechLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 23% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
綜上所述,儘管Union OptechLtd對自己業務的再投資使我們感到有些鼓舞,但我們知道回報正在萎縮。投資者可能已經意識到了這些趨勢,因爲該股在過去五年中向股東的總回報率僅爲23%。因此,如果您正在尋找多袋裝袋,我們建議您考慮其他選擇。
One final note, you should learn about the 3 warning signs we've spotted with Union OptechLtd (including 2 which make us uncomfortable) .
最後一點,你應該了解一下 3 個警告標誌 我們發現了 Union OptechLtd(包括 2 個讓我們感到不舒服)。
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.
對於那些喜歡投資的人 實力雄厚的公司, 看看這個 免費的 資產負債表穩健、股本回報率高的公司名單。
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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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Simply Wall St 的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之,華爾街在上述任何股票中都沒有頭寸。