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Here's What's Concerning About Triductor Technology (Suzhou)'s (SHSE:688259) Returns On Capital

Here's What's Concerning About Triductor Technology (Suzhou)'s (SHSE:688259) Returns On Capital

以下是 Triductor Technology(苏州)(SHSE: 688259)资本回报率的担忧之处
Simply Wall St ·  03/26 00:37

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 Triductor Technology (Suzhou) (SHSE:688259) and its ROCE trend, we weren't exactly thrilled.

要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 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,当我们研究Triductor Technology(苏州)(上海证券交易所代码:688259)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)?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Triductor Technology (Suzhou) is:

如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。在 Triductor Technology(苏州)上进行此计算的公式为:

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)

0.039 = CN¥59m ÷ (CN¥2.1b - CN¥583m) (Based on the trailing twelve months to December 2023).

0.039 = 5900万元人民币 ÷(21亿元人民币-5.83亿元人民币) (基于截至2023年12月的过去十二个月)

Thus, Triductor Technology (Suzhou) has an ROCE of 3.9%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 5.5%.

因此,Triductor Technology(苏州)的投资回报率为3.9%。从绝对值来看,这是一个低回报,其表现也低于半导体行业5.5%的平均水平。

roce
SHSE:688259 Return on Capital Employed March 26th 2024
SHSE: 688259 2024 年 3 月 26 日动用资本回报率

In the above chart we have measured Triductor Technology (Suzhou)'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 analyst report for Triductor Technology (Suzhou) .

在上图中,我们将Triductor Technology(苏州)先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们的Triductor Technology(苏州)免费分析师报告中查看分析师的预测。

What Can We Tell From Triductor Technology (Suzhou)'s ROCE Trend?

我们可以从Triductor Technology(苏州)的投资回报率趋势中得出什么?

When we looked at the ROCE trend at Triductor Technology (Suzhou), we didn't gain much confidence. To be more specific, ROCE has fallen from 18% over the last five years. 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.

当我们查看Triductor Technology(苏州)的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的18%下降。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。

On a side note, Triductor Technology (Suzhou) has done well to pay down its current liabilities to 28% 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.

顺便说一句,Triductor Technology(苏州)在偿还其流动负债至总资产的28%方面表现良好。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

The Bottom Line On Triductor Technology (Suzhou)'s ROCE

Triductor Technology(苏州)投资回报率的底线

In summary, we're somewhat concerned by Triductor Technology (Suzhou)'s diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 32% over the last year, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

总而言之,我们对Triductor Technology(苏州)随着资本量的增加而产生的回报减少感到担忧。因此,该股去年下跌了32%也就不足为奇了,因此投资者似乎已经意识到了这些变化。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。

One more thing to note, we've identified 2 warning signs with Triductor Technology (Suzhou) and understanding these should be part of your investment process.

还有一件事需要注意,我们已经确定了Triductor Technology(苏州)的两个警告信号,我们知道这些信号应该是您投资过程的一部分。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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.

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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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