Investors Could Be Concerned With Xiamen Leading Optics' (SHSE:605118) Returns On Capital
Investors Could Be Concerned With Xiamen Leading Optics' (SHSE:605118) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Xiamen Leading Optics (SHSE:605118), it didn't seem to tick all of these boxes.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 的已動用資本。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,當我們看廈門領先光學(SHSE: 605118)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Xiamen Leading Optics, this is the formula:
如果您不確定,可以澄清一下,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算廈門領先光學的該指標,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)
0.077 = CN¥113m ÷ (CN¥1.6b - CN¥113m) (Based on the trailing twelve months to September 2023).
0.077 = 人民幣 1.13 億元 ≤(CN¥16B-1.13 億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Xiamen Leading Optics has an ROCE of 7.7%. On its own that's a low return, but compared to the average of 5.0% generated by the Electronic industry, it's much better.
因此,廈門領先光學的投資回報率爲7.7%。就其本身而言,回報率很低,但與電子行業的平均回報率爲5.0%相比,要好得多。
See our latest analysis for Xiamen Leading Optics
查看我們對廈門領先光學的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231214/0-a851e5b35f45938bf3368ca8f29dcd70-0-952603bdb2232d0ce4968f641ab8e277.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'd like to look at how Xiamen Leading Optics has performed in the past in other metrics, you can view 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。如果您想查看廈門領先光學過去在其他指標上的表現,可以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 Xiamen Leading Optics' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 50% over the last five years. 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 may take some time before the company starts to see any change in earnings from these investments.
就廈門領先光學的歷史投資回報率走勢而言,這種趨勢並不理想。更具體地說,投資回報率已從過去五年的50%有所下降。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有給銷售帶來太大影響,因此這可能反映了長期投資。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。
On a side note, Xiamen Leading Optics has done well to pay down its current liabilities to 7.1% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
順便說一句,廈門領先光學在將其流動負債償還至總資產的7.1%方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在該公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲更多的業務提供資金,你可能會爭辯說,這降低了企業創造投資回報的效率。
In Conclusion...
總之...
Bringing it all together, while we're somewhat encouraged by Xiamen Leading Optics' reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 11% over the last three years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
綜上所述,儘管廈門領先光學對自身業務的再投資令我們有些鼓舞,但我們意識到回報正在萎縮。毫不奇怪,該股在過去三年中僅上漲了11%,這可能表明未來投資者正在考慮這一點。因此,如果你正在尋找一款多功能裝袋,我們認爲你在其他地方運氣會更好。
One final note, you should learn about the 2 warning signs we've spotted with Xiamen Leading Optics (including 1 which is a bit unpleasant) .
最後一點,你應該了解我們在廈門領先光學發現的兩個警告信號(包括一個有點不愉快的信號)。
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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