There Are Reasons To Feel Uneasy About Shenzhen Highpower Technology's (SZSE:001283) Returns On Capital
There Are Reasons To Feel Uneasy About Shenzhen Highpower Technology's (SZSE:001283) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. However, after briefly looking over the numbers, we don't think Shenzhen Highpower Technology (SZSE:001283) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?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。但是,在簡短地查看了這些數字之後,我們認爲深圳豪鵬科技(SZSE:001283)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。
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. The formula for this calculation on Shenzhen Highpower 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)。深圳豪鵬科技的計算公式爲:
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)
0.021 = CN¥68m ÷ (CN¥6.8b - CN¥3.5b) (Based on the trailing twelve months to September 2023).
0.021 = 6800萬元人民幣 ÷(68億元人民幣-35億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Shenzhen Highpower Technology has an ROCE of 2.1%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.4%.
因此,深圳豪鵬科技的投資回報率爲2.1%。歸根結底,這是一個低迴報,其表現低於電氣行業6.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240313/0-5dd5e6baa314bdc6b4782b1806ad88d4-0-2989b78faef12778fac8e922cace042d.png/big)
Above you can see how the current ROCE for Shenzhen Highpower Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Shenzhen Highpower Technology .
上面你可以看到深圳豪鵬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。如果您有興趣,可以在我們的深圳豪鵬科技免費分析師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
On the surface, the trend of ROCE at Shenzhen Highpower Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 26% over the last four years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,深圳豪鵬科技的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去四年的26%下降。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a related note, Shenzhen Highpower Technology has decreased its current liabilities to 51% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Keep in mind 51% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是,深圳豪鵬科技已將其流動負債減少至總資產的51%。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。請記住,51%仍然很高,因此這些風險仍然有些普遍。
Our Take On Shenzhen Highpower Technology's ROCE
我們對深圳豪鵬科技投資回報率的看法
In summary, Shenzhen Highpower Technology is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 29% in the last year. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,深圳豪鵬科技正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者似乎對趨勢能否回升猶豫不決,因爲該股去年下跌了29%。總的來說,我們對潛在趨勢的啓發不大,我們認爲在其他地方找到多袋裝機的可能性更大。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen Highpower Technology (of which 1 is concerning!) 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豪鵬科技的4個警告信號(其中1個令人擔憂!)你應該知道的。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。