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Investors Could Be Concerned With INESA Intelligent Tech's (SHSE:600602) Returns On Capital

Investors Could Be Concerned With INESA Intelligent Tech's (SHSE:600602) Returns On Capital

投資者可能會擔心INESA Intelligent Tech(上海證券交易所代碼:600602)的資本回報率
Simply Wall St ·  02/12 15:52

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Having said that, from a first glance at INESA Intelligent Tech (SHSE:600602) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。話雖如此,乍一看INESA Intelligent Tech(SHSE: 600602),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。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

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. To calculate this metric for INESA Intelligent Tech, this is the formula:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算INESA智能科技的這個指標,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)

0.0095 = CN¥49m ÷ (CN¥6.9b - CN¥1.8b) (Based on the trailing twelve months to September 2023).

0.0095 = 4900萬元人民幣 ÷(69億元人民幣-18億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, INESA Intelligent Tech has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the IT industry average of 4.0%.

因此,儀電智能科技的投資回報率爲1.0%。從絕對值來看,回報率很低,也低於IT行業4.0%的平均水平。

roce
SHSE:600602 Return on Capital Employed February 12th 2024
SHSE: 600602 2024 年 2 月 12 日動用資本回報率

In the above chart we have measured INESA Intelligent Tech's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering INESA Intelligent Tech here for free.

在上圖中,我們將INESA Intelligent Tech之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看報道INESA智能科技的分析師的預測。

So How Is INESA Intelligent Tech's ROCE Trending?

那麼,INESA Intelligent Tech的投資回報率趨勢如何呢?

On the surface, the trend of ROCE at INESA Intelligent Tech doesn't inspire confidence. To be more specific, ROCE has fallen from 4.7% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.

從表面上看,INESA智能科技的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的4.7%下降。儘管考慮到該業務的收入和資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了投資回報率的短期下降。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東都將受益。

The Key Takeaway

關鍵要點

Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for INESA Intelligent Tech. Furthermore the stock has climbed 64% over the last five years, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.

儘管短期內資本回報率有所下降,但我們認爲有希望的是,INESA Intelligent Tech的收入和使用的資本均有所增加。此外,該股在過去五年中上漲了64%,看來投資者對未來持樂觀態度。因此,如果這些增長趨勢繼續下去,我們將對該股的未來持樂觀態度。

INESA Intelligent Tech does have some risks though, and we've spotted 1 warning sign for INESA Intelligent Tech that you might be interested in.

但是,INESA智能科技確實存在一些風險,我們已經發現了一個你可能會感興趣的INESA智能科技警告信號。

While INESA Intelligent Tech 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INESA Intelligent Tech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。

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.

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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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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