Returns At Shanghai Baosight SoftwareLtd (SHSE:600845) Are On The Way Up
Returns At Shanghai Baosight SoftwareLtd (SHSE:600845) Are On The Way Up
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, we've noticed some promising trends at Shanghai Baosight SoftwareLtd (SHSE:600845) so let's look a bit deeper.
如果我們想找到一個潛在的翻番股，通常會有一些潛在的趨勢可以提供線索。一種常見的方法是嘗試找到一個對資本的運用有所了解的公司。簡單地說，這些類型的企業是複利機器，這意味着它們在不斷地以越來越高的回報率重新投資其收益。考慮到這一點，我們注意到了墨菲石油（紐交所:MUR）的一些有希望的趨勢，所以讓我們深入了解一下。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。資產回報率顯示，這是一家正在以日增的投資回報率進行再投資的業務公司。因此，在這一點上，我們注意到上海寶信軟件股份有限公司（SHSE:600845）有一些有希望的趨勢，讓我們深入了解一下。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on Shanghai Baosight SoftwareLtd is:
對於不確定什麼是資本僱用回報率（ROCE）的人來說，它衡量公司可以從業務中所使用的投資中產生多少稅前收益。對於上海寶信軟件股份有限公司的計算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.19 = CN¥2.7b ÷ (CN¥23b - CN¥8.7b) (Based on the trailing twelve months to March 2024).
0.19 = CN¥27億 ÷ (CN¥230億 - CN¥8.7b)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Shanghai Baosight SoftwareLtd has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 3.0% generated by the Software industry.
因此，上海寶信軟件股份有限公司的資本僱用回報率爲19％。單獨來看，這是一個標準回報，但它比軟件行業產生的3.0％要好得多。
In the above chart we have measured Shanghai Baosight SoftwareLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shanghai Baosight SoftwareLtd .
在上面的圖表中，我們已經測量了上海寶信軟件股份有限公司的先前資本僱用回報率與其先前的業績，但未來的表現可能更重要。如果您想了解分析師對其未來的預測，請查看我們爲上海寶信軟件股份有限公司提供的免費分析師報告。
What Does the ROCE Trend For Shanghai Baosight SoftwareLtd Tell Us?
上海寶信軟件股份有限公司資本僱用回報率的趨勢告訴我們什麼？
Investors would be pleased with what's happening at Shanghai Baosight SoftwareLtd. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 19%. Basically the business is earning more per dollar of capital invested and in addition to that, 100% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
投資者應該對上海寶信軟件股份有限公司正在發生的變化感到高興。數據顯示，在過去的五年中，資本僱用產生的回報已大幅增長至19％。基本上，企業正在每投資一美元中增加收益，而且現在還增加了100％的投資。在不斷增長的資本產生的回報中增加的資本投資在多贏家中十分常見，這就是爲什麼我們感到印象深刻的原因。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 38% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
另外值得注意的是，資本僱用回報率的提高似乎部分是由於流動負債的增加。流動負債已經增加到總資產的38％，因此現在企業的資金更多地由供應商或短期債權人提供。請留意未來的增長，因爲當流動負債與總資產的比例特別高時，可能會爲企業引入一些新的風險。
Our Take On Shanghai Baosight SoftwareLtd's ROCE
我們對上海寶信軟件股份有限公司的資本僱用回報率的看法
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Shanghai Baosight SoftwareLtd has. Since the stock has returned a staggering 207% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
一家在增加資本回報率並能夠持續再投資的公司是一個非常令人追捧的特質，這就是上海寶信軟件股份有限公司所具備的。由於該股票在過去五年中爲股東帶來了驚人的207％的回報，看起來投資者正在認識到這些變化。因此，考慮到該股票已經證明具有有希望的趨勢，進一步研究該公司，以了解這些趨勢是否有可能繼續存在，是很值得的。
Shanghai Baosight SoftwareLtd does have some risks though, and we've spotted 1 warning sign for Shanghai Baosight SoftwareLtd that you might be interested in.
上海寶信軟件股份有限公司確實存在一些風險，我們已經發現了一個有關上海寶信軟件股份有限公司的1個警告信號，您可能會對此感興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。