Here's What's Concerning About Hicon Network Technology (Shandong)Ltd's (SZSE:301262) Returns On Capital
Here's What's Concerning About Hicon Network Technology (Shandong)Ltd's (SZSE:301262) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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 Hicon Network Technology (Shandong)Ltd (SZSE:301262), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到下一個多倍投資，有一些關鍵趨勢需要注意。通常，我們需要注意資本運營的增長趨勢。基本上，這意味着公司有盈利的計劃，可以繼續投資，這是一個複利機器的特徵。然而，經過簡要地查看數字，我們認爲 CommScope Holding Company（納斯達克代碼：commscope）未來並沒有成爲多倍投資的跡象，但讓我們來看看原因。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資產利用率是資本雄厚的公司的特點，這意味着公司可以持續重新投資盈利項目，從而成爲累加器。但是，我們認爲Hicon Network Technology（山東）有限公司（SZSE:301262）目前的趨勢不符合多倍增長器的模式。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. Analysts use this formula to calculate it for Hicon Network Technology (Shandong)Ltd:
只是爲了澄清，如果您不確定，ROCE是評估公司在投資本業務的資本上實現多少稅前收入（以百分比計算）的指標。分析師使用以下公式爲Hicon Network Technology（山東）有限公司計算其ROCE:
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。
0.12 = CN¥412m ÷ (CN¥4.0b - CN¥413m) (Based on the trailing twelve months to March 2024).
0.12 = CN¥412m ÷ (CN¥4.0b - CN¥413m)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。.
So, Hicon Network Technology (Shandong)Ltd has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Interactive Media and Services industry average of 5.3% it's much better.
因此，Hicon Network Technology（山東）有限公司的ROCE爲12％。絕對來說，這是一種令人滿意的回報，但與互動媒體及服務行業平均水平5.3％相比，它更加優秀。
Above you can see how the current ROCE for Hicon Network Technology (Shandong)Ltd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Hicon Network Technology (Shandong)Ltd .
您可以看到Hicon Network Technology（山東）有限公司當前ROCE與其以往資本回報率的對比情況，但是從過去中可以了解的信息有限。如果您想了解分析師對未來的預測，請查看我們針對Hicon Network Technology (Shandong)Ltd的免費分析師報告。
What Does the ROCE Trend For Hicon Network Technology (Shandong)Ltd Tell Us?
Hicon Network Technology（山東）有限公司的ROCE趨勢告訴我們什麼？
In terms of Hicon Network Technology (Shandong)Ltd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 29% over the last five years. However it looks like Hicon Network Technology (Shandong)Ltd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
在Hicon Network Technology（山東）有限公司歷史ROCE的動態變化方面，趨勢並不樂觀。更具體地說，ROCE在過去五年中已從29％下降。然而，看起來Hicon Network Technology（山東）有限公司可能正在爲長期增長而重新投資，因爲儘管資本投入增加了，但公司的銷售額在過去12個月中沒有太大變化。關於這些投資帶來的收益，公司可能需要花費一些時間才能看到變化。
On a side note, Hicon Network Technology (Shandong)Ltd has done well to pay down its current liabilities to 10% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一下，Hicon Network Technology（山東）有限公司已經成功償還了其流動負債，將其佔總資產的比例降至10％。這可能部分解釋了ROCE的下降。事實上，這意味着他們的供應商或短期債權人正在爲企業提供更少的資金，從而降低了某些風險元素。有人會認爲，由於現在使用自己的資金更多地資助業務，這將降低企業產生ROCE的效率。
The Key Takeaway
重要提示
In summary, Hicon Network Technology (Shandong)Ltd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 23% over the last year, 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.
總的來說，Hicon Network Technology（山東）有限公司正在爲其增長重新投資資金，但不幸的是，銷售額仍未增加太多。由於該股票在過去一年中已下跌23％，投資者可能對這種趨勢的改善持悲觀態度。總之，內在趨勢並不典型於多倍增長器，因此，如果您正在尋找這樣的投資機會，我們認爲您可能有更多運氣。
If you want to continue researching Hicon Network Technology (Shandong)Ltd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究Hicon Network Technology（山東）有限公司，您可能會對我們發現的1個警告標誌感到感興趣。
While Hicon Network Technology (Shandong)Ltd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Hicon Network Technology（山東）有限公司的回報不是最高的，但是請查看此免費列表，其中列出了收益率高且資產負債表堅實的公司。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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