Fujian Torch Electron Technology (SHSE:603678) Will Want To Turn Around Its Return Trends
Fujian Torch Electron Technology (SHSE:603678) Will Want To Turn Around Its Return Trends
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Fujian Torch Electron Technology (SHSE:603678) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您正在寻找潜力股,有几件事情需要特别注意。在其他方面,我们想看到两件事情;首先,资本利用率(ROCE)不断增长,其次,公司所使用的资本金额在扩大。简单来说,这些类型的企业是复利机器,这意味着它们正在以越来越高的回报率不断再投资其收益。然而,经过简要查看数据后,我们认为火炬电子(SHSE:603678)未来可能不会成为潜力股,但让我们看看可能的原因。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Fujian Torch Electron Technology, this is the formula:
如果您之前没有接触过ROCE,它是衡量企业从其业务中所雇用的资本中生成的投资回报率(税前利润)的指标。要为福建火炬电子科技股份有限公司计算此指标,可以使用以下公式:
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。
0.036 = CN¥246m ÷ (CN¥7.6b - CN¥834m) (Based on the trailing twelve months to June 2024).
0.036 = 24600万人民币 ÷ (76亿人民币 - 8.34亿人民币)(截至2024年6月前十二个月)。
So, Fujian Torch Electron Technology has an ROCE of 3.6%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.5%.
因此,火炬电子的资本使用回报率为3.6%。绝对来说,这是一个低回报,也低于电子行业平均水平的5.5%。
Above you can see how the current ROCE for Fujian Torch Electron Technology 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 Fujian Torch Electron Technology .
您可以看到福建火炬电子的当前ROCE与其过去资本回报率的比较,但从过去的数据中只能获取有限的信息。如果您感兴趣,您可以查看我们免费的福建火炬电子分析师报告中的分析师预测。
What Does the ROCE Trend For Fujian Torch Electron Technology Tell Us?
福建火炬电子的ROCE趋势告诉了我们什么?
When we looked at the ROCE trend at Fujian Torch Electron Technology, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 3.6% from 15% five years ago. 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 may take some time before the company starts to see any change in earnings from these investments.
当我们观察福建火炬电子的ROCE趋势时,并没有给我们带来太多信心。在过去五年中,资本回报率从五年前的15%下降到3.6%。另一方面,公司过去一年内投入了更多资本,但销售额并未相应提升,这可能表明这些投资是更为长期的。公司可能需要一些时间才能从这些投资中看到收益变化。
The Key Takeaway
重要提示
In summary, Fujian Torch Electron Technology is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 44% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总而言之,福建火炬电子正在将资金重新投入业务以促进增长,但不幸的是,目前销售额似乎并没有增长太多。尽管市场可能预期这些趋势会改善,因为股票在过去五年中上涨了44%。最终,如果这些基本趋势持续下去,我们不会对其未来成为多头股抱有过分乐观的期望。
If you want to continue researching Fujian Torch Electron Technology, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您希望继续研究福建火炬电子,您可能会对我们分析发现的1个警示信号感到感兴趣。
While Fujian Torch Electron Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然福建火炬电子科技股份有限公司的回报不是最高的,但可以查看该免费公司列表,其中列出了拥有实力平衡表的高回报股票。
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