Returns On Capital At Zhejiang Zhaolong Interconnect TechnologyLtd (SZSE:300913) Paint A Concerning Picture
Returns On Capital At Zhejiang Zhaolong Interconnect TechnologyLtd (SZSE:300913) Paint A Concerning Picture
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Zhejiang Zhaolong Interconnect TechnologyLtd (SZSE:300913) and its ROCE trend, we weren't exactly thrilled.
你知道有一些財務指標可以爲潛在的多袋人提供線索嗎?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。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。有鑑於此,當我們查看浙江兆龍互連科技股份有限公司(深圳證券交易所代碼:300913)及其投資回報率趨勢時,我們並不十分興奮。
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. Analysts use this formula to calculate it for Zhejiang Zhaolong Interconnect TechnologyLtd:
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。分析師使用這個公式來計算浙江兆龍互連科技有限公司的計算公式:
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)
0.081 = CN¥90m ÷ (CN¥1.3b - CN¥156m) (Based on the trailing twelve months to March 2024).
0.081 = 9000萬元人民幣 ÷(13億元人民幣-1.56億元人民幣) (基於截至2024年3月的過去十二個月)。
So, Zhejiang Zhaolong Interconnect TechnologyLtd has an ROCE of 8.1%. On its own that's a low return, but compared to the average of 6.7% generated by the Electrical industry, it's much better.
因此,浙江兆龍互連科技有限公司的投資回報率爲8.1%。就其本身而言,回報率很低,但與電氣行業6.7%的平均回報率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240430/0-d1d3af5c9c086e6c9721f2c9763ff4ab-0-f7e8aeff378a16a61975787e9ba3e0de.png/big)
Above you can see how the current ROCE for Zhejiang Zhaolong Interconnect TechnologyLtd 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 Zhejiang Zhaolong Interconnect TechnologyLtd for free.
上面你可以看到浙江兆龍互連科技有限公司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,可以免費查看報道浙江兆龍互連科技有限公司的分析師的預測。
What Can We Tell From Zhejiang Zhaolong Interconnect TechnologyLtd's ROCE Trend?
我們可以從浙江兆龍互連科技有限公司的投資回報率趨勢中得出什麼?
The trend of ROCE doesn't look fantastic because it's fallen from 27% five years ago, while the business's capital employed increased by 268%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Zhejiang Zhaolong Interconnect TechnologyLtd 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27%下降了,而該企業的使用資本增長了268%。但是,動用資本的增加在一定程度上可能歸因於最近的融資是在其最新報告期之前完成的,因此在考慮投資回報率下降時請記住這一點。浙江兆龍互連科技有限公司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。
On a side note, Zhejiang Zhaolong Interconnect TechnologyLtd has done well to pay down its current liabilities to 12% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,浙江兆龍互連科技有限公司在償還其流動負債至總資產的12%方面做得很好。因此,我們可以將其中一些與ROCE的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。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,因此你可以爭辯說,這降低了企業產生投資回報的效率。
The Key Takeaway
關鍵要點
In summary, Zhejiang Zhaolong Interconnect TechnologyLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 243% gain to shareholders who have held over the last three years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總而言之,浙江兆龍互連科技有限公司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,爲在過去三年中持股的股東帶來了243%的收益。但是,如果這些潛在趨勢的發展軌跡繼續下去,我們認爲從現在起它成爲多股勢力的可能性並不高。
On a final note, we've found 1 warning sign for Zhejiang Zhaolong Interconnect TechnologyLtd that we think you should be aware of.
最後,我們發現了浙江兆龍互連科技有限公司的1個警告信號,我們認爲您應該注意這一點。
While Zhejiang Zhaolong Interconnect TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管浙江兆龍互連科技有限公司的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。