The Returns On Capital At Zhuhai Raysharp TechnologyLtd (SZSE:301042) Don't Inspire Confidence
The Returns On Capital At Zhuhai Raysharp TechnologyLtd (SZSE:301042) Don't Inspire Confidence
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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Zhuhai Raysharp TechnologyLtd (SZSE:301042) and its ROCE trend, we weren't exactly thrilled.
要找到一隻多袋股票,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入更多資本,理想情況下,從這些資本中獲得的回報也在增加。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。有鑑於此,當我們研究珠海銳銳科技有限公司(深圳證券交易所代碼:301042)及其投資回報率趨勢時,我們並不感到非常興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Zhuhai Raysharp TechnologyLtd, 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。要計算珠海瑞夏科技有限公司的這個指標,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)
0.04 = CN¥45m ÷ (CN¥1.3b - CN¥138m) (Based on the trailing twelve months to September 2023).
0.04 = 4500萬元人民幣 ÷(13億元人民幣-1.38億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Zhuhai Raysharp TechnologyLtd has an ROCE of 4.0%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.0%.
因此,珠海銳銳科技有限公司的投資回報率爲4.0%。歸根結底,這是一個低迴報,其表現低於電子行業5.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240202/0-561a8f4fe82a76b2e2fd2e7648be5d21-0-7ac3dd62e8f8eed4c2fa8ce2a7dcb4ee.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhuhai Raysharp TechnologyLtd's ROCE against it's prior returns. If you're interested in investigating Zhuhai Raysharp TechnologyLtd's past further, check out 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珠海瑞夏科技有限公司的投資回報率與先前回報率的對比。如果你有興趣進一步調查珠海瑞夏科技有限公司的過去,請查看這張過去收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at Zhuhai Raysharp TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 4.0%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
從表面上看,珠海銳銳科技有限公司的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲22%,但此後已降至4.0%。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。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
On a side note, Zhuhai Raysharp TechnologyLtd has done well to pay down its current liabilities to 11% 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. 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.
順便說一句,珠海銳銳科技有限公司在將其流動負債償還至總資產的11%方面做得很好。因此,我們可以將其中一些與ROCE的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。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,因此你可以爭辯說,這降低了企業產生投資回報的效率。
What We Can Learn From Zhuhai Raysharp TechnologyLtd's ROCE
我們可以從珠海銳銳科技有限公司的ROCE中學到什麼
In summary, we're somewhat concerned by Zhuhai Raysharp TechnologyLtd's diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 25% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總而言之,我們對珠海銳銳科技有限公司因增加資本而產生的回報減少感到擔憂。去年持有該股的長期股東的投資貶值了25%,因此看來市場可能也不喜歡這些趨勢。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Zhuhai Raysharp TechnologyLtd (of which 1 is significant!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得了解它們是什麼,我們已經發現了珠海銳銳科技有限公司的2個警告信號(其中1個很重要!)你應該知道的。
While Zhuhai Raysharp TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管珠海銳銳科技有限公司的回報率並不高,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。
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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.
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。