Returns On Capital At Chengdu KSW TechnologiesLtd (SHSE:688283) Paint A Concerning Picture
Returns On Capital At Chengdu KSW TechnologiesLtd (SHSE:688283) Paint A Concerning Picture
0.062 = CN¥62m ÷ (CN¥1.1b - CN¥61m) Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Chengdu KSW TechnologiesLtd (SHSE:688283) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
您知道有一些財務指標可以提供潛在的多袋線索嗎？除其他因素外，我們需要看到兩件事：首先，資本僱用回報率（ROCE）增長；其次，公司僱用資本的數量擴大。基本上，這意味着公司有盈利的舉措可以持續再投資，這是複合機器的特點。儘管如此，對成都KSW科技有限公司（SHSE：688283）的初步觀察並不理想，但還是讓我們深入探討一下。
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。
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 Chengdu KSW TechnologiesLtd, this is the formula:
對於那些不知道ROCE是什麼的人，ROCE是衡量公司年度稅前利潤（其回報）相對於業務中用於支出的資本的指標。要計算成都KSW科技有限公司的此項指標，我們用以下公式：
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。
0.062 = CN¥62m ÷ (CN¥1.1b - CN¥61m) (Based on the trailing twelve months to March 2024).
0.062 = CN¥6200萬 ÷ (CN¥11億 - CN¥61m)（基於截至2024年3月的過去十二個月）.
Therefore, Chengdu KSW TechnologiesLtd has an ROCE of 6.2%. On its own that's a low return, but compared to the average of 4.0% generated by the Communications industry, it's much better.
因此，成都KSW科技有限公司的ROCE爲6.2％。就獨立性而言，這是一個較低的回報，但與通信行業創造的平均4.0％相比，要好得多。
In the above chart we have measured Chengdu KSW TechnologiesLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Chengdu KSW TechnologiesLtd for free.
在以上圖表中，我們測量了成都KSW科技有限公司過去的ROCE與其前期表現之間的差異，但未來可能更重要。如果您願意，您可以免費查看分析師對成都KSW科技有限公司的預測。
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。
When we looked at the ROCE trend at Chengdu KSW TechnologiesLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 6.2% from 33% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
當我們觀察成都KSW科技有限公司的ROCE趨勢時，沒有多少信心。在過去的五年中，資本回報率從五年前的33％下降到6.2％。儘管如此，由於收入和業務中使用的資產數量都增加了，這可能表明公司正在投資於增長，而額外的資本導致了ROCE的短期下降。如果這些投資證明成功，這對長期股票業績非常有利。
On a related note, Chengdu KSW TechnologiesLtd has decreased its current liabilities to 5.7% 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.
另外，成都KSW科技有限公司將其流動負債降至總資產的5.7％，這可能部分解釋了ROCE的下降。這有效地意味着其供應商或短期債權人正在爲業務提供的資金減少，從而降低了一些風險因素。某些人會認爲，這會降低企業在利用自有資金進行更多業務的效率，從而降低其產生ROCE的能力。
Our Take On Chengdu KSW TechnologiesLtd's ROCE
我們對成都KSW科技有限公司的ROCE的看法
In summary, despite lower returns in the short term, we're encouraged to see that Chengdu KSW TechnologiesLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 49% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總之，儘管短期回報率較低，我們仍然看到成都KSW科技有限公司正在進行增長重投資，並因此獲得更高的銷售額。然而，這些增長趨勢並沒有帶來更高的回報，因爲該股在過去一年中下跌了49％。因此，我們認爲，鑑於趨勢看起來鼓舞人心，進一步調查該股票是值得的。
Chengdu KSW TechnologiesLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...
不過，成都KSW科技有限公司也有一些風險，我們在投資分析中發現了兩個警告信號，其中一個可能很嚴重...
While Chengdu KSW TechnologiesLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然成都KSW科技有限公司目前的回報率不是最高的，但我們已編寫了一份目前獲得超過25％股本回報的公司清單，請在此處免費查看。
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。
