Shenzhen Highpower Technology (SZSE:001283) May Have Issues Allocating Its Capital
Shenzhen Highpower Technology (SZSE:001283) May Have Issues Allocating Its Capital
0.039 = CN¥115m ÷ (CN¥5.6b - CN¥2.7b) (Based on the trailing twelve months to June 2023).Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. However, after investigating Shenzhen Highpower Technology (SZSE:001283), we don't think it's current trends fit the mold of a multi-bagger.
你知道嗎，有一些財務指標可以提供潛在的多管齊下的線索？理想情況下，一家企業將呈現兩種趨勢；第一，增長退貨關於已使用資本(ROCE)，第二，增加金額已動用資本的比例。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。不過，經過調查，深圳高能科技(SZSE：001283)，我們認為目前的趨勢不適合多袋子模式。
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. Analysts use this formula to calculate it for Shenzhen Highpower Technology:
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)。分析師用這個公式來計算深圳高力科技的股價：
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)
0.039 = CN¥115m ÷ (CN¥5.6b - CN¥2.7b) (Based on the trailing twelve months to June 2023).
0.039=CN元1.15億？(CN元56億-CN元27億)(根據截至2023年6月的往績12個月計算)。
Therefore, Shenzhen Highpower Technology has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.3%.
所以呢，深圳高力科技ROCE為3.9%。歸根結底，這是一個較低的回報率，表現低於6.3%的電氣行業平均水準。
View our latest analysis for Shenzhen Highpower Technology
查看我們對深圳高能科技的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Highpower Technology's ROCE against it's prior returns. If you're interested in investigating Shenzhen Highpower Technology's past further, check out this free graph of past earnings, revenue and cash flow.
在研究一隻股票時，歷史表現是一個很好的起點，因為在歷史表現之上，你可以看到深圳高力科技的ROCE相對於其先前回報的衡量標準。如果你有興趣進一步調查深圳高力科技的過去，請查看以下內容免費過去收益、收入和現金流的圖表。
What Does the ROCE Trend For Shenzhen Highpower Technology Tell Us?
深圳高能科技的ROCE趨勢告訴我們什麼？
On the surface, the trend of ROCE at Shenzhen Highpower Technology doesn't inspire confidence. Around four years ago the returns on capital were 24%, but since then they've fallen to 3.9%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看，深圳高力科技的ROCE走勢並沒有激發信心。大約四年前，資本回報率為24%，但自那以來已降至3.9%。與此同時，該公司正在利用更多資本，但這在過去12個月的銷售額方面沒有太大變化，因此這可能反映了較長期的投資。從現在開始，值得密切關注該公司的收益，看看這些投資最終是否真的為利潤做出了貢獻。
On a related note, Shenzhen Highpower Technology has decreased its current liabilities to 48% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Keep in mind 48% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是，深圳高力科技已將流動負債降至總資產的48%。因此，我們可以將其中一些因素與淨資產收益率的下降聯繫起來。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。請記住，48%仍然是相當高的，所以這些風險在某種程度上仍然很普遍。
Our Take On Shenzhen Highpower Technology's ROCE
我們對深圳高力科技ROCE的看法
To conclude, we've found that Shenzhen Highpower Technology is reinvesting in the business, but returns have been falling. Unsurprisingly then, the total return to shareholders over the last year has been flat. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
綜上所述，我們發現深圳高力科技正在對該業務進行再投資，但回報一直在下降。因此，去年股東的總回報率持平也就不足為奇了。總體而言，我們不太受潛在趨勢的鼓舞，我們認為在其他地方可能會有更好的機會找到多個袋子。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen Highpower Technology (of which 1 is a bit concerning!) that you should know about.
由於幾乎每家公司都面臨一些風險，瞭解它們是什麼是值得的，我們已經發現深圳高能科技的4個警示標誌(其中1個有點令人擔憂！)這是你應該知道的。
While Shenzhen Highpower Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然深圳高能科技並沒有獲得最高的回報，但看看這個免費資產負債表穩健、股本回報率高的公司名單。
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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.
