Yunnan Nantian Electronics InformationLtd (SZSE:000948) Has More To Do To Multiply In Value Going Forward
Yunnan Nantian Electronics InformationLtd (SZSE:000948) Has More To Do To Multiply In Value Going Forward
0.032 = CN¥106m ÷ (CN¥8.5b - CN¥5.2b) What are the early trends we should look for to identify a stock that could 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. 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 Yunnan Nantian Electronics InformationLtd (SZSE:000948), we don't think it's current trends fit the mold of a multi-bagger.
我們應該尋找哪些早期趨勢，以確定一支股票在長期內有望成倍增值？除其他事項外，我們需要看到兩件事情；首先，資本使用回報率(ROCE)增長，其次，公司資本使用金額的擴張。基本上這意味着公司有盈利的計劃，可以繼續投資，這是一個複利機器的特徵。然而，在調查過雲南南田電子信息有限公司(SZSE:000948)後，我們認爲其當前的趨勢並不符合倍增的模式。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Yunnan Nantian Electronics InformationLtd:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比表示)的度量標準。分析師使用這個公式來計算雲南南田電子信息有限公司的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。
0.032 = CN¥106m ÷ (CN¥8.5b - CN¥5.2b) (Based on the trailing twelve months to June 2024).
0.032 = 人民幣10600萬 ÷ (人民幣85億 - 人民幣5.2十億) (基於2024年6月止之前十二個月)。
Thus, Yunnan Nantian Electronics InformationLtd has an ROCE of 3.2%. In absolute terms, that's a low return but it's around the IT industry average of 3.8%.
因此，雲南南田電子信息有限公司的ROCE爲3.2%。就絕對值而言，這是一個較低的回報，但大約是3.8%的IT行業平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Yunnan Nantian Electronics InformationLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Yunnan Nantian Electronics InformationLtd.
歷史表現是研究股票的一個很好的起點，您可以看到雲南南天電子信息有限公司的ROCE與其之前的回報之間的比較。如果您想深入了解歷史收益，可以查看這些免費圖表，詳細描述雲南南天電子信息有限公司的營業收入和現金流表現。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
There are better returns on capital out there than what we're seeing at Yunnan Nantian Electronics InformationLtd. Over the past five years, ROCE has remained relatively flat at around 3.2% and the business has deployed 88% more capital into its operations. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
有更好的資本回報率可供選擇，超出了我們在雲南南天電子信息有限公司看到的情況。過去五年，ROCE保持相對穩定，約爲3.2％，業務將88％更多的資本投入運營。考慮到公司增加了資本投入的數量，似乎這些投資帶來的回報率並不高。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 61% of total assets, this reported ROCE would probably be less than3.2% because total capital employed would be higher.The 3.2% ROCE could be even lower if current liabilities weren't 61% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另一個要注意的點是，我們注意到公司在過去五年內增加了流動負債。這是有趣的，因爲如果流動負債沒有增加到總資產的61％，那麼報告的ROCE可能不到3.2％，因爲總投入資本會更高。如果流動負債不佔總資產的61％，那麼這3.2％的ROCE可能會更低，因爲公式將顯示出更大的總資本投入基數。因此，由於流動負債水平如此之高，這實際上意味着供應商或短期債權人資助了業務的一個重要部分，這在某些情況下可能帶來一些風險。
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。
Long story short, while Yunnan Nantian Electronics InformationLtd has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 86% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
長話短說，儘管雲南南天電子信息有限公司一直在重新投資其資本，但其所產生的回報率並沒有增加。過去五年裏，股票上漲了令人印象深刻的86％，投資者可能認爲未來會有更好的發展。但如果這些潛在趨勢繼續，我們認爲從現在開始成爲多倍增長者的可能性不高。
If you want to continue researching Yunnan Nantian Electronics InformationLtd, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果您想繼續研究雲南南天電子信息有限公司，您可能會對我們分析發現的3個警示信號感興趣。
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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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。