The Returns On Capital At Accelink Technologies CoLtd (SZSE:002281) Don't Inspire Confidence
The Returns On Capital At Accelink Technologies CoLtd (SZSE:002281) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Accelink Technologies CoLtd (SZSE:002281) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要識別下一個多袋子,有幾個關鍵趨勢需要尋找。首先,我們希望看到一個經過驗證的退貨關於已使用資本(ROCE)的增長,其次是擴張基地已動用資本的比例。這向我們表明,它是一臺復合機器,能夠不斷地將其收益再投資於企業,並產生更高的回報。話雖如此,從第一眼看Accelink科技有限公司(SZSE:002281)我們不會因為回報率的趨勢而從椅子上跳起來,但讓我們更深入地看看。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(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 Accelink Technologies CoLtd, 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Accelink Technologies CoLtd.的此指標,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)
0.04 = CN¥342m ÷ (CN¥12b - CN¥3.0b) (Based on the trailing twelve months to June 2023).
0.04=CN元3.42億?(CN元120B-CN元30B)(根據截至2023年6月的往績12個月計算)。
Therefore, Accelink Technologies CoLtd has an ROCE of 4.0%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.3%.
所以呢,Accelink Technologies CoLtd.的淨資產收益率為4.0%。按絕對值計算,這是一個較低的回報率,也低於電子行業5.3%的平均水準。
View our latest analysis for Accelink Technologies CoLtd
查看我們對Accelink Technologies CoLtd.的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231010/0-070bdfd99c9ec1e8dd94e36e71b532f1-0-8e248505223370149c43d3baa9a16e01.png/big)
Above you can see how the current ROCE for Accelink Technologies CoLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Accelink Technologies CoLtd.
上面你可以看到Accelink Technologies CoLtd.目前的淨資產收益率(ROCE)與其先前的資本回報率相比如何,但你只能從過去知道這麼多。如果您想查看分析師對未來的預測,您應該查看我們的免費Accelink Technologies CoLtd.的報告。
So How Is Accelink Technologies CoLtd's ROCE Trending?
那麼,Accelink Technologies CoLtd.的ROCE趨勢如何?
When we looked at the ROCE trend at Accelink Technologies CoLtd, we didn't gain much confidence. Around five years ago the returns on capital were 8.0%, but since then they've fallen to 4.0%. 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.
當我們觀察Accelink Technologies CoLtd.的ROCE趨勢時,我們並沒有獲得太多信心。大約五年前,資本回報率為8.0%,但自那以來已降至4.0%。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。這可能意味著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, Accelink Technologies CoLtd has decreased its current liabilities to 26% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,Accelink Technologies CoLtd已將其流動負債降至總資產的26%。這可能在一定程度上解釋了ROCE下降的原因。實際上,這意味著它們的供應商或短期債權人減少了對業務的融資,這降低了一些風險因素。一些人會說,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。
Our Take On Accelink Technologies CoLtd's ROCE
我們對Accelink Technologies CoLtd.的ROCE的看法
In summary, we're somewhat concerned by Accelink Technologies CoLtd's diminishing returns on increasing amounts of capital. However the stock has delivered a 51% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
總而言之,我們對Accelink Technologies CoLtd不斷增加的資本回報越來越少感到有點擔憂。然而,該股在過去五年裡為股東帶來了51%的回報,因此投資者可能預計趨勢會扭轉。無論如何,我們對基本面感到不太舒服,所以我們現在會避開這只股票。
On a separate note, we've found 3 warning signs for Accelink Technologies CoLtd you'll probably want to know about.
另外,我們發現Accelink Technologies CoLtd.的3個警告標誌你可能會想知道。
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.
對於那些喜歡投資於穩固的公司,看看這個免費資產負債表穩健、股本回報率高的公司名單。
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,地址是暗示Wallst.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.