Investors Could Be Concerned With Qingdao Topscomm Communication's (SHSE:603421) Returns On Capital
Investors Could Be Concerned With Qingdao Topscomm Communication's (SHSE:603421) Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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 briefly looking over the numbers, we don't think Qingdao Topscomm Communication (SHSE:603421) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 已動用資本的百分比。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。但是,在簡短地瀏覽了這些數字之後,我們認爲青島Topscomm Communication(SHSE: 603421)不具備未來的多功能裝備,但讓我們來看看爲什麼會這樣。
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 Qingdao Topscomm Communication:
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青島Topscomm Communication計算得出:
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)
0.03 = CN¥123m ÷ (CN¥5.6b - CN¥1.4b) (Based on the trailing twelve months to September 2023).
0.03 = 人民幣 12300 萬元 ≤(CN¥5.6b-CN¥1.4b) (基於截至2023年9月的過去十二個月)。
Therefore, Qingdao Topscomm Communication has an ROCE of 3.0%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.4%.
因此,青島拓普信通信的投資回報率爲3.0%。歸根結底,這是一個低迴報,其表現低於半導體行業4.4%的平均水平。
View our latest analysis for Qingdao Topscomm Communication
查看我們對青島特普斯康通訊的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231208/0-dea1ee55984453b0a83a89d1f768f16d-0-db1b98b777496db281996eb44561cf93.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Qingdao Topscomm Communication's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你有興趣進一步調查青島Topscomm Communication的過去,請查看這張免費的過去收益、收入和現金流圖表。
How Are Returns Trending?
退貨趨勢如何?
In terms of Qingdao Topscomm Communication's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 3.0% from 10% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就青島Topscomm Communication的歷史投資回報率走勢而言,這種趨勢並不理想。在過去五年中,資本回報率已從五年前的10%降至3.0%。另一方面,去年,該公司一直在使用更多資金,但銷售額沒有相應改善,這可能表明這些投資是長期投資。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。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 25%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 3.0%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在談到這個問題時,我們注意到流動負債與總資產的比率已上升至25%,這影響了ROCE。如果沒有這種增長,投資回報率很可能會低於3.0%。儘管該比率目前還不算太高,但值得密切關注,因爲如果比率特別高,則企業可能會面臨一些新的風險因素。
The Bottom Line
底線
In summary, Qingdao Topscomm Communication is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 31% in the last five years. Therefore based on the analysis done in this article, we don't think Qingdao Topscomm Communication has the makings of a multi-bagger.
總而言之,青島Topscomm Communication正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者似乎對趨勢是否會回升猶豫不決,因爲該股在過去五年中下跌了31%。因此,根據本文所做的分析,我們認爲青島Topscomm Communication不具備多功能裝袋機的特質。
Qingdao Topscomm Communication does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
但是,青島Topscomm Communication確實存在一些風險,我們在投資分析中發現了3個警告信號,其中一個有點令人不快...
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。
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。