Be Wary Of Shanghai V-Test Semiconductor Tech (SHSE:688372) And Its Returns On Capital
Be Wary Of Shanghai V-Test Semiconductor Tech (SHSE:688372) And Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Shanghai V-Test Semiconductor Tech (SHSE:688372) and its ROCE trend, we weren't exactly thrilled.
找到一家具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。首先,我们想确定一个不断增长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。有鉴于此,当我们查看上海威测半导体科技(上海证券交易所代码:688372)及其投资回报率趋势时,我们并不十分兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 Shanghai V-Test Semiconductor Tech:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。分析师使用这个公式来计算上海威测半导体科技有限公司的计算公式:
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)
0.041 = CN¥122m ÷ (CN¥3.4b - CN¥434m) (Based on the trailing twelve months to September 2023).
0.041 = 1.22亿元人民币 ÷(34亿元人民币-4.34亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Shanghai V-Test Semiconductor Tech has an ROCE of 4.1%. Even though it's in line with the industry average of 4.2%, it's still a low return by itself.
因此,上海威测半导体科技有限公司的投资回报率为4.1%。尽管它与4.2%的行业平均水平一致,但其本身的回报率仍然很低。
View our latest analysis for Shanghai V-Test Semiconductor Tech
查看我们对上海威测半导体科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-25058e629241b286cb2059ffe33402f1-0-fd8e6deaee8f94b3513b622656508ea5.png/big)
In the above chart we have measured Shanghai V-Test Semiconductor Tech'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 Shanghai V-Test Semiconductor Tech.
在上图中,我们将上海威测半导体科技有限公司之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的上海威测半导体科技有限公司的免费报告。
What Does the ROCE Trend For Shanghai V-Test Semiconductor Tech Tell Us?
上海威测半导体科技的投资回报率趋势告诉我们什么?
When we looked at the ROCE trend at Shanghai V-Test Semiconductor Tech, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 4.1% from 7.3% four years ago. However it looks like Shanghai V-Test Semiconductor Tech might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看上海威测半导体科技的投资回报率趋势时,我们并没有获得太大的信心。在过去四年中,资本回报率从四年前的7.3%降至4.1%。但是,看来上海威测半导体科技可能正在进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a related note, Shanghai V-Test Semiconductor Tech has decreased its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是,上海威测半导体科技已将其流动负债减少至总资产的13%。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报率的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Key Takeaway
关键要点
In summary, Shanghai V-Test Semiconductor Tech is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last year, the stock has given away 28% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之,上海威测半导体科技正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。而在去年,该股已经下跌了28%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
Shanghai V-Test Semiconductor Tech does have some risks, we noticed 3 warning signs (and 1 which is a bit concerning) we think you should know about.
上海威测半导体科技确实存在一些风险,我们注意到3个警告信号(其中一个有点令人担忧),我们认为你应该知道。
While Shanghai V-Test Semiconductor Tech may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管上海威测半导体科技目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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