There's Been No Shortage Of Growth Recently For China Wafer Level CSP's (SHSE:603005) Returns On Capital
There's Been No Shortage Of Growth Recently For China Wafer Level CSP's (SHSE:603005) Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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 China Wafer Level CSP (SHSE:603005) and its trend of ROCE, we really liked what we saw.
如果您正在寻找一款多倍增长的公司,有几个事项需要注意。理想情况下,一家公司要展示两种趋势:首先是不断增长的资本回报率(ROCE),其次是不断增长的资本投入。这说明它是一个复合机器,能够不断将其收益再投资到公司并产生更高的回报。因此当我们观察晶方科技(SHSE:603005)和其ROCE的趋势时,我们真的很喜欢我们看到的。
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 that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for China Wafer Level CSP, this is the formula:
对于那些不确定ROCE是什么的人来说,它衡量的是一家公司可以从其业务中投入的资本中产生的税前利润的数量。要计算晶方科技的此项指标,使用如下公式:
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。
0.026 = CN¥116m ÷ (CN¥4.9b - CN¥496m) (Based on the trailing twelve months to March 2024).
0.026 = CN¥11600万 ÷ (CN¥49亿 - CN¥496m)(截至2024年3月的最近十二个月)。
So, China Wafer Level CSP has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.2%.
因此,晶方科技的ROCE为2.6%。最终,这是一种低回报,低于半导体行业平均水平(4.2%)。
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Above you can see how the current ROCE for China Wafer Level CSP compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering China Wafer Level CSP for free.
您可以看到晶方科技目前的ROCE与其过去的资本回报相比如何,但是从过去了解的信息有限。如果您愿意,您可以免费查看覆盖晶方科技的分析师的预测。
What Can We Tell From China Wafer Level CSP's ROCE Trend?
我们可以从晶方科技的ROCE趋势得出什么结论?
The fact that China Wafer Level CSP is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 2.6% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, China Wafer Level CSP is utilizing 115% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
晶方科技现在从其以前的投资中赚取了一些税前利润,这一事实非常令人鼓舞。五年前,该公司还在亏损,但现在它赚取了2.6%的利润,是一种令人欣慰的表现。毫不奇怪,与大多数试图摆脱亏损状态的公司一样,晶方科技利用的资本比五年前增加了115%。我们喜欢这种趋势,因为它告诉我们该公司拥有有利可图的再投资机会,如果它继续前进,这将导致多倍的表现。
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。
To the delight of most shareholders, China Wafer Level CSP has now broken into profitability. And a remarkable 207% total return over the last five years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
对于大多数股东而言,晶方科技现在已经盈利。在过去五年中,它取得了惊人的207%总回报,这告诉我们,投资者期望未来还有更多好事发生。尽管如此,我们仍然认为这些有前途的基本面意味着公司值得进一步的尽职调查。
On a final note, we've found 1 warning sign for China Wafer Level CSP that we think you should be aware of.
最后,我们发现了晶方科技的1个警告信号,我们认为您应该注意。
While China Wafer Level CSP isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然晶方科技的回报率不是最高的,但检查一下这个免费的公司列表,这些公司在股本和资产负债表方面均获得了高回报。
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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.
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。