Dongguan Tarry ElectronicsLtd (SZSE:300976) Will Want To Turn Around Its Return Trends
Dongguan Tarry ElectronicsLtd (SZSE:300976) Will Want To Turn Around Its Return Trends
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Dongguan Tarry ElectronicsLtd (SZSE:300976), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想找到一个潜在的多倍增长股，通常有一些潜在的趋势可以提供线索。通常情况下，我们需要注意到一个不断增长的资本雇用回报率（ROCE）的趋势，以及一个不断扩大的资本雇用基础。如果您看到这个，通常意味着这是一个具有优秀商业模式和丰富的盈利再投资机会的公司。然而，在调查东莞市泰利电子股份有限公司（SZSE：300976）后，我们认为它目前的趋势并不符合多倍增长股的模式。
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。
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. To calculate this metric for Dongguan Tarry ElectronicsLtd, this is the formula:
对于那些不知道ROCE的人来说，ROCE是一个公司每年的税前利润（即回报）相对于业务中所雇用的资本的度量标准。为了计算东莞市泰利电子股份有限公司的这个指标，这是公式：
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。
0.017 = CN¥54m ÷ (CN¥3.7b - CN¥474m) (Based on the trailing twelve months to March 2024).
0.017 = CN¥5400万 ÷ (CN¥37亿 - CN¥474m)（基于过去12个月至2024年3月）。
Therefore, Dongguan Tarry ElectronicsLtd has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.2%.
因此，东莞市泰利电子股份有限公司的ROCE为1.7%。在绝对值上，这是一个较低的回报，也低于电子行业的平均水平5.2%。
In the above chart we have measured Dongguan Tarry ElectronicsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Dongguan Tarry ElectronicsLtd .
在上面的图表中，我们已经对东莞市泰利电子股份有限公司的过去ROCE与其过去业绩进行了测量，但未来可能更重要。如果您感兴趣，您可以查看我们的免费分析师报告中针对东莞市泰利电子股份有限公司的分析师预测。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
In terms of Dongguan Tarry ElectronicsLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 1.7% from 48% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
在东莞市泰利电子股份有限公司的历史ROCE趋势方面，这种趋势并不好。在过去五年中，资本回报率从五年前的48%下降到了1.7%。另一方面，公司在过去一年中雇用了更多的资本，但销售没有相应改善，这可能表明这些投资是长期投资。也许需要一些时间，公司才能从这些投资中看到任何收益变化。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
Bringing it all together, while we're somewhat encouraged by Dongguan Tarry ElectronicsLtd's reinvestment in its own business, we're aware that returns are shrinking. And in the last three years, the stock has given away 44% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Dongguan Tarry ElectronicsLtd has the makings of a multi-bagger.
综合上述，虽然我们对东莞市泰利电子股份有限公司对自己业务的再投资略有鼓舞，但我们意识到其回报正在缩水。在过去的三年中，该股票损失了44%，因此市场在这些趋势加强的时间内并不看好。因此，基于本文所做的分析，我们不认为东莞市泰利电子股份有限公司具备多倍增长股的条件。
Like most companies, Dongguan Tarry ElectronicsLtd does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样，东莞市泰利电子股份有限公司也有一些风险，我们发现了1个警示，您应该注意。
While Dongguan Tarry ElectronicsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然东莞市泰利电子股份有限公司的回报率不高，但请查看此免费公司列表，这些公司在股东权益上获得了高回报，并具有稳健的资产负债表。
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