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Suzhou SONAVOX ElectronicsLtd (SHSE:688533) Is Reinvesting At Lower Rates Of Return

Suzhou SONAVOX ElectronicsLtd (SHSE:688533) Is Reinvesting At Lower Rates Of Return

蘇州索納沃克斯電子有限公司(上海證券交易所代碼:688533)正在以較低的回報率進行再投資
Simply Wall St ·  02/13 22:36

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. However, after investigating Suzhou SONAVOX ElectronicsLtd (SHSE:688533), we don't think it's current trends fit the mold of a multi-bagger.

如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 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。但是,在調查了蘇州索納沃克斯電子有限公司(上海證券交易所代碼:688533)之後,我們認爲目前的趨勢不符合多袋機的模式。

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 Suzhou SONAVOX ElectronicsLtd, 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。要計算蘇州 SONAVOX 電子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)

0.075 = CN¥138m ÷ (CN¥2.8b - CN¥925m) (Based on the trailing twelve months to September 2023).

0.075 = 1.38億元人民幣 ÷(28億元人民幣-9.25億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Suzhou SONAVOX ElectronicsLtd has an ROCE of 7.5%. Even though it's in line with the industry average of 8.2%, it's still a low return by itself.

因此,蘇州索納沃克斯電子有限公司的投資回報率爲7.5%。儘管它與行業平均水平的8.2%一致,但其本身的回報率仍然很低。

roce
SHSE:688533 Return on Capital Employed February 14th 2024
SHSE: 688533 2024 年 2 月 14 日動用資本回報率

In the above chart we have measured Suzhou SONAVOX ElectronicsLtd'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 Suzhou SONAVOX ElectronicsLtd here for free.

在上圖中,我們將蘇州SONAVOX電子有限公司之前的投資回報率與之前的業績進行了對比,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蘇州SONAVOX電子有限公司的分析師的預測。

The Trend Of ROCE

ROCE 的趨勢

On the surface, the trend of ROCE at Suzhou SONAVOX ElectronicsLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 7.5% from 25% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

從表面上看,蘇州索納沃克斯電子有限公司的ROCE趨勢並不能激發信心。在過去五年中,資本回報率從五年前的25%下降到7.5%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,這對長期股票表現來說可能是個好兆頭。

On a related note, Suzhou SONAVOX ElectronicsLtd has decreased its current liabilities to 34% 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.

與此相關的是,蘇州SONAVOX電子有限公司已將其流動負債減少至總資產的34%。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。

The Bottom Line On Suzhou SONAVOX ElectronicsLtd's ROCE

蘇州索納沃克斯電子有限公司投資回報率的底線

Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Suzhou SONAVOX ElectronicsLtd. These growth trends haven't led to growth returns though, since the stock has fallen 55% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.

儘管短期內資本回報率有所下降,但我們認爲蘇州SONAVOX ElectronicsLtd的收入和使用的資本都有所增加,這很有希望。但是,這些增長趨勢並未帶來增長回報,因爲該股去年下跌了55%。因此,鑑於趨勢令人鼓舞,我們認爲值得進一步研究該股。

If you want to continue researching Suzhou SONAVOX ElectronicsLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果你想繼續研究蘇州SONAVOX電子有限公司,你可能有興趣了解我們的分析發現的1個警告信號。

While Suzhou SONAVOX ElectronicsLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

儘管蘇州SONAVOX電子有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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.

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。

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