Shandong Shuangyi Technology (SZSE:300690) Could Be Struggling To Allocate Capital
Shandong Shuangyi Technology (SZSE:300690) Could Be Struggling To Allocate Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 briefly looking over the numbers, we don't think Shandong Shuangyi Technology (SZSE:300690) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在尋找開空股票,就要注意幾個方面。首先,我們要看到資本的增長。這表明企業正在以越來越高的回報率對利潤進行再投資。從這個角度來看,我們注意到阜豐集團(HKG:546)有一些令人期待的趨勢,那麼讓我們再深入一些。資產回報率:它是什麼?資本僱用回報率 (ROCE) 是一種早期趨勢,可以用來識別有可能在長期內翻倍增值的股票,然後在此基礎上,要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器,能夠不斷地將其收益再投入業務,從而產生更高的回報。因此,在這點上,Materialise (納斯達克:MTLS) 看起來相當有前途,因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)基本上,這意味着公司有盈利的舉措可以繼續投資,這是一個複合機器的特點。然而,經過簡要地查看數字,我們認爲山東雙一技術( SZSE:300690 )未來不具備成爲複合機器的條件,但讓我們來看看原因。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Shandong Shuangyi Technology is:
對於那些不知道ROCE是什麼的人,ROCE是公司年度稅前利潤(收益)與企業所佔用資本的比值。在山東雙一技術的計算公式爲:
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。
0.059 = CN¥85m ÷ (CN¥1.8b - CN¥335m) (Based on the trailing twelve months to March 2024).
0.059 = CN¥ 8500萬 ÷ (CN¥ 18億 - CN¥ 335m)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, Shandong Shuangyi Technology has an ROCE of 5.9%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.6%.
因此,山東雙一技術的ROCE爲5.9%。就本身而言,這是一個較低的資本回報率,但與行業平均回報率5.6%相符。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240627/0-5ffe90630f890ac9625110755a18171e-0-cd5bcbf51c059c1b3ff8c0798a61d521.png/big)
Above you can see how the current ROCE for Shandong Shuangyi Technology 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 Shandong Shuangyi Technology for free.
您可以看到山東雙一技術目前的ROCE與其過去的資本回報率相比如何,但從過去的事情中只能獲取有限的信息。如果您願意,您可以免費查看覆蓋山東雙一技術的分析師的預測。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Shandong Shuangyi Technology, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.9% from 9.8% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
What We Can Learn From Shandong Shuangyi Technology's ROCE
我們從山東雙一技術的ROCE可以學到什麼
From the above analysis, we find it rather worrisome that returns on capital and sales for Shandong Shuangyi Technology have fallen, meanwhile the business is employing more capital than it was five years ago. Investors must expect better things on the horizon though because the stock has risen 30% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
通過以上分析,我們發現山東雙一技術的資本回報率和銷售額下降相當令人擔憂,與此同時,該企業所使用的資本比五年前還要多。儘管如此,投資者必須期待未來將會有更好的表現,因爲該股票過去五年上漲了30%。無論如何,我們不喜歡這些趨勢,如果它們持續下去,我們認爲您可能在其他地方找到更好的投資。
Shandong Shuangyi Technology does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit concerning...
儘管山東雙一技術存在一些風險,但我們在投資分析中發現了兩個警告信號,其中有一個令人有點擔憂……
While Shandong Shuangyi 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.
儘管山東雙一技術的回報率不是最高的,但請查看此免費列表,其中列出了具有堅實資產負債表的高回報股票公司。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com