Shanghai V-Test Semiconductor Tech (SHSE:688372) May Have Issues Allocating Its Capital
Shanghai V-Test Semiconductor Tech (SHSE:688372) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Although, when we looked at Shanghai V-Test Semiconductor Tech (SHSE:688372), it didn't seem to tick all of these boxes.
如果我們想找到一隻長期可倍增的股票，我們應該尋找哪些潛在趨勢？一種常見的方法是嘗試找到一個資本僱用回報率（ROCE）逐漸增加的公司，以及逐漸增加的資本僱用量。這表明它是一個複利機器，能夠持續將其盈利再投入業務併產生更高的回報。雖然，當我們看着上海微芯生產測試設備股份有限公司（SHSE:688372）的時候，似乎沒有完全符合這些標準。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. The formula for this calculation on Shanghai V-Test Semiconductor Tech is:
只是爲了澄清，如果您不確定，ROCE是評估企業在其業務投資中獲得多少稅前收入（以百分比形式）的指標。這一計算是基於2024年3月的過去12個月對上海微芯生產測試設備股份有限公司進行的。
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。
0.025 = CN¥79m ÷ (CN¥3.8b - CN¥635m) (Based on the trailing twelve months to March 2024).
0.025 = 7900萬人民幣 ÷ （38億人民幣 - 6350萬人民幣）（基於2024年3月的過去12個月）。
So, Shanghai V-Test Semiconductor Tech has an ROCE of 2.5%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.2%.
上海微芯生產測試設備股份有限公司的ROCE爲2.5％。最終，這是一個較低的回報，表現不及半導體行業平均水平4.2％。
Above you can see how the current ROCE for Shanghai V-Test Semiconductor Tech compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Shanghai V-Test Semiconductor Tech .
您可以看到上海微芯生產測試設備股份有限公司的當前資本回報率與其先前的資本回報率相比如何，但是從過去得出的結論是有限的。如果您有興趣，可以查看我們免費的上海微芯生產測試設備股份有限公司的分析師報告中的分析師預測。
So How Is Shanghai V-Test Semiconductor Tech's ROCE Trending?
那麼上海微芯生產測試設備股份有限公司的ROCE趨勢如何？
On the surface, the trend of ROCE at Shanghai V-Test Semiconductor Tech doesn't inspire confidence. To be more specific, ROCE has fallen from 8.1% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上看，上海微芯生產測試設備股份有限公司ROCE的趨勢並不令人信服。更具體地說，過去五年的ROCE已從8.1％下降。然而，由於資本僱用和營業收入均已增加，似乎該業務目前正在追求增長，這是在短期回報的代價下完成的。如果增加的資本產生額外的回報，該業務以及股東將從長遠來看受益。
On a side note, Shanghai V-Test Semiconductor Tech has done well to pay down its current liabilities to 17% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外，上海微芯生產測試設備股份有限公司已成功將其流動負債降至總資產的17％。因此，我們可以將這部分歸因於ROCE的降低。實際上，這意味着他們的供應商或短期債權人正在爲業務提供的資金減少，從而降低了某些風險因素。由於該企業基本上正在使用自己的資金爲其運營注資，因此可以認爲該企業在生成ROCE方面的效率降低了。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Shanghai V-Test Semiconductor Tech. And there could be an opportunity here if other metrics look good too, because the stock has declined 61% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管資本回報率短期內有所下降，但上海微芯生產測試設備股份有限公司的營業收入和資本僱用均有所增加，這一點令人鼓舞。如果其他指標也看好，這裏可能存在機會，因爲股票在過去一年中已下跌了61％。因此，我們認爲值得進一步研究這隻股票，因爲趨勢看上去是令人鼓舞的。
On a final note, we found 4 warning signs for Shanghai V-Test Semiconductor Tech (1 is potentially serious) you should be aware of.
最後，我們找到了上海微芯生產測試設備股份有限公司的4個警告信號（其中1個可能非常嚴重），您應該注意。
While Shanghai V-Test Semiconductor Tech 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.
儘管上海微芯生產測試設備股份有限公司目前的回報率不是最高的，但是我們已編制了一份比它表現更好的公司列表，這些公司目前的股本回報率高達25％或更高。在此免費列表中查看。
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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。