Returns On Capital At Hubei W-olf Photoelectric Technology (SZSE:002962) Paint A Concerning Picture
Returns On Capital At Hubei W-olf Photoelectric Technology (SZSE:002962) Paint A Concerning Picture
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. In light of that, when we looked at Hubei W-olf Photoelectric Technology (SZSE:002962) and its ROCE trend, we weren't exactly thrilled.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 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。有鑑於此,當我們查看湖北沃爾夫光電科技(SZSE:002962)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)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Hubei W-olf Photoelectric Technology, this is the formula:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算湖北沃爾夫光電科技的這個指標,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)
0.01 = CN¥19m ÷ (CN¥2.0b - CN¥157m) (Based on the trailing twelve months to September 2023).
0.01 = 1900萬元人民幣 ÷(20億元人民幣-1.57億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Hubei W-olf Photoelectric Technology has an ROCE of 1.0%. Ultimately, that's a low return and it under-performs the Trade Distributors industry average of 7.3%.
因此,湖北沃爾夫光電科技的投資回報率爲1.0%。歸根結底,這是一個低迴報,其表現低於貿易分銷商行業平均水平的7.3%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240208/0-974857b1ca56a3c5ab19366193c10753-0-f10cc4cc141efcbed7509c4711f74f11.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hubei W-olf Photoelectric Technology's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Hubei W-olf Photoelectric Technology, check out these free graphs here.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到湖北沃爾夫光電科技的投資回報率與先前回報對比的指標。如果您想深入了解湖北沃爾夫光電科技的歷史收益、收入和現金流,請在此處查看這些免費圖表。
What Can We Tell From Hubei W-olf Photoelectric Technology's ROCE Trend?
我們可以從湖北沃爾夫光電科技的投資回報率趨勢中得出什麼?
In terms of Hubei W-olf Photoelectric Technology's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 1.0% from 18% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
就湖北沃爾夫光電科技的歷史ROCE走勢而言,這一趨勢並不理想。在過去五年中,資本回報率從五年前的18%降至1.0%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。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, Hubei W-olf Photoelectric Technology has done well to pay down its current liabilities to 7.8% of total assets. That could partly explain why the ROCE has dropped. 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.
順便說一句,湖北沃爾夫光電科技在償還其流動負債佔總資產的7.8%方面表現良好。這可以部分解釋投資回報率下降的原因。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。
Our Take On Hubei W-olf Photoelectric Technology's ROCE
我們對湖北沃爾夫光電科技投資回報率的看法
We're a bit apprehensive about Hubei W-olf Photoelectric Technology because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Investors haven't taken kindly to these developments, since the stock has declined 15% from where it was three years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
我們對湖北沃爾夫光電科技有點擔心,因爲儘管在業務中投入了更多資金,但資本回報率和銷售額都下降了。投資者對這些事態發展並不友善,因爲該股已比三年前下跌了15%。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。
If you want to know some of the risks facing Hubei W-olf Photoelectric Technology we've found 4 warning signs (2 are potentially serious!) that you should be aware of before investing here.
如果你想了解湖北沃爾夫光電科技面臨的一些風險,我們發現了4個警告信號(2個可能很嚴重!)在這裏投資之前,您應該注意這一點。
While Hubei W-olf Photoelectric Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管湖北沃爾夫光電科技的回報率並不高,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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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。