There Are Reasons To Feel Uneasy About Toyou Feiji Electronics' (SZSE:300302) Returns On Capital
There Are Reasons To Feel Uneasy About Toyou Feiji Electronics' (SZSE:300302) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 Toyou Feiji Electronics (SZSE:300302), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。不过,经过调查,托佑飞基电子(SZSE:300302),我们认为目前的趋势不适合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
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. The formula for this calculation on Toyou Feiji Electronics is:
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。托佑飞基电子的这一计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.014 = CN¥22m ÷ (CN¥1.9b - CN¥238m) (Based on the trailing twelve months to June 2023).
0.014=CN元2200万?(CN元19亿元-CN元2.38亿元)(根据截至2023年6月的往绩12个月计算)。
So, Toyou Feiji Electronics has an ROCE of 1.4%. In absolute terms, that's a low return and it also under-performs the Software industry average of 3.3%.
所以,Touyou飞际电子ROCE为1.4%。按绝对值计算,这是一个较低的回报率,也低于软件行业3.3%的平均水平。
Check out our latest analysis for Toyou Feiji Electronics
查看我们对Toyou飞基电子的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231010/0-1025657a712558e4cbd76058cb4e4bea-0-2a991604ed2651b5eb5bbde3e2c7ced6.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Toyou Feiji Electronics' ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Toyou Feiji Electronics, check out these free graphs here.
当研究一只股票时,历史表现是一个很好的起点,所以在上面你可以看到飞基电子相对于它之前的回报的ROCE的衡量标准。如果你想深入研究Toyou Feiji Electronics的历史收益、收入和现金流,请查看以下内容免费图表在这里。
What The Trend Of ROCE Can Tell Us
ROCE的走势告诉我们什么
On the surface, the trend of ROCE at Toyou Feiji Electronics doesn't inspire confidence. To be more specific, ROCE has fallen from 8.1% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
从表面上看,TOYO飞基电子ROCE的走势并没有激发信心。更具体地说,ROCE在过去五年中从8.1%下降。考虑到该公司在收入下滑的情况下雇佣了更多的资本,这有点令人担忧。如果这种情况持续下去,你可能会看到这样一家公司,它正试图通过再投资实现增长,但由于销售额没有增长,实际上正在失去市场份额。
In Conclusion...
总之..。
We're a bit apprehensive about Toyou Feiji Electronics because despite more capital being deployed in the business, returns on that capital and sales have both fallen. However the stock has delivered a 86% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
我们对飞基电子有点担心,因为尽管在业务上部署了更多的资本,但资本的回报和销售额都有所下降。然而,该股在过去五年里为股东带来了86%的回报,因此投资者可能预计趋势会扭转。无论如何,目前的潜在趋势对长期表现来说都不是好兆头,所以除非它们逆转,否则我们将开始寻找其他地方。
On a separate note, we've found 2 warning signs for Toyou Feiji Electronics you'll probably want to know about.
另外,我们发现东友飞基电子的2个警告标志你可能会想知道。
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.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。