Chengdu M&S Electronics TechnologyLtd (SHSE:688311) Will Be Hoping To Turn Its Returns On Capital Around
Chengdu M&S Electronics TechnologyLtd (SHSE:688311) Will Be Hoping To Turn Its Returns On Capital Around
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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 Chengdu M&S Electronics TechnologyLtd (SHSE:688311) and its ROCE trend, we weren't exactly thrilled.
如果你正在寻找一款多功能装袋机,有几件事需要注意。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。有鉴于此,当我们查看成都麦斯电子科技有限公司(上海证券交易所代码:688311)及其投资回报率趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. To calculate this metric for Chengdu M&S Electronics TechnologyLtd, this is the formula:
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。要计算成都M&S电子科技有限公司的这个指标,公式如下:
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)
0.014 = CN¥31m ÷ (CN¥2.9b - CN¥615m) (Based on the trailing twelve months to September 2023).
0.014 = 3100万元人民币 ÷(29亿元人民币-6.15亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Chengdu M&S Electronics TechnologyLtd has an ROCE of 1.4%. Ultimately, that's a low return and it under-performs the Aerospace & Defense industry average of 5.0%.
因此,成都M&S电子科技有限公司的投资回报率为1.4%。归根结底,这是一个低回报,其表现低于航空航天和国防行业5.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240213/0-9e3c99020a0a249aec2f93b057109471-0-b65a9f1ee322ac82a65fccd95a247e45.png/big)
In the above chart we have measured Chengdu M&S Electronics TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中,我们将成都M&S电子科技有限公司之前的投资回报率与之前的业绩进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at Chengdu M&S Electronics TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 1.4% from 7.8% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看成都M&S电子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7.8%降至1.4%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。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。
In Conclusion...
总之...
To conclude, we've found that Chengdu M&S Electronics TechnologyLtd is reinvesting in the business, but returns have been falling. Since the stock has declined 54% over the last three years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之,我们发现成都M&S电子科技有限公司正在对该业务进行再投资,但回报率一直在下降。由于该股在过去三年中下跌了54%,因此投资者对这一趋势的改善可能也不太乐观。总而言之,多装袋机的固有趋势并不常见,因此,如果您想要这样做,我们认为您在其他地方可能会有更多的运气。
Chengdu M&S Electronics TechnologyLtd does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
但是,成都M&S电子科技有限公司确实存在一些风险,我们在投资分析中发现了3个警告信号,其中一个对我们来说不太合适...
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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。