Weaver Network Technology (SHSE:603039) Will Want To Turn Around Its Return Trends
Weaver Network Technology (SHSE:603039) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 Weaver Network Technology (SHSE:603039), we don't think it's current trends fit the mold of a multi-bagger.
在寻找多倍股时，我们应该在业务中看到哪些基本趋势？通常，我们会想要注意不断增长的资本运用回报率（ROCE），以及与此同时，不断扩大的资本运用基础。如果你看到这一点，通常意味着这是一家拥有出色业务模式和丰富的盈利再投资机会的公司。但在调查了Weaver Network Technology（SHSE：603039）之后，我们认为它的当前趋势不符合多倍股的模式。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头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. To calculate this metric for Weaver Network Technology, this is the formula:
只是澄清，如果您不确定，ROCE是一种评估公司在其业务中投资的资本所获得的税前收入（以百分比形式）的度量标准。要为Weaver Network Technology计算这个指标，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。
0.092 = CN¥189m ÷ (CN¥3.7b - CN¥1.6b) (Based on the trailing twelve months to March 2024).
0.092 = CN¥18900万 ÷ (CN¥37亿 - CN¥1.6b)（基于截至2024年3月的过去十二个月）。
So, Weaver Network Technology has an ROCE of 9.2%. In absolute terms, that's a low return, but it's much better than the Software industry average of 3.0%.
因此，Weaver Network Technology的ROCE为9.2％。绝对来说，这是一种低收益，但比软件行业平均3.0％要好得多。
Above you can see how the current ROCE for Weaver Network Technology 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 Weaver Network Technology .
在上面，您可以看到Weaver Network Technology目前的ROCE与其过去资本回报率的比较，但从过去可以得出的信息仅有限。如果您想了解分析师预测的未来走势，您应该查看我们免费提供的Weaver Network Technology分析师报告。
What Does the ROCE Trend For Weaver Network Technology Tell Us?
Weaver Network Technology的ROCE趋势告诉我们什么？
On the surface, the trend of ROCE at Weaver Network Technology doesn't inspire confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 9.2%. However it looks like Weaver Network Technology 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.
从表面上看，Weaver Network Technology的ROCE趋势并不令人信心倍增。大约五年前，资本回报率为12％，但自那以后已降至9.2％。但是，看起来Weaver Network Technology可能正在为长期增长而再投资，因为虽然资本运用量增加了，但公司的销售额在过去12个月中并没有太大变化。这可能需要一些时间，公司才能从这些投资中看到任何收益变化。
On a side note, Weaver Network Technology's current liabilities are still rather high at 44% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
值得一提的是，Weaver Network Technology的流动负债仍然相当高，占总资产的44％。这可能会带来一些风险，因为公司基本上是在极大地依靠其供应商或其他类型的短期债权人运营。虽然这不一定是一件坏事，但如果这个比率较低，则会有利。
What We Can Learn From Weaver Network Technology's ROCE
我们可以从Weaver Network Technology的ROCE中学到什么？
Bringing it all together, while we're somewhat encouraged by Weaver Network Technology's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 27% over the last five years, 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.
综合考虑，尽管我们对Weaver Network Technology对自身业务的再投资感到有些鼓舞，但我们意识到回报正在缩水。由于股价在过去五年中下跌了27％，投资者对该趋势的改善可能并不太乐观。总之，固有的趋势并不典型多倍股，因此如果您在寻找多倍股，我们认为您可能会有更多的运气。
While Weaver Network Technology doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 603039 on our platform.
尽管Weaver Network Technology在这方面未获得很好的表现，但仍值得看一下公司是否以有吸引力的价格交易。您可以在我们的平台上查找603039的免费内在价值估计。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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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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