The Return Trends At Shanghai Beite Technology (SHSE:603009) Look Promising
The Return Trends At Shanghai Beite Technology (SHSE:603009) Look Promising
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. Speaking of which, we noticed some great changes in Shanghai Beite Technology's (SHSE:603009) returns on capital, so let's have a look.
如果我们想要找到一个潜在的多头投资人，通常有一些潜在的趋势可以提供线索。理想情况下，一个业务将显示两个趋势;首先是资本雇用的增长。最终，这表明这是一个正在以递增的回报率重新投资利润的商业。然而，简要查看数字后，我们认为福建龙净环保（SHSE：600388）不具备未来的多头投资者特质，但让我们看看为什么。资产回报率：它是什么？资本使用率回报(ROCE)是什么?ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。就资本运用而言，这意味着公司有盈利的计划，可以继续投资，这是复利机器的特质。谈到这个问题，我们注意到上海北特科技（SHSE:603009）在资本回报方面有了很大的变化，让我们来看看。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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. The formula for this calculation on Shanghai Beite Technology is:
仅供澄清，如果不确定，ROCE是评估公司在业务中所投资资本的税前收入的指标（按百分比计算）。上海北特科技的计算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.054 = CN¥100m ÷ (CN¥3.3b - CN¥1.5b) (Based on the trailing twelve months to March 2024).
0.054 = CN¥1亿 ÷ (CN¥33亿 - CN¥1.5亿) 在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
Thus, Shanghai Beite Technology has an ROCE of 5.4%. Ultimately, that's a low return and it under-performs the Auto Components industry average of 6.9%.
因此，上海北特科技的ROCE为5.4%。最终，这是一个较低的回报，并且表现不如6.9%的汽车元件行业平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shanghai Beite Technology's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Shanghai Beite Technology.
历史表现是研究股票的好起点，因此您可以看到上海北特科技的ROCE相对于其先前的回报的比率。如果您想深入了解历史收益，请查看这些免费图表，详细说明上海北特技术的营业收入和现金流表现。
So How Is Shanghai Beite Technology's ROCE Trending?
上海北特科技的ROCE趋势如何？
Shanghai Beite Technology's ROCE growth is quite impressive. The figures show that over the last five years, ROCE has grown 88% whilst employing roughly the same amount of capital. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
上海北特科技的ROCE增长相当惊人。数字显示，在过去的五年中，ROCE增长了88％，同时使用的资本大致相同。因此，我们认为该企业已提高效率以产生更高的回报，同时无需进行任何额外的投资。在这方面，情况看起来很不错，因此值得探究管理层未来的增长计划。
Another thing to note, Shanghai Beite Technology has a high ratio of current liabilities to total assets of 45%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一个需要注意的问题是，上海北特科技的流动负债占总资产的比率很高，达45％。这实际上意味着供应商（或短期债权人）为企业提供了大量资金，因此请注意，这可能会引入某些风险。理想情况下，我们希望看到这种情况得到缓解，因为这意味着承担风险的责任更少。
What We Can Learn From Shanghai Beite Technology's ROCE
我们可以从上海北特技术的ROCE中学到什么？
To bring it all together, Shanghai Beite Technology has done well to increase the returns it's generating from its capital employed. And a remarkable 199% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if Shanghai Beite Technology can keep these trends up, it could have a bright future ahead.
总而言之，上海北特科技已经成功地增加了所投入资本所获得的回报，而在过去的五年中获得了199％的总回报，告诉我们投资者期待未来有更好的表现。鉴于此，我们认为有必要进一步调查这个股票，因为如果上海北特技能够继续保持这些趋势，它的未来可能会很光明。
Shanghai Beite Technology does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
但上海北特技术确实存在一些风险，我们在投资分析中发现了2个警示标志，其中1个有些不愉快......
While Shanghai Beite Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管上海北特技术的回报不是最高的，但请查看此免费列表，其中包括具有坚实资产负债表、高股本回报的公司。
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