There Are Reasons To Feel Uneasy About AAC Technologies Holdings' (HKG:2018) Returns On Capital
There Are Reasons To Feel Uneasy About AAC Technologies Holdings' (HKG:2018) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at AAC Technologies Holdings (HKG:2018) and its ROCE trend, we weren't exactly thrilled.
如果我們想確定可以長期價值成倍增長的股票,我們應該尋找什麼趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投資更多的資本,理想情況下,從這些資本中獲得的回報也在增加。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資於業務併產生更高的回報。有鑑於此,當我們查看瑞聲科技控股(HKG: 2018)及其投資回報率趨勢時,我們並不感到非常興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 AAC Technologies Holdings:
如果你以前沒有與ROCE合作過,它可以衡量一家公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用以下公式爲瑞聲科技控股公司計算:
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)
0.01 = CN¥321m ÷ (CN¥39b - CN¥8.5b) (Based on the trailing twelve months to June 2023).
0.01 = 3.21億人民幣 ↓(39億元人民幣-85億元人民幣) (基於截至 2023 年 6 月的過去十二個月)。
Thus, AAC Technologies Holdings has an ROCE of 1.0%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.2%.
因此,瑞聲科技控股公司的投資回報率爲1.0%。歸根結底,這是一個低迴報,表現低於電子行業7.2%的平均水平。
View our latest analysis for AAC Technologies Holdings
查看我們對瑞聲科技控股的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231130/0-337d7f06bcf8a33df04f212c06940d25-0-2b159edb6e589221393dfc423ad7a7ef.png/big)
In the above chart we have measured AAC Technologies Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的圖表中,我們對瑞聲科技控股之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
What Does the ROCE Trend For AAC Technologies Holdings Tell Us?
瑞聲科技控股的投資回報率趨勢告訴我們什麼?
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 1.0% from 28% 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.
當我們審視瑞聲科技控股公司的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率已從五年前的28%降至1.0%。但是,鑑於使用的資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,那麼對於股票的長期表現來說,這可能是個好兆頭。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that AAC Technologies Holdings 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 57% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總而言之,儘管短期內回報率較低,但我們欣慰地看到,瑞聲科技控股正在進行再投資以實現增長,從而實現了更高的銷售額。但是,這些增長趨勢並沒有帶來增長回報,因爲該股在過去五年中下跌了57%。因此,鑑於趨勢令人鼓舞,我們認爲值得進一步研究這隻股票。
One more thing, we've spotted 1 warning sign facing AAC Technologies Holdings that you might find interesting.
還有一件事,我們發現了瑞聲科技控股面臨的1個警告標誌,你可能會覺得很有趣。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。