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Guangdong Ellington Electronics TechnologyLtd (SHSE:603328) Is Finding It Tricky To Allocate Its Capital

Guangdong Ellington Electronics TechnologyLtd (SHSE:603328) Is Finding It Tricky To Allocate Its Capital

廣東艾靈頓電子科技有限公司(SHSE: 603328)發現資本配置很棘手
Simply Wall St ·  03/28 14:55

When researching a stock for investment, what can tell us that the company is in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. On that note, looking into Guangdong Ellington Electronics TechnologyLtd (SHSE:603328), we weren't too upbeat about how things were going.

在研究一隻股票進行投資時,有什麼能告訴我們該公司正在衰退?通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。這表明該公司之所以沒有增加股東財富,是因爲回報率下降且淨資產基礎在萎縮。從這個角度來看,縱觀廣東艾靈頓電子科技有限公司(SHSE: 603328),我們對事情的發展並不太樂觀。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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 Guangdong Ellington 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。要計算廣東艾靈頓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)

0.10 = CN¥399m ÷ (CN¥5.1b - CN¥1.2b) (Based on the trailing twelve months to December 2023).

0.10 = 3.99億元人民幣 ÷(51億元人民幣-12億元人民幣) (基於截至2023年12月的過去十二個月)

Therefore, Guangdong Ellington Electronics TechnologyLtd has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.5% it's much better.

因此,廣東艾靈頓電子科技有限公司的投資回報率爲10%。從絕對值來看,這是一個令人滿意的回報,但與電子行業的平均水平5.5%相比,回報要好得多。

roce
SHSE:603328 Return on Capital Employed March 28th 2024
SHSE: 603328 2024 年 3 月 28 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Ellington Electronics TechnologyLtd's ROCE against it's prior returns. If you'd like to look at how Guangdong Ellington Electronics TechnologyLtd has performed in the past in other metrics, you can view this free graph of Guangdong Ellington Electronics TechnologyLtd's past earnings, revenue and cash flow.

歷史表現是研究股票的絕佳起點,因此在上方您可以看到廣東艾靈頓電子科技股份有限公司的投資回報率與先前回報率的對比。如果你想在其他指標中查看廣東艾靈頓電子科技有限公司過去的表現,你可以查看這張廣東艾靈頓電子科技有限公司過去的收益、收入和現金流的免費圖表。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

There is reason to be cautious about Guangdong Ellington Electronics TechnologyLtd, given the returns are trending downwards. To be more specific, the ROCE was 15% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Guangdong Ellington Electronics TechnologyLtd to turn into a multi-bagger.

鑑於回報率呈下降趨勢,有理由對廣東艾靈頓電子科技有限公司持謹慎態度。更具體地說,五年前的投資回報率爲15%,但此後已明顯下降。最重要的是,值得注意的是,企業內部使用的資本量一直保持相對穩定。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。如果這些趨勢繼續下去,我們預計廣東艾靈頓電子科技有限公司不會變成一家多袋公司。

Our Take On Guangdong Ellington Electronics TechnologyLtd's ROCE

我們對廣東艾靈頓電子科技有限公司投資回報率的看法

In summary, it's unfortunate that Guangdong Ellington Electronics TechnologyLtd is generating lower returns from the same amount of capital. Long term shareholders who've owned the stock over the last five years have experienced a 32% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.

總而言之,不幸的是,廣東艾靈頓電子科技有限公司從相同數量的資本中獲得的回報較低。在過去五年中持有該股的長期股東的投資貶值了32%,因此看來市場可能也不喜歡這些趨勢。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。

On a final note, we found 2 warning signs for Guangdong Ellington Electronics TechnologyLtd (1 makes us a bit uncomfortable) you should be aware of.

最後,我們發現了廣東艾靈頓電子科技有限公司的兩個警告標誌(其中一個讓我們有點不舒服),你應該注意。

While Guangdong Ellington Electronics TechnologyLtd 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.

儘管廣東艾靈頓電子科技有限公司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。在這裏查看這份免費清單。

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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.

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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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