Capital Allocation Trends At Qingdao NovelBeam TechnologyLtd (SHSE:688677) Aren't Ideal
Capital Allocation Trends At Qingdao NovelBeam TechnologyLtd (SHSE:688677) Aren't Ideal
0.10 = CN¥137m ÷ (CN¥1.4b - CN¥58m) 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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. However, after investigating Qingdao NovelBeam TechnologyLtd (SHSE:688677), we don't think it's current trends fit the mold of a multi-bagger.
如果你不確定下一個多倍增長的公司從哪裏開始尋找，你應該注意一些關鍵趨勢。 首先，我們希望確定資本僱用的回報率（ROCE）增長，並且同時增加資本僱用的基礎上。 基本上，這意味着公司有利潤豐厚的舉措可以繼續投資，這是複合機的特徵。 但是，調查青島諾瓦光電科技有限公司（SHSE：688677）後，我們認爲它的當前趨勢不符合多重增長機制的要求。
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. To calculate this metric for Qingdao NovelBeam TechnologyLtd, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量公司從業務所使用的資本僱用中可以產生的稅前利潤量。 要爲青島諾瓦光電科技有限公司計算這個指標，使用下面的公式：
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。
0.10 = CN¥137m ÷ (CN¥1.4b - CN¥58m) (Based on the trailing twelve months to March 2024).
0.10 = CN¥13700萬 ÷ (CN¥14億 - CN¥58m)（基於2024年3月的過去12個月）。
Thus, Qingdao NovelBeam TechnologyLtd has an ROCE of 10%. On its own, that's a standard return, however it's much better than the 6.4% generated by the Medical Equipment industry.
因此，青島諾瓦光電科技有限公司的ROCE爲10％。 單獨看是標準回報，但它比醫療設備行業的6.4％要好得多。
In the above chart we have measured Qingdao NovelBeam TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Qingdao NovelBeam TechnologyLtd for free.
在上圖中，我們測量了青島諾瓦光電科技有限公司之前的ROCE與之前的表現，但未來可能更重要。 如果您願意，可以免費查看覆蓋青島諾瓦光電科技有限公司的分析師們的預測。
What Can We Tell From Qingdao NovelBeam TechnologyLtd's ROCE Trend?
我們從青島諾瓦光電科技有限公司的ROCE趨勢中可以了解到什麼？
When we looked at the ROCE trend at Qingdao NovelBeam TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 10% from 28% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們看青島諾瓦光電科技有限公司的ROCE趨勢時，我們沒有獲得太多信心。 在過去的五年中，資本回報率從五年前的28％下降到10％。 考慮到收入下降而使用更多資本，我們應該保持謹慎。 這可能意味着企業正在失去其競爭優勢或市場份額，因爲雖然更多的錢被投入了風險投資，但實際上卻產生了較低的回報 - "減少了他們的投資回報 "。
On a related note, Qingdao NovelBeam TechnologyLtd has decreased its current liabilities to 4.2% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
在相關的說明中，青島諾瓦光電科技有限公司將其流動負債減少到總資產的4.2％。 這可能部分解釋了ROCE的下降。 此外，這可以降低業務的某些風險，因爲現在公司的供應商或短期債權人爲其運營提供的資金更少。 有人會認爲，由於現在用自己的資金投資更多的業務，這會減少企業產生ROCE的效率。
What We Can Learn From Qingdao NovelBeam TechnologyLtd's ROCE
從以上分析中，我們發現青島諾瓦光電科技有限公司的資本回報和銷售額下降，同時該企業比五年前使用更多的資本。 投資者對這些發展並不感冒，因爲該股票已經從三年前的水平下降了59％。 除非這些指標邁向更積極的方向，否則我們會另尋他處。
From the above analysis, we find it rather worrisome that returns on capital and sales for Qingdao NovelBeam TechnologyLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Investors haven't taken kindly to these developments, since the stock has declined 59% from where it was three years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
還有一件事，我們發現青島諾瓦光電科技有限公司面臨着1個警告標誌，您可能會覺得很有趣。
One more thing, we've spotted 1 warning sign facing Qingdao NovelBeam TechnologyLtd that you might find interesting.
雖然青島諾瓦光電科技有限公司的回報率並不是最高的，但請查看這個可靠的資產負債表和賺取高回報的公司的免費列表。
While Qingdao NovelBeam 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.
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。
