Returns On Capital At Shenzhen MinDe Electronics Technology (SZSE:300656) Paint A Concerning Picture
Returns On Capital At Shenzhen MinDe Electronics Technology (SZSE:300656) Paint A Concerning Picture
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. In light of that, when we looked at Shenzhen MinDe Electronics Technology (SZSE:300656) and its ROCE trend, we weren't exactly thrilled.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 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。有鑑於此,當我們查看深圳敏德電子科技(SZSE: 300656)及其投資回報率趨勢時,我們並不十分興奮。
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. The formula for this calculation on Shenzhen MinDe Electronics Technology is:
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)。深圳敏德電子科技的計算公式爲:
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)
0.035 = CN¥50m ÷ (CN¥1.7b - CN¥300m) (Based on the trailing twelve months to September 2023).
0.035 = 5000萬元人民幣 ÷(17億元人民幣-3億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Shenzhen MinDe Electronics Technology has an ROCE of 3.5%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.0%.
因此,深圳敏德電子科技的投資回報率爲3.5%。從絕對值來看,這是一個低迴報,其表現也低於電子行業5.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240206/0-4afe12d5e21a400cbeb65fca8e83af06-0-dd931a9c722a15bf221b786252600a0a.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 Shenzhen MinDe Electronics Technology's past further, check out 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。如果你有興趣進一步調查深圳敏德電子科技的過去,請查看這張過去收益、收入和現金流的免費圖表。
What Can We Tell From Shenzhen MinDe Electronics Technology's ROCE Trend?
我們可以從深圳敏德電子科技的ROCE趨勢中得出什麼?
In terms of Shenzhen MinDe Electronics Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 11% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
就深圳敏德電子科技的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的11%下降了。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。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。
The Key Takeaway
關鍵要點
In summary, we're somewhat concerned by Shenzhen MinDe Electronics Technology's diminishing returns on increasing amounts of capital. Yet despite these concerning fundamentals, the stock has performed strongly with a 60% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
總而言之,我們對深圳敏德電子科技隨着資本額的增加而產生的回報減少感到擔憂。然而,儘管存在這些令人擔憂的基本面,但該股在過去五年中表現強勁,回報率爲60%,因此投資者似乎非常樂觀。無論如何,我們對基本面不太滿意,因此我們暫時會避開這隻股票。
Shenzhen MinDe Electronics Technology does have some risks though, and we've spotted 1 warning sign for Shenzhen MinDe Electronics Technology that you might be interested in.
不過,深圳敏德電子科技確實存在一些風險,我們發現了深圳敏德電子科技的1個警告信號,你可能會感興趣。
While Shenzhen MinDe Electronics Technology may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管深圳敏德電子科技目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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。