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Jilin Sino-Microelectronics (SHSE:600360) Will Want To Turn Around Its Return Trends

Jilin Sino-Microelectronics (SHSE:600360) Will Want To Turn Around Its Return Trends

吉林華微電子(上海證券交易所代碼:600360)將希望扭轉其回報趨勢
Simply Wall St ·  01/02 13:29

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Jilin Sino-Microelectronics (SHSE:600360) and its ROCE trend, we weren't exactly thrilled.

如果你正在尋找一款多功能裝袋機,有幾件事需要注意。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。有鑑於此,當我們研究吉林華微電子(SHSE: 600360)及其投資回報率趨勢時,我們並不十分興奮。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(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. Analysts use this formula to calculate it for Jilin Sino-Microelectronics:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。分析師使用這個公式來計算吉林中微電子的計算公式:

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)

0.022 = CN¥110m ÷ (CN¥6.9b - CN¥1.9b) (Based on the trailing twelve months to September 2023).

0.022 = 1.1億元人民幣 ÷(69億元人民幣-19億元人民幣) (基於截至2023年9月的過去十二個月)

So, Jilin Sino-Microelectronics has an ROCE of 2.2%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 4.2%.

因此,吉林中微電子的投資回報率爲2.2%。從絕對值來看,這是一個低迴報,其表現也低於半導體行業4.2%的平均水平。

View our latest analysis for Jilin Sino-Microelectronics

查看我們對吉林華微電子的最新分析

roce
SHSE:600360 Return on Capital Employed January 2nd 2024
SHSE: 600360 2024 年 1 月 2 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Jilin Sino-Microelectronics' ROCE against it's prior returns. If you'd like to look at how Jilin Sino-Microelectronics has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

歷史表現是研究股票的絕佳起點,因此在上方您可以看到吉林中微電子的投資回報率與先前回報對比的指標。如果你想在其他指標中查看吉林華微電子過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。

What Can We Tell From Jilin Sino-Microelectronics' ROCE Trend?

我們可以從吉林中微電子的ROCE趨勢中得出什麼?

In terms of Jilin Sino-Microelectronics' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 6.1%, but since then they've fallen to 2.2%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

就吉林中微電子的歷史ROCE走勢而言,這一趨勢並不理想。大約五年前,資本回報率爲6.1%,但此後已降至2.2%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多的資金,但它產生的回報實際上更低—— “成本效益更低” 本身。

On a related note, Jilin Sino-Microelectronics has decreased its current liabilities to 28% 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.

與此相關的是,吉林中微電子已將其流動負債減少至總資產的28%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。

The Key Takeaway

關鍵要點

In summary, we're somewhat concerned by Jilin Sino-Microelectronics' diminishing returns on increasing amounts of capital. However the stock has delivered a 51% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

總而言之,我們對吉林中微電子因增加資本而產生的回報減少感到擔憂。但是,該股在過去五年中爲股東帶來了51%的回報,因此投資者可能預計趨勢會好轉。無論如何,我們對基本面不太滿意,因此我們暫時會避開這隻股票。

If you want to know some of the risks facing Jilin Sino-Microelectronics we've found 4 warning signs (2 are concerning!) that you should be aware of before investing here.

如果你想了解吉林中微電子面臨的一些風險,我們發現了4個警告信號(2個令人擔憂!)在這裏投資之前,您應該注意這一點。

While Jilin Sino-Microelectronics isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管吉林中微電子的回報率並不最高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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