Investors Could Be Concerned With Tangshan Sunfar Silicon IndustriesLtd's (SHSE:603938) Returns On Capital
Investors Could Be Concerned With Tangshan Sunfar Silicon IndustriesLtd's (SHSE:603938) Returns On Capital
If you're looking for a multi-bagger, there's a few things to 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. 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 Tangshan Sunfar Silicon IndustriesLtd (SHSE:603938), we don't think it's current trends fit the mold of a multi-bagger.
如果您在尋找一個開多潛力的股票,有幾個要注意的地方。理想情況下,一個企業會展現兩個趨勢;首先是投入資本回報率(ROCE)增長,其次是資本投入的增加。如果您看到這一點,通常意味着這是一家擁有出色業務模式和豐富盈利再投資機會的公司。然而,經過對唐山森方硅業(SHSE:603938)的調查,我們認爲其目前的趨勢並不符合開多股票的模式。
Return On Capital Employed (ROCE): What Is It?
資本利用率(ROCE)是什麼?
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 Tangshan Sunfar Silicon IndustriesLtd is:
爲了澄清,如果您感到不確定,ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比表示)的指標。唐山森方硅業Ltd進行此計算的公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.031 = CN¥79m ÷ (CN¥3.3b - CN¥695m) (Based on the trailing twelve months to September 2024).
0.031 = 7900萬人民幣 ÷ (33億人民幣 - 6.95億人民幣)(截至2024年9月的最近十二個月)。
Therefore, Tangshan Sunfar Silicon IndustriesLtd has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.
因此,唐山森方硅業Ltd的ROCE爲3.1%。就絕對值而言,這是很低的回報率,也低於化學品行業平均水平5.5%。

Above you can see how the current ROCE for Tangshan Sunfar Silicon IndustriesLtd 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 Tangshan Sunfar Silicon IndustriesLtd .
以上您可以看到唐山三方硅業有限公司當前的ROCE與其之前的資本回報率相比,但從過去只能了解到那麼多。如果您感興趣,您可以查看我們爲唐山三方硅業有限公司提供的免費分析師報告。
So How Is Tangshan Sunfar Silicon IndustriesLtd's ROCE Trending?
唐山三方硅業有限公司的ROCE趨勢如何?
When we looked at the ROCE trend at Tangshan Sunfar Silicon IndustriesLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 8.9% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們看到唐山三方硅業有限公司的ROCE趨勢時,並沒有增加我們的信心。更具體地,過去五年中,ROCE從8.9%下降。鑑於業務正在投入更多資本而營業收入下滑,這有點令人擔憂。這可能意味着企業正在失去其競爭優勢或市場份額,因爲雖然投入更多資金進行投資,但實際上卻產生了較低的回報 - "物有所值"相對較少。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 21%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
順便說一下,我們注意到流動負債與總資產的比率已經上升到21%,這已經影響到ROCE。如果流動負債沒有像它們那樣大幅增加,ROCE實際上可能會更低。雖然比率目前並不太高,但值得關注,因爲如果它變得特別高,企業可能將面臨一些新的風險因素。
Our Take On Tangshan Sunfar Silicon IndustriesLtd's ROCE
我們對唐山三方硅業有限公司的ROCE看法
We're a bit apprehensive about Tangshan Sunfar Silicon IndustriesLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these poor fundamentals, the stock has gained a huge 110% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
我們對唐山三方硅業有限公司有些擔憂,因爲儘管業務投入了更多資本,但資本回報率和銷售額都下降了。然而,儘管基本面疲軟,股價在過去五年中已大漲110%,因此投資者似乎非常樂觀。無論如何,當前基本趨勢對長期表現並不利,所以除非發生逆轉,否則我們將開始尋找其他投資。
One more thing, we've spotted 1 warning sign facing Tangshan Sunfar Silicon IndustriesLtd that you might find interesting.
另外,我們發現唐山市三芳硅業有限公司面臨1個警告信號,您可能會感興趣。
While Tangshan Sunfar Silicon IndustriesLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然唐山市三芳硅業有限公司的回報率不是最高的,但請查看這份免費的公司名單,這些公司在資產負債表上獲得高回報率。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。