Long Young Electronic (Kunshan)'s (SZSE:301389) Returns On Capital Not Reflecting Well On The Business
Long Young Electronic (Kunshan)'s (SZSE:301389) Returns On Capital Not Reflecting Well On The Business
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Long Young Electronic (Kunshan) (SZSE:301389) and its ROCE trend, we weren't exactly thrilled.
如果我們想尋找下一個多倍賺取的公司，有一些關鍵趨勢需要注意。通常，我們會希望注意到資本僱傭回報率（ROCE）不斷增長的趨勢，以及隨之而來的資本僱傭擴大的基礎。如果你看到這一點，通常意味着這是一家擁有出色業務模式和豐富的盈利再投資機會的公司。基於此，當我們看到Long Young Electronic（Kunshan）（SZSE：301389）和它的ROCE趨勢時，並不是很滿意。
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 Long Young Electronic (Kunshan) is:
如果您不確定，ROCE是一種評估公司在投資業務中投入的資本所產生的稅前收入（以百分比衡量）的指標。Long Young Electronic（Kunshan）的計算公式爲：
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。
0.022 = CN¥48m ÷ (CN¥2.3b - CN¥155m) (Based on the trailing twelve months to March 2024).
0.022 = CN¥4800萬 ÷ (CN¥23億 - CN¥155m)（基於截至2024年3月的過去十二個月）。
Thus, Long Young Electronic (Kunshan) has an ROCE of 2.2%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.2%.
因此，Long Young Electronic（Kunshan）的ROCE爲2.2%。最終，這是一個低迴報，低於電子行業的平均水平5.2%。
Above you can see how the current ROCE for Long Young Electronic (Kunshan) 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 Long Young Electronic (Kunshan) .
您可以看到Long Young Electronic（Kunshan）當前的ROCE與其先前的資本回報率相比如何，但是隻能從過去看出那麼多。如果您想了解分析師預測的情況，請查看我們提供的Long Young Electronic（Kunshan）免費分析師報告。
What Can We Tell From Long Young Electronic (Kunshan)'s ROCE Trend?
從Long Young Electronic（Kunshan）的ROCE趨勢中，我們能得到什麼信息？
The trend of ROCE doesn't look fantastic because it's fallen from 37% five years ago, while the business's capital employed increased by 700%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Long Young Electronic (Kunshan) might not have received a full period of earnings contribution from it.
ROCE的趨勢看起來並不好，因爲五年前它下跌了37%，而業務的資本僱用增加了700%。但是，資本僱用的增加可能歸因於最近完成的資本籌集，在考慮ROCE下降時要記住這一點。尚未投入所有籌集的資金，因此Long Young Electronic（Kunshan）可能沒有從該籌資的完整收益中獲得一段完整的盈利貢獻。
The Key Takeaway
重要提示
In summary, we're somewhat concerned by Long Young Electronic (Kunshan)'s diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 23% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總之，Long Young Electronic（Kunshan）的資本收益率下降可能令我們有些擔憂。持有該股票的長期股東在過去一年中的投資下跌了23%，因此市場似乎也不喜歡這些趨勢。在這種情況下，除非基本趨勢恢復到更積極的軌跡，否則我們會考慮另尋他處。
Long Young Electronic (Kunshan) does have some risks though, and we've spotted 3 warning signs for Long Young Electronic (Kunshan) that you might be interested in.
雖然Long Young Electronic（Kunshan）確實存在一些風險，但我們已經發現了3個警示信號，您可能會感興趣。
While Long Young Electronic (Kunshan) 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Long Young Electronic（Kunshan）目前的收益率並不是最高的，但我們已經編制了一份目前收益率超過25%的公司列表。點擊此處查看免費列表。
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