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Pylon Technologies' (SHSE:688063) Returns On Capital Are Heading Higher

Pylon Technologies' (SHSE:688063) Returns On Capital Are Heading Higher

Pylon Technologies(上海證券交易所代碼:688063)的資本回報率正在走高
Simply Wall St ·  01/03 19:29

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at Pylon Technologies (SHSE:688063) and its trend of ROCE, we really liked what we saw.

我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?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 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。因此,當我們研究Pylon Technologies(上海證券交易所代碼:688063)及其投資回報率趨勢時,我們真的很喜歡我們所看到的。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. To calculate this metric for Pylon Technologies, this is the formula:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算Pylon Technologies的這個指標,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)

0.12 = CN¥1.3b ÷ (CN¥12b - CN¥1.7b) (Based on the trailing twelve months to September 2023).

0.12 = 13億元人民幣 ÷(12億元人民幣-17億元人民幣) (基於截至2023年9月的過去十二個月)

So, Pylon Technologies has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Electrical industry average of 6.3% it's much better.

因此,Pylon Technologies的投資回報率爲12%。從絕對值來看,這是一個令人滿意的回報,但與電氣行業的平均水平6.3%相比,回報要好得多。

See our latest analysis for Pylon Technologies

查看我們對Pylon科技的最新分析

roce
SHSE:688063 Return on Capital Employed January 4th 2024
SHSE: 688063 2024 年 1 月 4 日動用資本回報率

In the above chart we have measured Pylon Technologies' 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.

在上圖中,我們將Pylon Technologies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。如果您有興趣,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。

The Trend Of ROCE

ROCE 的趨勢

We like the trends that we're seeing from Pylon Technologies. Over the last five years, returns on capital employed have risen substantially to 12%. The amount of capital employed has increased too, by 4,004%. So we're very much inspired by what we're seeing at Pylon Technologies thanks to its ability to profitably reinvest capital.

我們喜歡Pylon Technologies所看到的趨勢。在過去五年中,已動用資本回報率大幅上升至12%。使用的資本金額也增加了4,004%。因此,我們在Pylon Technologies所看到的情況給我們帶來了極大的啓發,這要歸功於它能夠盈利地進行資本再投資。

In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 14%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So this improvement in ROCE has come from the business' underlying economics, which is great to see.

在分析的另一部分中,我們注意到該公司的流動負債佔總資產的比率降至14%,這在很大程度上意味着該企業減少了對供應商或短期債權人爲其運營提供資金的依賴。因此,投資回報率的改善來自該企業的潛在經濟學,這很高興看到。

The Bottom Line

底線

In summary, it's great to see that Pylon Technologies can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Given the stock has declined 66% in the last three years, this could be a good investment if the valuation and other metrics are also appealing. So researching this company further and determining whether or not these trends will continue seems justified.

總而言之,很高興看到Pylon Technologies能夠通過持續地以更高的回報率進行資本再投資來增加回報,因爲這些是那些備受追捧的多袋機的一些關鍵要素。鑑於該股在過去三年中下跌了66%,如果估值和其他指標也具有吸引力,這可能是一項不錯的投資。因此,進一步研究這家公司並確定這些趨勢是否會持續下去似乎是合理的。

One more thing: We've identified 4 warning signs with Pylon Technologies (at least 1 which makes us a bit uncomfortable) , and understanding them would certainly be useful.

還有一件事:我們已經確定了Pylon Technologies的4個警告信號(至少有1個讓我們有點不舒服),了解它們肯定會很有用。

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.

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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。

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