Qingdao Gaoce Technology (SHSE:688556) Is Achieving High Returns On Its Capital
Qingdao Gaoce Technology (SHSE:688556) Is Achieving High Returns On Its Capital
0.31 = CN¥1.5b ÷ (CN¥9.3b - CN¥4.3b) What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at the ROCE trend of Qingdao Gaoce Technology (SHSE:688556) we really liked what we saw.
如果我們想要找到長期價值倍增的股票，應該關注哪些趨勢？一種常見的方法是尋找ROCE逐漸增長，並且資本投入逐漸增加的公司。這表明它是一個複利機器，能夠持續將盈利再投資到業務中，並獲得更高的回報。所以當我們看到青島高測科技（SHSE：688556）的ROCE趨勢時，我們真的很喜歡我們看到的。
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 Qingdao Gaoce Technology:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投入的資本上賺取的稅前收入的度量標準（以百分比表示）。分析師使用這個公式來計算青島高測科技的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。
0.31 = CN¥1.5b ÷ (CN¥9.3b - CN¥4.3b) (Based on the trailing twelve months to March 2024).
0.31 = CN¥15億 ÷ (CN¥93億 - CN¥4.3億)（基於2024年3月的過去十二個月）。
Thus, Qingdao Gaoce Technology has an ROCE of 31%. That's a fantastic return and not only that, it outpaces the average of 3.9% earned by companies in a similar industry.
因此，青島高測科技的ROCE爲31%。這是一個非常出色的回報，不僅如此，它還超過了同行業公司平均獲得的3.9%。
Above you can see how the current ROCE for Qingdao Gaoce 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 Qingdao Gaoce Technology .
以上顯示了青島高測科技當前ROCE與先前資本回報的比較情況，但從過去只能得出有限的結論。如果您想了解分析師對未來的預測，請查看我們爲青島高測科技提供的免費分析報告。
What Does the ROCE Trend For Qingdao Gaoce Technology Tell Us?
青島高測科技ROCE趨勢告訴我們什麼？
The trends we've noticed at Qingdao Gaoce Technology are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 31%. The amount of capital employed has increased too, by 1,473%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們發現青島高測科技的趨勢相當令人放心。數據顯示，在過去的五年裏，資本利用產生的回報率增長了31%。資本利用的金額也增加了1473%。這可能意味着在內部投資資本並以更高的利率進行的機會很多，這種組合在多倍收益者中很常見。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 47%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. Therefore we can rest assured that the growth in ROCE is a result of the business' fundamental improvements, rather than a cooking class featuring this company's books. Nevertheless, there are some potential risks the company is bearing with current liabilities that high, so just keep that in mind.
在我們的分析的另一部分中，我們注意到該公司的流動負債與總資產的比率降至47%，這基本意味着該業務在資金運營上依賴供應商或短期債權人的支持較少。因此，我們可以放心地說ROCE的增長是業務基本面改善的結果，而不是經過美化的賬目。然而，公司承擔着當前負債過高的一些潛在風險，所以請謹記這一點。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
All in all, it's terrific to see that Qingdao Gaoce Technology is reaping the rewards from prior investments and is growing its capital base. Since the stock has returned a solid 30% to shareholders over the last three years, it's fair to say investors are beginning to recognize these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總的來說，看到青島高測科技從先前的投資中獲得回報並擴大其資本基礎是令人興奮的。由於該股票在過去三年中給股東帶來了可觀的30%回報，可以說投資者已經開始認識到這些變化。因此，鑑於股票已經證明具有有前景的趨勢，值得進一步研究該公司，以確定這些趨勢是否可能持續。
If you want to know some of the risks facing Qingdao Gaoce Technology we've found 3 warning signs (1 is a bit unpleasant!) that you should be aware of before investing here.
如果您想了解部分面臨的風險，我們發現了3個警示信號（其中1個有點令人不愉快！）在您投資之前您應該知道。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。