Investors Could Be Concerned With Rockchip Electronics' (SHSE:603893) Returns On Capital
Investors Could Be Concerned With Rockchip Electronics' (SHSE:603893) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Rockchip Electronics (SHSE:603893), we don't think it's current trends fit the mold of a multi-bagger.
如果想要辨別股票的長期價值是否會增值,需要關注什麼趨勢?理想情況下,一家公司應該出現兩種趨勢,首先是資本運用不斷增長,如果您看到這種趨勢,通常意味着這是一傢俱有良好商業模式和盈利再投資機會充足的公司。儘管我們看過TransUnion(NYSE:TRU)公司,但並不是所有的都適用。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。這基本上意味着公司有有利可圖的項目可以繼續投資,這是複利機器的特點。然而,經過調查瑞芯微電子(SHSE:603893),我們認爲它目前的趨勢不適合作爲一個multi-bagger。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
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 Rockchip Electronics, this is the formula:
只是爲了澄清,如果你不確定,ROCE是一個評估公司在其業務中投資的資本所賺取的稅前收入(以百分比計算)的指標。要計算瑞芯微電子的這個指標,可以使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.046 = CN¥145m ÷ (CN¥3.5b - CN¥351m) (Based on the trailing twelve months to March 2024).
0.046 = CN¥14500萬 ÷ (CN¥35億 - CN¥351m)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
Therefore, Rockchip Electronics has an ROCE of 4.6%. In absolute terms, that's a low return but it's around the Semiconductor industry average of 3.9%.
因此,瑞芯微電子的ROCE爲4.6%。在絕對值上,這是一個較低的回報率,但它接近半導體行業的平均水平,即3.9%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-cfa7cd69919bdb5f9abe9bfb202b3378-0-6a360711873522a347d9af24edaa6deb.png/big)
Above you can see how the current ROCE for Rockchip Electronics compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Rockchip Electronics for free.
上面你可以看到瑞芯微電子當前的ROCE與以前的資本回報率相比,但過去的數據只能告訴我們有限的信息。如果你願意,可以免費查看覆蓋瑞芯微電子的分析師的預測。
What Can We Tell From Rockchip Electronics' ROCE Trend?
從瑞芯微電子的ROCE趨勢中我們能得到什麼結論?
On the surface, the trend of ROCE at Rockchip Electronics doesn't inspire confidence. Around five years ago the returns on capital were 8.7%, but since then they've fallen to 4.6%. 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,瑞芯微電子的ROCE趨勢並不讓人信服。大約五年前,資本回報率爲8.7%,但此後下降到4.6%。儘管業務收入和所使用的資產數量都有所增加,但這可能表明公司正在投資於創業板,因此額外的資本導致ROCE短期內下降。如果增加的資本產生了額外的回報,公司及股東將從中受益。
Our Take On Rockchip Electronics' ROCE
我們對瑞芯微電子的ROCE的看法
In summary, despite lower returns in the short term, we're encouraged to see that Rockchip Electronics is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 52% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
總之,儘管短期內回報較低,我們鼓勵看到瑞芯微電子正在重新投資以實現增長並獲得更高的銷售額。但是,儘管有這些有希望的趨勢,股票在過去三年中下跌了52%,因此聰明的投資者可能有機會。因此,我們建議進一步研究該股票以了解業務的其他基本面。
If you're still interested in Rockchip Electronics it's worth checking out our FREE intrinsic value approximation for 603893 to see if it's trading at an attractive price in other respects.
如果你仍然對瑞芯微電子感興趣,不妨查看我們針對603893的自由內在價值估計,以查看在其他方面它是否以有吸引力的價格交易。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。