Here's What's Concerning About Keysino Separation Technology's (SZSE:300899) Returns On Capital
Here's What's Concerning About Keysino Separation Technology's (SZSE:300899) Returns On Capital
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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Keysino Separation Technology (SZSE:300899) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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。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到業務中併產生更高的回報。話雖如此,乍一看Keysino分離科技(深圳證券交易所代碼:300899),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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 Keysino Separation Technology, 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Keysino分離技術的這個指標,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)
0.013 = CN¥8.5m ÷ (CN¥722m - CN¥61m) (Based on the trailing twelve months to September 2023).
0.013 = 850萬元人民幣 ÷(7.22億元人民幣-6.1億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Keysino Separation Technology has an ROCE of 1.3%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.0%.
因此,凱信諾分離技術的投資回報率爲1.3%。從絕對值來看,這是一個低迴報,其表現也低於機械行業6.0%的平均水平。
See our latest analysis for Keysino Separation Technology
查看我們對Keysino分離技術的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240126/0-34f4f437f8c7f4791185700fabf5ba1d-0-d04b465b5ffbf373569dffd7a6ce57ee.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 Keysino Separation Technology has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,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。如果你想在其他指標中查看Keysino分離技術過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at Keysino Separation Technology doesn't inspire confidence. Around five years ago the returns on capital were 23%, but since then they've fallen to 1.3%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
從表面上看,凱信諾分離技術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23%,但此後已降至1.3%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
On a side note, Keysino Separation Technology has done well to pay down its current liabilities to 8.5% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,Keysino分離技術在將其流動負債償還至總資產的8.5%方面做得很好。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
Our Take On Keysino Separation Technology's ROCE
我們對Keysino分離技術投資回報率的看法
From the above analysis, we find it rather worrisome that returns on capital and sales for Keysino Separation Technology have fallen, meanwhile the business is employing more capital than it was five years ago. Long term shareholders who've owned the stock over the last three years have experienced a 11% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
從上述分析來看,我們發現令人擔憂的是,Keysino分離技術的資本回報率和銷售額有所下降,同時該業務使用的資本比五年前還要多。在過去三年中持有該股的長期股東的投資貶值了11%,因此看來市場可能也不喜歡這些趨勢。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。
Keysino Separation Technology does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those are concerning...
但是,Keysino分離技術確實存在一些風險,我們在投資分析中發現了3個警告信號,其中2個是令人擔憂的...
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。