Returns On Capital Signal Tricky Times Ahead For Wingtech TechnologyLtd (SHSE:600745)
Returns On Capital Signal Tricky Times Ahead For Wingtech TechnologyLtd (SHSE:600745)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after investigating Wingtech TechnologyLtd (SHSE:600745), we don't think it's current trends fit the mold of a multi-bagger.
要找到一隻潛力股,我們應該關注企業中的哪些潛在趨勢呢?首先,我們希望識別不斷增長的資本僱用率(ROCE),並且緊隨其後的是不斷增長的資本僱用基數。如果您看到這一點,通常意味着這是一傢俱有良好商業模式和許多有利可圖的再投資機會的公司。然而,在調查榮盛技術股份有限公司(SHSE:600745)後,我們認爲它當前的趨勢並不符合潛力股的模式。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Wingtech TechnologyLtd, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是一家公司在業務中所投入的資本所能夠產生的稅前利潤數量。要爲榮盛技術股份有限公司計算這一指標,可以使用以下公式:
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。
0.039 = CN¥2.0b ÷ (CN¥76b - CN¥24b) (Based on the trailing twelve months to June 2024).
0.039 = 20億人民幣 ÷(760億人民幣 - 24億人民幣)(基於2024年6月之前的過去十二個月)。
Thus, Wingtech TechnologyLtd has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.4%.
因此,榮盛技術股份有限公司的ROCE爲3.9%。最終,這是一個較低的回報率,低於電子行業平均水平5.4%。
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Above you can see how the current ROCE for Wingtech TechnologyLtd 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 Wingtech TechnologyLtd .
您可以看到Wingtech TechnologyLtd目前的資本回報率(ROCE)與之前的回報率相比,但過去能告訴我們的信息有限。如果您感興趣,可以在我們免費的Wingtech TechnologyLtd分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
On the surface, the trend of ROCE at Wingtech TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 5.5%, but since then they've fallen to 3.9%. 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上,Wingtech TechnologyLtd的ROCE趨勢並不令人信服。大約五年前,資本回報率爲5.5%,但自那時以來已下降至3.9%。儘管營業收入和所使用資產的數量都有所增加,這可能表明公司正在進行投資以實現增長,而額外的資本導致短期內ROCE減少。如果增加的資本帶來額外收益,公司和股東因此將從中受益。
On a related note, Wingtech TechnologyLtd has decreased its current liabilities to 32% 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.
另外,Wingtech TechnologyLtd已將其流動負債降至總資產的32%。這可能在一定程度上解釋了爲什麼ROCE下降。更重要的是,這可以減少業務的某些風險,因爲現在公司的供應商或短期債權人爲其運營提供的資金較少。一些人會認爲,這減少了業務的效率,因爲現在更多地用自己的資金來進行運營。
The Bottom Line On Wingtech TechnologyLtd's ROCE
關於Wingtech TechnologyLtd的ROCE總結
In summary, despite lower returns in the short term, we're encouraged to see that Wingtech TechnologyLtd is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 62% over the last five years, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總之,儘管短期內回報率較低,但我們很高興看到Wingtech TechnologyLtd正在進行再投資並因此實現更高的銷售額。然而,儘管有這些有希望的趨勢,該股票在過去五年已下跌了62%,因此對於精明的投資者來說可能存在機會。因此,我們認爲值得進一步研究這隻股票,因爲其趨勢看起來令人鼓舞。
If you want to continue researching Wingtech TechnologyLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究Wingtech Technology Ltd,您可能會對我們分析發現的2個警告信號感興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。