Investors Could Be Concerned With CETC Chips Technology's (SHSE:600877) Returns On Capital
Investors Could Be Concerned With CETC Chips Technology's (SHSE:600877) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating CETC Chips Technology (SHSE:600877), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到潛在的多袋裝貨商,通常有潛在的趨勢可以提供線索。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在調查了CETC芯片技術(SHSE: 600877)之後,我們認爲其當前的趨勢不符合多袋機的模式。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. The formula for this calculation on CETC Chips Technology is:
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。在 CETC Chips Technology 上進行此計算的公式爲:
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)
0.07 = CN¥159m ÷ (CN¥2.8b - CN¥547m) (Based on the trailing twelve months to September 2023).
0.07 = CN¥1.59m ≤(CN¥28B-CN¥5.47 億元人民幣) (基於截至2023年9月的過去十二個月)。
So, CETC Chips Technology has an ROCE of 7.0%. In absolute terms, that's a low return, but it's much better than the Semiconductor industry average of 4.7%.
因此,CETC芯片科技的投資回報率爲7.0%。從絕對值來看,這是一個低迴報,但比半導體行業平均水平的4.7%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240212/0-1c549320470019ba4c42b6e94c199432-0-d240187be039765e110686d08ccbb023.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for CETC Chips Technology's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of CETC Chips Technology, check out these free graphs here.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到CETC Chips Technology的投資回報率與先前回報的對比。如果您想深入了解CETC Chips Technology的歷史收益、收入和現金流,請在此處查看這些免費圖表。
How Are Returns Trending?
退貨趨勢如何?
In terms of CETC Chips Technology's historical ROCE movements, the trend isn't fantastic. Over the last four years, returns on capital have decreased to 7.0% from 14% four years ago. 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.
就CETC芯片科技的歷史投資回報率走勢而言,這一趨勢並不理想。在過去四年中,資本回報率從四年前的14%降至7.0%。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 related note, CETC Chips Technology has decreased its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. 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.
與此相關的是,CETC芯片科技已將其流動負債減少至總資產的19%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。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。
The Bottom Line On CETC Chips Technology's ROCE
CETC Chips Technology 投資回報率的底線
We're a bit apprehensive about CETC Chips Technology because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these poor fundamentals, the stock has gained a huge 152% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
我們對CETC Chips Technology有點擔心,因爲儘管在業務中部署了更多資金,但該資本的回報率和銷售額都下降了。然而,儘管基本面不佳,但該股在過去五年中仍大幅上漲了152%,因此投資者似乎非常樂觀。無論如何,當前的潛在趨勢對長期表現來說並不是一個好兆頭,因此,除非趨勢逆轉,否則我們將開始將目光投向其他地方。
Like most companies, CETC Chips Technology does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,CETC Chips Technology確實存在一些風險,我們發現了一個你應該注意的警告信號。
While CETC Chips 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CETC Chips Technology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。