Returns On Capital At Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297) Paint A Concerning Picture
Returns On Capital At Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297) Paint A Concerning Picture
0.053 = CN¥80m ÷ (CN¥1.7b - CN¥196m) If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. Although, when we looked at Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297), it didn't seem to tick all of these boxes.
如果您对寻找下一个多倍赚家的方向不确定，有一些关键趋势是您应该留意的。理想情况下，一家企业将展现两种趋势；首先是不断增长的资本利润率（ROCE），其次是不断增加的资本利用量。这向我们表明这是一个复利机器，能够不断地将其收益重新投资到企业中，并产生更高的回报。尽管在我们调查安徽铁大科技发展有限公司（SZSE:301297）时，并不是所有条件都符合。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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 Ferrotec (An Hui) Technology DevelopmentLTD, this is the formula:
对于那些不知道什么是ROCE的人，它衡量了公司能够从其企业中使用的资本产生的税前利润金额。要为安徽铁大科技发展有限公司计算这个指标，可以使用下面的公式：
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。
0.053 = CN¥80m ÷ (CN¥1.7b - CN¥196m) (Based on the trailing twelve months to June 2024).
0.053 = 8000万人民币 ÷ (17亿人民币 - 1.96亿人民币)（基于2024年6月止的过去十二个月）。
So, Ferrotec (An Hui) Technology DevelopmentLTD has an ROCE of 5.3%. On its own, that's a low figure but it's around the 5.6% average generated by the Commercial Services industry.
因此，安徽铁大科技发展有限公司的ROCE为5.3%。单独看来，这个数字较低，但它介于商业服务行业平均值5.6%左右。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ferrotec (An Hui) Technology DevelopmentLTD's ROCE against it's prior returns. If you're interested in investigating Ferrotec (An Hui) Technology DevelopmentLTD's past further, check out this free graph covering Ferrotec (An Hui) Technology DevelopmentLTD's past earnings, revenue and cash flow.
历史表现是研究一只股票的好去处，所以上面你可以看到Ferrotec（安徽）科技开发有限公司的ROCE与其之前的回报相比的测量值。如果你对Ferrotec（安徽）科技开发有限公司的过去感兴趣，可以查看这个免费图表，其中包括Ferrotec（安徽）科技开发有限公司的过去收益、营业收入和现金流。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
On the surface, the trend of ROCE at Ferrotec (An Hui) Technology DevelopmentLTD doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看，Ferrotec（安徽）科技开发有限公司的ROCE趋势并不令人信服。具体来说，ROCE在过去五年中从15%下降。另一方面，公司在过去一年中使用了更多的资本，但销售没有相应改善，这可能表明这些投资是长期的策略。从现在开始，值得关注公司的收益情况，看看这些投资是否最终能够为底线做出贡献。
On a related note, Ferrotec (An Hui) Technology DevelopmentLTD has decreased its current liabilities to 12% 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.
值得一提的是，Ferrotec（安徽）科技开发有限公司将其流动负债降至总资产的12%。这可能在一定程度上解释了ROCE的下降。实际上，这意味着他们的供应商或短期债权人为公司提供的资金较少，从而降低了某些风险因素。有人会认为，这会降低公司通过自有资金运营的效率，因为它现在正在为更多的运营活动提供资金。
What We Can Learn From Ferrotec (An Hui) Technology DevelopmentLTD's ROCE
从Ferrotec（安徽）科技开发有限公司的ROCE中我们可以学到什么
In summary, Ferrotec (An Hui) Technology DevelopmentLTD is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 23% over the last year, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think Ferrotec (An Hui) Technology DevelopmentLTD has the makings of a multi-bagger.
总而言之，Ferrotec（安徽）科技开发有限公司正在将资金重新投资到业务中以实现增长，但不幸的是销售额尚未明显增长。由于该股在过去一年下跌了23%，投资者对这一趋势的改善可能并不太乐观。因此，根据本文的分析，我们认为Ferrotec（安徽）科技开发有限公司没有成为可能翻了好几番的公司的迹象。
Ferrotec (An Hui) Technology DevelopmentLTD does have some risks though, and we've spotted 1 warning sign for Ferrotec (An Hui) Technology DevelopmentLTD that you might be interested in.
然而，Ferrotec (An Hui) Technology DevelopmentLTD也存在一些风险，我们发现了1个可能会对您感兴趣的警告信号。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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