Glory View Technology (SZSE:301396) Might Be Having Difficulty Using Its Capital Effectively
Glory View Technology (SZSE:301396) Might Be Having Difficulty Using Its Capital Effectively
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Glory View Technology (SZSE:301396) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
找到一傢俱有大幅增長潛力的企業並不容易，但是如果我們看一些關鍵的財務指標，這是可能的。在一個完美的世界中，我們希望看到一家公司向其業務投入更多資本，理想情況下，從這些資本中獲得的回報也在增加。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是，在簡要研究了這些數字之後，我們認爲Glory View Technology（深圳證券交易所代碼：301396）在未來不具備多裝袋機的實力，但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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 Glory View Technology is:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。Glory View Technology 的計算公式爲：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.053 = CN¥73m ÷ (CN¥2.2b - CN¥803m) (Based on the trailing twelve months to December 2023).
0.053 = 7300萬元人民幣 ÷（22元人民幣-8.03億元人民幣） （基於截至2023年12月的過去十二個月）。
Therefore, Glory View Technology has an ROCE of 5.3%. In absolute terms, that's a low return, but it's much better than the Software industry average of 3.0%.
因此，榮耀觀科技的投資回報率爲5.3％。從絕對值來看，回報率很低，但比軟件行業平均水平的3.0％要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Glory View 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 Glory View Technology.
歷史表現是研究股票的絕佳起點，因此您可以在上方看到Glory View Technology的投資回報率與先前回報率的對比。如果您想深入研究歷史收益，請查看這些免費圖表，詳細說明Glory View Technology的收入和現金流表現。
What Does the ROCE Trend For Glory View Technology Tell Us?
Glory View Technology 的 ROCE 趨勢告訴我們什麼？
In terms of Glory View Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 33% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就Glory View Technology的歷史投資回報率走勢而言，這種趨勢並不理想。更具體地說，投資回報率已從過去五年的33％下降了。同時，該業務正在使用更多的資本，但在過去的12個月中，這並沒有對銷售產生太大影響，因此這可能反映出長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Glory View Technology has done well to pay down its current liabilities to 37% 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.
順便說一句，Glory View Technology在將其流動負債償還至總資產的37％方面做得很好。這可以部分解釋投資回報率下降的原因。實際上，這意味着他們的供應商或短期債權人減少了對企業的融資，從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line On Glory View Technology's ROCE
Glory View Technology 投資回報率的底線
In summary, Glory View Technology is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 26% in the last year. Therefore based on the analysis done in this article, we don't think Glory View Technology has the makings of a multi-bagger.
總而言之，Glory View Technology正在將資金再投資回業務以實現增長，但不幸的是，銷售額似乎還沒有太大增長。投資者似乎對趨勢能否回升猶豫不決，因爲該股去年下跌了26％。因此，根據本文中的分析，我們認爲Glory View Technology不具備多袋機的優勢。
Glory View Technology does have some risks, we noticed 3 warning signs (and 2 which are concerning) we think you should know about.
Glory View Technology 確實存在一些風險，我們注意到我們認爲你應該知道的 3 個警告信號（以及 2 個令人擔憂的）。
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.
如果你想尋找收益豐厚的穩健公司，可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，發送電子郵件至 editorial-team@simplywallst.com