Glory View Technology (SZSE:301396) Might Be Having Difficulty Using Its Capital Effectively
Glory View Technology (SZSE:301396) Might Be Having Difficulty Using Its Capital Effectively
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Glory View Technology (SZSE:301396) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一個有潛力快速增長的企業並不容易，但只要我們關注幾個關鍵的財務指標，就有可能找到。在一個完美的世界中，我們希望看到一個公司將更多的資本投入到業務中，理想情況下，從該資本獲得的回報也在增加。如果你看到這個情況，通常意味着這是一家擁有出色業務模式和大量有利可圖的再投資機會的公司。然而，經過簡短地查看數字後，我們認爲榮耀視覺科技(深圳證券交易所:301396)未來不太可能成爲多倍股，但讓我們看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Glory View Technology is:
僅爲澄清，如果您不確定，ROCE是一種衡量公司在其業務中投入的資本獲得多少稅前收入(以百分比形式)的指標。 在榮耀視覺科技的計算公式爲：
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。
0.053 = CN¥73m ÷ (CN¥2.2b - CN¥803m) (Based on the trailing twelve months to December 2023).
0.053 = 7300萬 ÷ (22億 - 803m)（基於截至2023年12月的過去十二個月）.
Therefore, Glory View Technology has an ROCE of 5.3%. In absolute terms, that's a low return, but it's much better than the Software industry average of 3.0%.
因此，榮耀視覺科技的ROCE爲5.3%。 在絕對值上，這是一項低迴報，但比軟件行業平均水平(3.0%)要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Glory View Technology's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Glory View Technology.
歷史業績是研究股票的好起點，所以在上面，您可以看到榮耀視覺科技的ROCE與其先前回報的比較。 如果您想深入研究歷史收益，請查看這些免費圖表，詳細介紹榮耀視覺科技的營業收入和現金流表現。
What Does the ROCE Trend For Glory View Technology Tell Us?
榮耀視覺科技的ROCE趨勢告訴我們什麼?
In terms of Glory View Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 33% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就榮耀視覺科技歷史上的ROCE變化而言，趨勢並不fantastic(美好)。更具體地說，ROCE在過去五年中已經從33%下降了。同時，企業正在利用更多的資本，但過去12個月內，這並沒有多大地推動銷售，因此這可能反映了長期的投資。公司可能需要一些時間才能從這些投資中看到任何收益的變化。
On a side note, Glory View Technology has done well to pay down its current liabilities to 37% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句，榮耀視覺科技已經成功地將其流動負債降至總資產的37%。這可能在一定程度上解釋ROCE爲什麼會下降。實際上，這意味着它們的供應商或短期債權人爲其企業提供了更少的資金，減少了某些風險因素。有些人會聲稱，這減少了企業產生ROCE的效率，因爲現在公司正在用自己的資金來資助更多的業務運營。
The Bottom Line On Glory View Technology's ROCE
榮耀視覺科技的ROCE的底線如何?
In summary, Glory View 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 26% in the last year. Therefore based on the analysis done in this article, we don't think Glory View Technology has the makings of a multi-bagger.
總之，榮視科技正在將所有基金類型重新投入業務增長，但不幸的是銷售情況似乎還沒有明顯增長。而投資者們似乎不太確定未來的趨勢是否會回升，因爲股票在過去一年中下跌了26%。因此根據本文的分析，我們認爲榮視科技沒有成爲翻倍股的跡象。
Glory View Technology does have some risks, we noticed 3 warning signs (and 2 which are concerning) we think you should know about.
榮耀視覺科技確實存在一些風險，我們注意到有3個警告信號(和2個令人擔憂的跡象)，我們認爲您應該了解一下。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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。或電郵 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，也可以發送電子郵件至editorial-team@simplywallst.com