Shennan Circuit (SZSE:002916) Will Be Hoping To Turn Its Returns On Capital Around
Shennan Circuit (SZSE:002916) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Shennan Circuit (SZSE:002916) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要找到潛在的翻倍股,通常有一些潛在趨勢可以提供線索。一個常見的做法是尋找ROCE不斷增加、同時使用的資本也在增長的公司。這表明公司是一個複合機器,能夠不斷將其盈利再投資到業務中,併產生更高的回報。然而,經過簡要地查看數據,我們認爲深南電路(SZSE:002916)未來不具備成爲潛在翻倍股的特點,但讓我們看看可能的原因。
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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Shennan Circuit is:
對於那些不了解的人來說,ROCE是衡量公司年度稅前利潤(其回報)與業務中使用的資本之比的一種指標。在深南電路的計算公式中爲:
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。
0.064 = CN¥1.1b ÷ (CN¥23b - CN¥6.7b) (Based on the trailing twelve months to March 2024).
0.064 = CN¥11億 ÷ (CN¥230億 - CN¥6.7b)(基於過去十二個月直至2024年3月的數據)。
So, Shennan Circuit has an ROCE of 6.4%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
因此,深南電路的ROCE爲6.4%。單獨來看這是一個較低的回報,但與整個電子行業的平均5.2%相比,它更好。
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Above you can see how the current ROCE for Shennan Circuit 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 Shennan Circuit .
以上內容展示了深南電路當前ROCE與其以往資本回報的比較情況,但僅從過去的情況看不出太多信息。如果想要了解分析師的預測,您可以查看我們針對深南電路的免費分析師報告。
So How Is Shennan Circuit's ROCE Trending?
那麼,深南電路的ROCE趨勢如何?
In terms of Shennan Circuit's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.4% from 18% five years ago. 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.
在深南電路的歷史ROCE波動方面,其趨勢並不理想。在過去五年中,資本回報率從五年前的18%下降到了6.4%。與此同時,企業使用的資本更多了,但過去12個月的銷售表現並不出色,因此這可能反映了一些長期投資。在這些投資獲得收益之前,公司可能需要一些時間。
On a side note, Shennan Circuit has done well to pay down its current liabilities to 29% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
順便提一下,深南電路成功地將其流動負債降至總資產的29%。因此,我們可以將其中的一部分歸因於ROCE的下降。有效地,這意味着它們的供應商或短期債權人爲業務提供的資金較少,從而降低了某些風險因素。由於業務基本上是用自己的資金來資助其運營,因此您可以認爲這使得業務在產生ROCE方面不太高效。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
Bringing it all together, while we're somewhat encouraged by Shennan Circuit's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 18% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總體來說,雖然我們對深南電路重新投資其自有業務感到有些鼓舞,但我們意識到回報正在縮水。同時,投資者也可能認識到這些趨勢,因爲在過去五年中,該股票僅爲股東帶來了總共18%的回報。因此,如果您正在尋找潛在的翻倍股,那麼潛在趨勢表明您可能在別處有更好的機會。
If you want to continue researching Shennan Circuit, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究深南電路,您可能會有興趣了解我們分析發現的2個警示信號。
While Shennan Circuit 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.
雖然深南電路目前可能沒有最高回報,但我們已經編制了一份當前回報率超過25%的公司列表。在這裏查看這個免費列表。
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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。