Some Investors May Be Worried About Shanghai Awinic TechnologyLtd's (SHSE:688798) Returns On Capital
Some Investors May Be Worried About Shanghai Awinic TechnologyLtd's (SHSE:688798) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Shanghai Awinic TechnologyLtd (SHSE:688798), it didn't seem to tick all of these boxes.
如果我們想確定下一款多袋機，有一些關鍵的趨勢需要考慮。一種常見的方法是嘗試尋找一家動用資本回報率（ROCE）不斷增加且所用資本不斷增加的公司。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。但是，當我們查看上海艾維尼克科技有限公司（上海證券交易所股票代碼：688798）時，它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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. To calculate this metric for Shanghai Awinic TechnologyLtd, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算上海艾威尼克科技有限公司的這個指標，公式如下：
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）
0.0025 = CN¥9.6m ÷ (CN¥4.9b - CN¥1.0b) (Based on the trailing twelve months to March 2024).
0.0025 = 960萬元人民幣 ÷（49元人民幣-1.0億元人民幣）（基於截至2024年3月的過去十二個月）。
Therefore, Shanghai Awinic TechnologyLtd has an ROCE of 0.2%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 3.9%.
因此，上海艾維尼克科技有限公司的投資回報率爲0.2％。歸根結底，這是一個低迴報，其表現低於半導體行業3.9％的平均水平。
Above you can see how the current ROCE for Shanghai Awinic TechnologyLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Shanghai Awinic TechnologyLtd .
上面你可以看到上海艾維尼克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。如果您有興趣，可以在我們爲上海艾維尼克科技有限公司提供的免費分析師報告中查看分析師的預測。
So How Is Shanghai Awinic TechnologyLtd's ROCE Trending?
那麼上海艾維尼克科技有限公司的投資回報率趨勢如何呢？
In terms of Shanghai Awinic TechnologyLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 29%, but since then they've fallen to 0.2%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就上海艾維尼克科技有限公司的歷史ROCE走勢而言，這一趨勢並不理想。大約五年前，資本回報率爲29％，但此後已降至0.2％。但是，鑑於已動用資本和收入均有所增加，由於短期回報，該業務目前似乎正在追求增長。而且，如果增加的資本產生額外的回報，那麼從長遠來看，企業乃至股東都將受益。
On a related note, Shanghai Awinic TechnologyLtd has decreased its current liabilities to 21% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是，上海艾維尼克科技有限公司已將其流動負債減少至總資產的21％。因此，我們可以將其中一些與投資回報率的下降聯繫起來。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。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Shanghai Awinic TechnologyLtd is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 24% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
總而言之，儘管短期內回報較低，但令我們感到鼓舞的是，上海艾維尼克科技有限公司正在進行再投資以實現增長，從而實現了更高的銷售額。但是，儘管趨勢令人鼓舞，但該股比去年下跌了24％，因此對於精明的投資者來說，這裏可能有機會。因此，我們建議進一步研究這隻股票，以發現該業務的其他基本面可以向我們展示什麼。
While Shanghai Awinic TechnologyLtd 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 688798 on our platform.
儘管上海艾維尼克科技有限公司在這方面的表現並不太明顯，但該公司是否以誘人的價格進行交易仍然值得一看。您可以在我們的平台上通過我們對688798的免費內在價值估算中找到答案。
While Shanghai Awinic 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.
儘管上海艾維尼克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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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。
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