Raytron TechnologyLtd's (SHSE:688002) Returns On Capital Not Reflecting Well On The Business
Raytron TechnologyLtd's (SHSE:688002) Returns On Capital Not Reflecting Well On The Business
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Raytron TechnologyLtd (SHSE:688002) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
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。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。然而,在簡單地看了一下數位之後,我們認為瑞創科技有限公司(上海證券交易所:688002)未來有可能成為一個多袋子的人,但讓我們看看為什麼會這樣。
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 Raytron TechnologyLtd, 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)。要計算瑞創科技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)
0.051 = CN¥332m ÷ (CN¥8.3b - CN¥1.8b) (Based on the trailing twelve months to June 2023).
0.051=CN元3.32億?(CN元83億-CN元18億)(根據截至2023年6月的往績12個月計算)。
Thus, Raytron TechnologyLtd has an ROCE of 5.1%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.3%.
因此,瑞創科技有限公司的淨資產收益率為5.1%。就其本身而言,這是一個較低的資本回報率,但與該行業5.3%的平均回報率一致。
See our latest analysis for Raytron TechnologyLtd
查看我們對瑞創科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-459d850c755cb6ddf033c24beb39b12a-0-6a4ba35f585decf9a2545cb9fd587825.png/big)
In the above chart we have measured Raytron TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Raytron TechnologyLtd here for free.
在上面的圖表中,我們衡量了瑞創科技有限公司之前的淨資產收益率與其之前的表現,但可以說,未來更重要。如果你願意,你可以在這裡查看瑞創科技有限公司分析師的預測。免費的。
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
When we looked at the ROCE trend at Raytron TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.1% from 11% five years ago. 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. If these investments prove successful, this can bode very well for long term stock performance.
當我們觀察瑞創科技有限公司的ROCE趨勢時,我們並沒有獲得太多信心。過去五年,資本回報率從五年前的11%降至5.1%。然而,鑑於已動用資本和收入都有所增加,該業務目前似乎正在追求增長,這是短期回報的結果。如果這些投資被證明是成功的,這可能是長期股票表現的好兆頭。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Raytron TechnologyLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 51% over the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
總而言之,儘管短期內回報較低,但令我們感到鼓舞的是,瑞創科技有限公司正在為增長而進行再投資,並因此實現了更高的銷售額。不過,這些增長趨勢並沒有帶來增長回報,因為該公司股價在過去三年裡下跌了51%。因此,我們建議進一步研究這只股票,以揭示該業務的其他基本面可以向我們展示什麼。
Raytron TechnologyLtd does have some risks though, and we've spotted 1 warning sign for Raytron TechnologyLtd that you might be interested in.
不過,瑞創科技有限公司確實存在一些風險,我們已經發現瑞創科技有限公司的1個警告標誌你可能會感興趣的。
While Raytron TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然Raytron科技有限公司目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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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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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.