Be Wary Of Suzhou Etron TechnologiesLtd (SHSE:603380) And Its Returns On Capital
Be Wary Of Suzhou Etron TechnologiesLtd (SHSE:603380) And Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. Although, when we looked at Suzhou Etron TechnologiesLtd (SHSE:603380), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,当我们查看苏州裕创科技股份有限公司(上海证券交易所股票代码:603380)时,它似乎并没有勾选所有这些方框。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. The formula for this calculation on Suzhou Etron TechnologiesLtd is:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。苏州易创科技有限公司的计算公式为:
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)
0.099 = CN¥144m ÷ (CN¥2.4b - CN¥960m) (Based on the trailing twelve months to September 2023).
0.099 = 1.44亿元人民币 ÷(24亿元人民币-9.6亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Suzhou Etron TechnologiesLtd has an ROCE of 9.9%. In absolute terms, that's a low return, but it's much better than the Electronic industry average of 5.0%.
因此,苏州易创科技有限公司的投资回报率为9.9%。从绝对值来看,回报率很低,但比电子行业平均水平的5.0%要好得多。
View our latest analysis for Suzhou Etron TechnologiesLtd
查看我们对苏州易创科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-1e7348a99ee385c1aee685224df8bc67-0-2a474d7e0d733cd40de38045e3d60d76.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Suzhou Etron TechnologiesLtd's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查苏州易创科技有限公司的过去,请查看这张过去收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
When we looked at the ROCE trend at Suzhou Etron TechnologiesLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 9.9% from 14% five years ago. However it looks like Suzhou Etron TechnologiesLtd 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.
当我们查看苏州易创科技有限公司的投资回报率趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率从五年前的14%下降到9.9%。但是,看来苏州裕创科技有限公司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 side note, Suzhou Etron TechnologiesLtd's current liabilities have increased over the last five years to 40% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 9.9%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
顺便说一句,苏州易创科技有限公司的流动负债在过去五年中增加到总资产的40%,在某种程度上实际上扭曲了投资回报率。如果没有这样的增长,投资回报率很可能会低于9.9%。请留意这个比率,因为如果这个指标过高,企业可能会遇到一些新的风险。
What We Can Learn From Suzhou Etron TechnologiesLtd's ROCE
我们可以从苏州易创科技有限公司的ROCE中学到什么
In summary, Suzhou Etron TechnologiesLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 27% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总而言之,苏州裕创科技有限公司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。投资者可能会意识到这些趋势,因为在过去五年中,该股总共只给股东带来了27%的回报。因此,如果您正在寻找多袋机,我们建议您考虑其他选项。
Like most companies, Suzhou Etron TechnologiesLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多数公司一样,苏州易创科技有限公司确实存在一些风险,我们发现了两个你应该注意的警告信号。
While Suzhou Etron TechnologiesLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管苏州裕创科技有限公司的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。