Shanghai Laimu ElectronicsLtd (SHSE:603633) Might Be Having Difficulty Using Its Capital Effectively
Shanghai Laimu ElectronicsLtd (SHSE:603633) Might Be Having Difficulty Using Its Capital Effectively
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Shanghai Laimu ElectronicsLtd (SHSE:603633) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要找到可以長期增值的股票,應該注意哪些趨勢呢?首先,我們希望看到資本運作回報率(ROCE)的增長,其次是公司資本運作金額的擴張。這表明公司以不斷增加的回報率重新投資利潤。然而,簡單瀏覽一下數據後,我們認爲上海來目電子有限公司(SHSE:603633)未來不具備成倍增值的潛力,但是讓我們來看看可能的原因。
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。
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. Analysts use this formula to calculate it for Shanghai Laimu ElectronicsLtd:
如果您對此不確定,ROCE是一個評估公司在其業務中投資的資本實現的稅前收益百分比的指標。分析師使用以下公式計算上海來目電子有限公司的ROCE:
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。
0.05 = CN¥114m ÷ (CN¥3.3b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.05 = CN¥11,400萬 ÷ (CN¥33億 - CN¥1.1億)(基於2024年3月的過去十二個月)。
Thus, Shanghai Laimu ElectronicsLtd has an ROCE of 5.0%. On its own, that's a low figure but it's around the 6.0% average generated by the Electrical industry.
因此,上海來目電子有限公司的ROCE爲5.0%。單獨看這個數字,雖然較低,但與電氣行業的6.0%平均水平相當。
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While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Shanghai Laimu ElectronicsLtd's past further, check out this free graph covering Shanghai Laimu ElectronicsLtd's past earnings, revenue and cash flow.
雖然過去不代表未來,但了解公司的歷史表現可能會有所幫助,這就是爲什麼我們提供了以上的圖表。如果您對探索上海萊姆電子有限公司的歷史更感興趣,請查看這個免費的圖表,其中包含了上海萊姆電子有限公司過去的收益、營業收入和現金流。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
In terms of Shanghai Laimu ElectronicsLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 5.0% from 7.8% five years ago. 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. If these investments prove successful, this can bode very well for long term stock performance.
就上海萊姆電子有限公司的歷史ROCE變動而言,趨勢並不理想。在過去的五年裏,資本回報率從五年前的7.8%下降到了5.0%。儘管如此,考慮到營業收入和業務所使用的資產都有所增加,這可能表明公司正在投資增長,而額外的資本導致了短期內ROCE的降低。如果這些投資證明成功,對於長期股票表現來說,這可能非常有利。
The Bottom Line On Shanghai Laimu ElectronicsLtd's ROCE
關於上海萊姆電子有限公司的ROCE,總的來說,儘管短期回報率較低,但我們鼓勵看到上海萊姆電子有限公司正在進行再投資以實現增長,並且由於此原因銷售額更高。這些趨勢已經開始爲投資者所認可,因爲股票在過去的五年裏爲持股人帶來了1.2%的收益。因此,如果其他基本面證明穩健,這支股票仍然可能是一個吸引人的投資機會。
In summary, despite lower returns in the short term, we're encouraged to see that Shanghai Laimu ElectronicsLtd is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 1.2% gain to shareholders who've held over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
最後,我們發現了一項警告,上海萊姆電子有限公司面臨着1項警告,您可能會覺得有趣。
One more thing, we've spotted 1 warning sign facing Shanghai Laimu ElectronicsLtd that you might find interesting.
再說一件事,我們發現上海萊姆電子有限公司面臨着1項警告,您可能會覺得有趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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.
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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。