NanJing GOVA Technology (SHSE:688539) Could Be Struggling To Allocate Capital
NanJing GOVA Technology (SHSE:688539) Could Be Struggling To Allocate Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating NanJing GOVA Technology (SHSE:688539), we don't think it's current trends fit the mold of a multi-bagger.
如果不確定如何尋找下一個多倍增長股，有一些關鍵趨勢值得您關注。一個常見的方法是尋找ROCE（資本僱用回報率）增長並且資本僱用不斷增加的公司。簡而言之，這些類型的企業是複合機器，這意味着他們不斷地用更高的回報率不斷地再投資他們的收益。然而，經過研究南京瑞帆科技（SHSE: 688539），我們認爲它現在的趨勢不符合多倍增長股的模式。
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。
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. To calculate this metric for NanJing GOVA Technology, this is the formula:
澄清一下，如果您不確定，ROCE是衡量公司在其業務中投資資本所獲得的稅前收益的百分比。要計算南京瑞帆科技的這一指標，可以使用以下公式：
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。
0.044 = CN¥80m ÷ (CN¥1.9b - CN¥118m) (Based on the trailing twelve months to March 2024).
0.044 = CN¥8000萬/（CN¥19億 - CN¥118m）（基於截至2024年3月的最近十二個月）。
Thus, NanJing GOVA Technology has an ROCE of 4.4%. On its own, that's a low figure but it's around the 5.2% average generated by the Electronic industry.
因此，南京瑞帆科技的ROCE爲4.4％。單獨看這個數字可能有些低，但它高於電子行業產生的平均5.2％。
In the above chart we have measured NanJing GOVA Technology'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 NanJing GOVA Technology .
在上圖中，我們測量了南京瑞帆科技之前的ROCE與之前的表現相比，但未來可能更重要。如果您感興趣，您可以在我們的南京瑞帆科技免費分析師報告中查看分析師的預測。
What Does the ROCE Trend For NanJing GOVA Technology Tell Us?
南京瑞帆科技的ROCE趨勢告訴我們什麼？
When we looked at the ROCE trend at NanJing GOVA Technology, we didn't gain much confidence. To be more specific, ROCE has fallen from 16% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們看南京瑞帆科技的ROCE趨勢時，我們沒有獲得太多的信心。具體來說，ROCE在過去五年中從16％下降到4.4％。儘管營業收入和資產規模都有所增加，但ROCE的短期減少可能表明公司正在投資於成長，且額外的資本導致ROCE短期下降。如果增加的資本產生的回報越來越多，公司和股東都將受益於長遠發展。
On a related note, NanJing GOVA Technology has decreased its current liabilities to 6.1% 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.
值得一提的是，南京瑞帆科技（NanJing GOVA Technology）將其流動負債減少至總資產的6.1％。這可能在一定程度上解釋了ROCE的下降。有效地，這意味着供應商或短期債權人資助公司的資金數量減少，從而降低了一些風險元素。有人會認爲，這會降低公司用自己的資本運營業務的效率，從而降低營業收入率。
The Key Takeaway
重要提示
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for NanJing GOVA Technology. These growth trends haven't led to growth returns though, since the stock has fallen 17% over the last year. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
儘管資本回報率在短期內有所下降，但我們發現南京瑞帆科技的營業收入和資本僱用都有所增加，這是值得期待的。但這些增長趨勢並沒有帶來相應的回報，因爲股價在過去一年中下跌了17％。因此，我們建議進一步研究這支股票以了解業務的其他基本面。
If you want to know some of the risks facing NanJing GOVA Technology we've found 2 warning signs (1 doesn't sit too well with us!) that you should be aware of before investing here.
如果您想了解南京瑞帆科技面臨的一些風險，我們發現了2個預警信號（其中一個不太好！）在您在此處進行投資之前，請務必注意。
While NanJing GOVA Technology 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.
儘管南京瑞帆科技目前的回報率不高，但我們已經編制了一份目前回報率超過25％公司的列表。單擊此處查看此免費列表。
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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.
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。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？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。