The Returns On Capital At Shenzhen AV-Display (SZSE:300939) Don't Inspire Confidence
The Returns On Capital At Shenzhen AV-Display (SZSE:300939) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Shenzhen AV-Display (SZSE:300939) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要找到下一個成倍增長的股票,就需要關注以下幾個關鍵趨勢。在完美的世界裏,我們希望看到公司投資更多的資本,並且從那些資本中獲得的利潤也在增加。簡單地說,這些類型的公司是複合機器,意味着他們不斷以越來越高的投資回報率不斷地再投資他們的收益。雖然一開始看深圳市艾威顯示技術股份有限公司(SZSE:300939)的回報率並不令我們興奮,但讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Shenzhen AV-Display, this is the formula:
對於那些不知道ROCE是什麼的人,它是公司每年稅前利潤(其回報率)與業務中使用的資本的比例。通過以下公式來計算深圳市艾威顯示技術股份有限公司的這個指標:
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。
0.068 = CN¥94m ÷ (CN¥1.6b - CN¥235m) (Based on the trailing twelve months to March 2024).
0.068=CN¥9400萬÷(CN¥16億-CN¥235m)(基於截至2024年3月的過去十二個月)。因此,深圳市艾威顯示技術股份有限公司的ROCE爲6.8%。單獨看這個數據可能是一個低迴報,但與電子行業平均5.2%相比,這是要好得多的。
Thus, Shenzhen AV-Display has an ROCE of 6.8%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
SZSE:300939 Return on Capital Employed July 25th 2024
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240726/0-6bae30388a5f90ecd1cf736f5de8c915-0-fa51b479df70bed571fec5a7d07d2362.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen AV-Display's ROCE against it's prior returns. If you're interested in investigating Shenzhen AV-Display's past further, check out this free graph covering Shenzhen AV-Display's past earnings, revenue and cash flow.
就深圳市艾威顯示技術股份有限公司的歷史ROCE動向而言,這個趨勢並不好。更明確地說,過去五年的ROCE已從25%下降。而考慮到在使用更多的資本的同時,營業收入也下降了,我們應該保持謹慎態度。如果這種情況繼續下去,您可能會看到一家試圖投資增長但實際上失去市場份額的公司,因爲銷售並沒有增長。
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。
In terms of Shenzhen AV-Display's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 25% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
另外,深圳市艾威顯示技術股份有限公司已成功地將其流動負債償還至總資產的15%。這可能可以部分解釋ROCE下降的原因。而且,這可以減少一些業務風險,因爲現在公司的供應商或短期債權人對其運營的資助更少了。有人會認爲,這將降低公司產生ROCE的效率,因爲現在更多地使用公司自己的資本進行運營。
On a side note, Shenzhen AV-Display has done well to pay down its current liabilities to 15% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
我們對深圳市艾威顯示技術股份有限公司有些擔憂,因爲雖然公司投入了更多的資本,但資本回報率和銷售額都下降了。而且這支股票在過去的三年裏基本沒有任何漲幅,所以投資者似乎也不是特別滿意。除非這些指標出現更積極的變化,否則我們會在其他地方尋找投資機會。
The Key Takeaway
重要提示
We're a bit apprehensive about Shenzhen AV-Display because despite more capital being deployed in the business, returns on that capital and sales have both fallen. And, the stock has remained flat over the last three years, so investors don't seem too impressed either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
另外,我們發現深圳市艾威顯示技術股份有限公司存在1項警告信息,您可能會想了解一下。
On a separate note, we've found 1 warning sign for Shenzhen AV-Display you'll probably want to know about.
儘管深圳市艾威顯示技術股份有限公司的回報率並不是最高的,但還是可以查看這份免費的公司列表,這些公司的淨資產回報率和資產負債表都很堅實。
While Shenzhen AV-Display isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
資產複利機器是我們尋找的股票之一,雖然深圳市艾威顯示技術股份有限公司的表現並不太好。雖然有一些警告標誌,但您仍然可以在這裏查看高毛利率股票的免費列表,這些股票有強大的資產。
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。