Investors Could Be Concerned With Shanghai Huace Navigation Technology's (SZSE:300627) Returns On Capital
Investors Could Be Concerned With Shanghai Huace Navigation Technology's (SZSE:300627) Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Shanghai Huace Navigation Technology (SZSE:300627) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。話雖如此,乍一看上海華測導航科技(SZSE: 300627),我們並不是對回報趨勢不屑一顧,但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 that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Shanghai Huace Navigation Technology, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算上海華測導航技術的這個指標,公式如下:
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)
0.11 = CN¥343m ÷ (CN¥4.2b - CN¥1.1b) (Based on the trailing twelve months to September 2023).
0.11 = 3.43億元人民幣 ÷(42億元人民幣-11億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Shanghai Huace Navigation Technology has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Communications industry average of 5.1% it's much better.
因此,上海華測導航科技的投資回報率爲11%。從絕對值來看,這是一個令人滿意的回報,但與通信行業的平均水平5.1%相比,回報要好得多。
View our latest analysis for Shanghai Huace Navigation Technology
查看我們對上海華策導航技術的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240109/0-beb3bae199369005ec4ecddb3059404a-0-4be63a065e291bdedcedfc853f06aae5.png/big)
Above you can see how the current ROCE for Shanghai Huace Navigation Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到上海華測導航科技當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
On the surface, the trend of ROCE at Shanghai Huace Navigation Technology doesn't inspire confidence. Over the last five years, returns on capital have decreased to 11% from 15% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
從表面上看,上海華測導航科技的ROCE趨勢並不能激發信心。在過去五年中,資本回報率從五年前的15%下降到11%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,這對長期股票表現來說是個好兆頭。
The Bottom Line On Shanghai Huace Navigation Technology's ROCE
上海華測導航科技投資回報率的底線
In summary, despite lower returns in the short term, we're encouraged to see that Shanghai Huace Navigation Technology is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 217% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
總而言之,儘管短期內回報較低,但令我們感到鼓舞的是,上海華測導航技術正在進行再投資以實現增長,並因此實現了更高的銷售額。在過去五年中,該股表現非常出色,回報率爲217%,因此,長期投資者無疑對這一結果欣喜若狂。因此,儘管投資者已經可以解釋潛在的趨勢,但我們仍然認爲這隻股票值得進一步研究。
One more thing to note, we've identified 1 warning sign with Shanghai Huace Navigation Technology and understanding this should be part of your investment process.
還有一件事需要注意,我們已經確定了上海華測導航技術公司的1個警告信號,我們知道這應該是您投資過程的一部分。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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。