There Are Reasons To Feel Uneasy About Quectel Wireless Solutions' (SHSE:603236) Returns On Capital
There Are Reasons To Feel Uneasy About Quectel Wireless Solutions' (SHSE:603236) 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Quectel Wireless Solutions (SHSE:603236), we don't think it's current trends fit the mold of a multi-bagger.
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 所用資本的比例。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,在調查了移遠通信無線解決方案(SHSE: 603236)之後,我們認爲目前的趨勢不符合多袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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 Quectel Wireless Solutions, this is the formula:
爲了澄清一下你是否不確定,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 Quectel 無線解決方案的此指標,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)
0.021 = CN¥116m ÷ (CN¥11b - CN¥5.2b) (Based on the trailing twelve months to September 2023).
0.021 = 1.16億元人民幣 ÷(11億元人民幣-52億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Quectel Wireless Solutions has an ROCE of 2.1%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.0%.
因此,移遠通信無線解決方案的投資回報率爲2.1%。歸根結底,這是一個低迴報,其表現低於電子行業5.0%的平均水平。
Check out our latest analysis for Quectel Wireless Solutions
查看我們對Quectel無線解決方案的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231229/0-8354f6dabc90b2fd479b9b68a07c721c-0-b2b590efe720e335b5aefffcbe2e8e3a.png/big)
In the above chart we have measured Quectel Wireless Solutions' 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 Quectel Wireless Solutions here for free.
在上圖中,我們將移遠無線解決方案先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看報道移遠無線解決方案的分析師的預測。
What Does the ROCE Trend For Quectel Wireless Solutions Tell Us?
移遠通信無線解決方案的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Quectel Wireless Solutions doesn't inspire confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 2.1%. 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.
從表面上看,移遠通信無線解決方案的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲22%,但此後已降至2.1%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。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。
Another thing to note, Quectel Wireless Solutions has a high ratio of current liabilities to total assets of 49%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
需要注意的另一件事是,移遠通信無線解決方案的流動負債與總資產的比率很高,爲49%。這實際上意味着供應商(或短期債權人)正在爲業務的很大一部分提供資金,因此請注意,這可能會帶來一些風險因素。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。
The Bottom Line
底線
In summary, Quectel Wireless Solutions 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 30% in the last three years. Therefore based on the analysis done in this article, we don't think Quectel Wireless Solutions has the makings of a multi-bagger.
總而言之,Quectel Wireless Solutions正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者似乎對趨勢能否回升猶豫不決,因爲該股在過去三年中下跌了30%。因此,根據本文中的分析,我們認爲 Quectel 無線解決方案不具備多袋裝的優勢。
Like most companies, Quectel Wireless Solutions does come with some risks, and we've found 3 warning signs that you should be aware of.
像大多數公司一樣,移遠通信無線解決方案確實存在一些風險,我們發現了3個警告信號,你應該注意。
While Quectel Wireless Solutions isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Quectel Wireless Solutions的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
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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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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。