Returns On Capital Signal Tricky Times Ahead For Shenzhen Changhong Technology (SZSE:300151)
Returns On Capital Signal Tricky Times Ahead For Shenzhen Changhong Technology (SZSE:300151)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. 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 briefly looking over the numbers, we don't think Shenzhen Changhong Technology (SZSE:300151) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。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,在簡短地查看了這些數字之後,我們認爲深圳長虹科技(SZSE: 300151)在未來不具備多袋機的實力,但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Shenzhen Changhong Technology, this is the formula:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算深圳長虹科技的這個指標,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)
0.017 = CN¥39m ÷ (CN¥2.5b - CN¥240m) (Based on the trailing twelve months to September 2023).
0.017 = 3,900萬元人民幣 ÷(25億元人民幣-2.4億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Shenzhen Changhong Technology has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.0%.
因此,深圳長虹科技的投資回報率爲1.7%。歸根結底,這是一個低迴報,其表現低於機械行業6.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240306/0-a31bd0bf16cc3c4c7e85f0b3f9ae7d7c-0-11c04df56d1d9aef7efe6491ce62b04e.png/big)
Above you can see how the current ROCE for Shenzhen Changhong Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Shenzhen Changhong Technology for free.
上面你可以看到深圳長虹科技當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道深圳長虹科技的分析師的預測。
So How Is Shenzhen Changhong Technology's ROCE Trending?
那麼深圳長虹科技的ROCE趨勢如何呢?
The trend of ROCE doesn't look fantastic because it's fallen from 5.3% five years ago, while the business's capital employed increased by 161%. That being said, Shenzhen Changhong Technology raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Shenzhen Changhong Technology probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趨勢看起來並不理想,因爲它從五年前的5.3%下降了,而該企業的使用資本增長了161%。話雖如此,深圳長虹科技在最新業績公佈之前籌集了一些資金,因此這可以部分解釋動用資本的增加。深圳長虹科技可能尚未從其籌集的新資金中獲得整整一年的收益,因此這些數字應該稍加考慮。
In Conclusion...
總之...
Bringing it all together, while we're somewhat encouraged by Shenzhen Changhong Technology's reinvestment in its own business, we're aware that returns are shrinking. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 130% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
綜上所述,儘管深圳長虹科技對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。投資者一定認爲會有更好的事情發生,因爲該股已經脫穎而出,爲在過去五年中持股的股東帶來了130%的收益。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen Changhong Technology (of which 1 makes us a bit uncomfortable!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得了解它們是什麼,我們已經發現了深圳長虹科技的4個警告信號(其中1個讓我們有點不舒服!)你應該知道的。
While Shenzhen Changhong 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.
儘管深圳長虹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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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。