Advanced Micro-Fabrication Equipment China (SHSE:688012) Shareholders Will Want The ROCE Trajectory To Continue
Advanced Micro-Fabrication Equipment China (SHSE:688012) Shareholders Will Want The ROCE Trajectory To Continue
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Advanced Micro-Fabrication Equipment China (SHSE:688012) so let's look a bit deeper.
要找到一隻多袋的股票,我們應該在企業中尋找哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投資更多的資本,理想情況下,從這些資本中獲得的回報也在增加。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資於業務併產生更高的回報。考慮到這一點,我們已經注意到中國先進微加工設備展(SHSE: 688012)的一些前景廣闊的趨勢,所以讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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 Advanced Micro-Fabrication Equipment China is:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。《中國先進微加工設備》的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.065 = CN¥1.1b ÷ (CN¥21b - CN¥3.3b) (Based on the trailing twelve months to September 2023).
0.065 = CN¥1.1b ≤(CN¥21b-cn¥3.3b) (基於截至2023年9月的過去十二個月)。
So, Advanced Micro-Fabrication Equipment China has an ROCE of 6.5%. On its own that's a low return, but compared to the average of 4.4% generated by the Semiconductor industry, it's much better.
因此,中國先進微加工設備的投資回報率爲6.5%。就其本身而言,回報率很低,但與半導體行業的平均回報率4.4%相比,要好得多。
Check out our latest analysis for Advanced Micro-Fabrication Equipment China
查看我們對中國先進微加工設備的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231213/0-2ed1cc0aa11528c2c9ffb5f6d5b1985d-0-c89d38c19e6815920812eab2ae779221.png/big)
In the above chart we have measured Advanced Micro-Fabrication Equipment China's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Advanced Micro-Fabrication Equipment China.
在上面的圖表中,我們對先進微加工設備中國先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的《中國先進微加工設備展》的免費報告。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. Over the last five years, returns on capital employed have risen substantially to 6.5%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 870%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們很高興看到ROCE正朝着正確的方向前進,儘管目前仍處於低位。在過去五年中,資本使用回報率已大幅上升至6.5%。實際上,該公司每使用1美元的資本可以賺更多的錢,值得注意的是,資本金額也增加了870%。這可能表明,內部投資資本的機會很多,而且利率越來越高,這種組合在多元化企業中很常見。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 16%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.
在分析的另一部分中,我們注意到該公司的流動負債與總資產的比率降至16%,這從廣義上意味着該企業減少了對供應商或短期債權人爲其運營提供資金的依賴。因此,股東們會對回報的增長主要來自基礎業務表現感到高興。
What We Can Learn From Advanced Micro-Fabrication Equipment China's ROCE
我們可以從先進的微加工設備中學到什麼中國的投資回報率
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Advanced Micro-Fabrication Equipment China has. And given the stock has remained rather flat over the last three years, there might be an opportunity here if other metrics are strong. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
一家不斷提高資本回報率並能夠持續進行自我再投資的公司是一個備受追捧的特徵,而這正是中國先進微加工設備所擁有的特徵。鑑於該股在過去三年中一直保持相當平穩,如果其他指標表現強勁,這裏可能會有機會。既然如此,對公司當前估值指標和未來前景的研究似乎很合適。
Like most companies, Advanced Micro-Fabrication Equipment China does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,中國先進微加工設備確實存在一些風險,我們發現了一個警告信號,你應該注意。
While Advanced Micro-Fabrication Equipment China isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管中國先進微加工設備公司的回報率不高,但請查看這份免費清單,列出了資產負債表穩健且股本回報率高的公司。
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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。