Weaver Network Technology (SHSE:603039) Will Want To Turn Around Its Return Trends
Weaver Network Technology (SHSE:603039) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Weaver Network Technology (SHSE:603039), we don't think it's current trends fit the mold of a multi-bagger.
在尋找多倍股時，我們應該在業務中看到哪些基本趨勢？通常，我們會想要注意不斷增長的資本運用回報率（ROCE），以及與此同時，不斷擴大的資本運用基礎。如果你看到這一點，通常意味着這是一家擁有出色業務模式和豐富的盈利再投資機會的公司。但在調查了Weaver Network Technology（SHSE：603039）之後，我們認爲它的當前趨勢不符合多倍股的模式。
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 Weaver Network Technology, this is the formula:
只是澄清，如果您不確定，ROCE是一種評估公司在其業務中投資的資本所獲得的稅前收入（以百分比形式）的度量標準。要爲Weaver Network Technology計算這個指標，這是公式：
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。
0.092 = CN¥189m ÷ (CN¥3.7b - CN¥1.6b) (Based on the trailing twelve months to March 2024).
0.092 = CN¥18900萬 ÷ (CN¥37億 - CN¥1.6b)（基於截至2024年3月的過去十二個月）。
So, Weaver Network Technology has an ROCE of 9.2%. In absolute terms, that's a low return, but it's much better than the Software industry average of 3.0%.
因此，Weaver Network Technology的ROCE爲9.2％。絕對來說，這是一種低收益，但比軟件行業平均3.0％要好得多。
Above you can see how the current ROCE for Weaver Network Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Weaver Network Technology .
在上面，您可以看到Weaver Network Technology目前的ROCE與其過去資本回報率的比較，但從過去可以得出的信息僅有限。如果您想了解分析師預測的未來走勢，您應該查看我們免費提供的Weaver Network Technology分析師報告。
What Does the ROCE Trend For Weaver Network Technology Tell Us?
Weaver Network Technology的ROCE趨勢告訴我們什麼？
On the surface, the trend of ROCE at Weaver Network Technology doesn't inspire confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 9.2%. However it looks like Weaver Network Technology might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
表面上看，Weaver科網股的ROCE趨勢並不令人信心滿滿。大約五年前，資本回報率爲12％，但自那以後下降至9.2％。然而，看起來Weaver科網股可能正在進行長期增長的再投資，因爲儘管使用的資本增加了，但公司的銷售額在過去12個月內基本沒有改變。公司從這些投資中開始看到任何收益變化可能需要一些時間。
On a side note, Weaver Network Technology's current liabilities are still rather high at 44% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
值得一提的是，Weaver Network Technology的流動負債仍然相當高，佔總資產的44％。這可能會帶來一些風險，因爲公司基本上是在極大地依靠其供應商或其他類型的短期債權人運營。雖然這不一定是一件壞事，但如果這個比率較低，則會有利。
What We Can Learn From Weaver Network Technology's ROCE
我們可以從Weaver Network Technology的ROCE中學到什麼？
Bringing it all together, while we're somewhat encouraged by Weaver Network Technology's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 27% over the last five years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
綜合考慮，儘管我們對Weaver Network Technology對自身業務的再投資感到有些鼓舞，但我們意識到回報正在縮水。由於股價在過去五年中下跌了27％，投資者對該趨勢的改善可能並不太樂觀。總之，固有的趨勢並不典型多倍股，因此如果您在尋找多倍股，我們認爲您可能會有更多的運氣。
While Weaver Network Technology doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 603039 on our platform.
儘管Weaver Network Technology在這方面未獲得很好的表現，但仍值得看一下公司是否以有吸引力的價格交易。您可以在我們的平台上查找603039的免費內在價值估計。
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。
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對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。