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Chengdu M&S Electronics TechnologyLtd (SHSE:688311) Will Be Hoping To Turn Its Returns On Capital Around

Chengdu M&S Electronics TechnologyLtd (SHSE:688311) Will Be Hoping To Turn Its Returns On Capital Around

成都M&S電子科技有限公司(上海證券交易所代碼:688311)將希望扭轉其資本回報率
Simply Wall St ·  02/12 19:09

If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. In light of that, when we looked at Chengdu M&S Electronics TechnologyLtd (SHSE:688311) and its ROCE trend, we weren't exactly thrilled.

如果你正在尋找一款多功能裝袋機,有幾件事需要注意。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。有鑑於此,當我們查看成都麥斯電子科技有限公司(上海證券交易所代碼:688311)及其投資回報率趨勢時,我們並不感到非常興奮。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Chengdu M&S Electronics TechnologyLtd, this is the formula:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算成都M&S電子科技有限公司的這個指標,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)

0.014 = CN¥31m ÷ (CN¥2.9b - CN¥615m) (Based on the trailing twelve months to September 2023).

0.014 = 3100萬元人民幣 ÷(29億元人民幣-6.15億元人民幣) (基於截至2023年9月的過去十二個月)

So, Chengdu M&S Electronics TechnologyLtd has an ROCE of 1.4%. Ultimately, that's a low return and it under-performs the Aerospace & Defense industry average of 5.0%.

因此,成都M&S電子科技有限公司的投資回報率爲1.4%。歸根結底,這是一個低迴報,其表現低於航空航天和國防行業5.0%的平均水平。

roce
SHSE:688311 Return on Capital Employed February 13th 2024
SHSE: 688311 2024 年 2 月 13 日動用資本回報率

In the above chart we have measured Chengdu M&S Electronics TechnologyLtd's 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,我們將成都M&S電子科技有限公司之前的投資回報率與之前的業績進行了對比,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。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

When we looked at the ROCE trend at Chengdu M&S Electronics TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 1.4% from 7.8% five years ago. 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.

當我們查看成都M&S電子科技有限公司的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率從五年前的7.8%降至1.4%。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。

In Conclusion...

總之...

To conclude, we've found that Chengdu M&S Electronics TechnologyLtd is reinvesting in the business, but returns have been falling. Since the stock has declined 54% over the last three years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

總而言之,我們發現成都M&S電子科技有限公司正在對該業務進行再投資,但回報率一直在下降。由於該股在過去三年中下跌了54%,因此投資者對這一趨勢的改善可能也不太樂觀。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。

Chengdu M&S Electronics TechnologyLtd does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...

但是,成都M&S電子科技有限公司確實存在一些風險,我們在投資分析中發現了3個警告信號,其中一個對我們來說不太合適...

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。

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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