Here's What's Concerning About Triductor Technology (Suzhou)'s (SHSE:688259) Returns On Capital
Here's What's Concerning About Triductor Technology (Suzhou)'s (SHSE:688259) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Triductor Technology (Suzhou) (SHSE:688259) and its ROCE trend, we weren't exactly thrilled.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 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,當我們研究Triductor Technology(蘇州)(上海證券交易所代碼:688259)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)?
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 Triductor Technology (Suzhou) 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)。在 Triductor Technology(蘇州)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)
0.039 = CN¥59m ÷ (CN¥2.1b - CN¥583m) (Based on the trailing twelve months to December 2023).
0.039 = 5900萬元人民幣 ÷(21億元人民幣-5.83億元人民幣) (基於截至2023年12月的過去十二個月)。
Thus, Triductor Technology (Suzhou) has an ROCE of 3.9%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 5.5%.
因此,Triductor Technology(蘇州)的投資回報率爲3.9%。從絕對值來看,這是一個低迴報,其表現也低於半導體行業5.5%的平均水平。
In the above chart we have measured Triductor Technology (Suzhou)'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 analyst report for Triductor Technology (Suzhou) .
在上圖中,我們將Triductor Technology(蘇州)先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們的Triductor Technology(蘇州)免費分析師報告中查看分析師的預測。
What Can We Tell From Triductor Technology (Suzhou)'s ROCE Trend?
我們可以從Triductor Technology(蘇州)的投資回報率趨勢中得出什麼?
When we looked at the ROCE trend at Triductor Technology (Suzhou), we didn't gain much confidence. To be more specific, ROCE has fallen from 18% over the last five years. 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.
當我們查看Triductor Technology(蘇州)的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的18%下降。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 side note, Triductor Technology (Suzhou) has done well to pay down its current liabilities to 28% of total assets. So we could link some of this to the decrease in ROCE. 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.
順便說一句,Triductor Technology(蘇州)在償還其流動負債至總資產的28%方面表現良好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。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。
The Bottom Line On Triductor Technology (Suzhou)'s ROCE
Triductor Technology(蘇州)投資回報率的底線
In summary, we're somewhat concerned by Triductor Technology (Suzhou)'s diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 32% over the last year, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總而言之,我們對Triductor Technology(蘇州)隨着資本量的增加而產生的回報減少感到擔憂。因此,該股去年下跌了32%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。
One more thing to note, we've identified 2 warning signs with Triductor Technology (Suzhou) and understanding these should be part of your investment process.
還有一件事需要注意,我們已經確定了Triductor Technology(蘇州)的兩個警告信號,我們知道這些信號應該是您投資過程的一部分。
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。
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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。