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AAC Technologies Holdings (HKG:2018) Might Be Having Difficulty Using Its Capital Effectively
AAC Technologies Holdings (HKG:2018) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. However, after investigating AAC Technologies Holdings (HKG:2018), we don't think it's current trends fit the mold of a multi-bagger.
Return On Capital Employed (ROCE): What Is It?
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 AAC Technologies Holdings, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.028 = CN¥907m ÷ (CN¥41b - CN¥8.0b) (Based on the trailing twelve months to September 2022).
Thus, AAC Technologies Holdings has an ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.4%.
Check out our latest analysis for AAC Technologies Holdings
Above you can see how the current ROCE for AAC Technologies Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering AAC Technologies Holdings here for free.
What The Trend Of ROCE Can Tell Us
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 37% over the last five years. 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.
On a related note, AAC Technologies Holdings has decreased its current liabilities to 20% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
The Bottom Line
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for AAC Technologies Holdings. But since the stock has dived 85% in the last five years, there could be other drivers that are influencing the business' outlook. Regardless, reinvestment can pay off in the long run, so we think astute investors may want to look further into this stock.
One more thing to note, we've identified 1 warning sign with AAC Technologies Holdings and understanding it should be part of your investment process.
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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. However, after investigating AAC Technologies Holdings (HKG:2018), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的百分比。这向我们表明,它是一台复合机器,能够不断将其收益再投资回业务并产生更高的回报。但是,经过调查 AAC 科技控股公司 (HKG: 2018),我们认为目前的趋势不符合多袋机的模式。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 AAC Technologies Holdings, this is the formula:
如果你之前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中获得的 “回报”(税前利润)。要计算 AAC Technologies Holdings 的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本使用回报率 = 利息和税前收益 (EBIT) ▲(总资产-流动负债)
0.028 = CN¥907m ÷ (CN¥41b - CN¥8.0b) (Based on the trailing twelve months to September 2022).
0.028 = cn¥907m ≥ (cn¥41b-cn¥8.0b) (基于截至2022年9月的过去十二个月)。
Thus, AAC Technologies Holdings has an ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.4%.
因此, AAC科技控股的投资回报率为2.8%。 归根结底,这是一个低回报,其表现低于电子行业7.4%的平均水平。
Check out our latest analysis for AAC Technologies Holdings
查看我们对瑞声科技控股的最新分析
Above you can see how the current ROCE for AAC Technologies Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering AAC Technologies Holdings here for free.
在上方你可以看到AAC Technologies Holdings目前的投资回报率与之前的资本回报率相比如何,但从过去你能看出来的只有那么多。如果你愿意,可以在这里查看报道AAC Technologies Holdings的分析师的预测 免费。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 37% over the last five years. 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.
当我们查看AAC Technologies Holdings的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的37%下降了。但是,鉴于收入和业务中使用的资产数量均有所增加,这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外回报,那么从长远来看,企业乃至股东都将受益。
On a related note, AAC Technologies Holdings has decreased its current liabilities to 20% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
与此相关的是,AAC Technologies Holdings已将其流动负债减少至总资产的20%。这可以部分解释ROCE下降的原因。更重要的是,这可以降低企业面临的某些方面的风险,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此你可以争辩说,这降低了企业创造投资回报率的效率。
The Bottom Line
底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for AAC Technologies Holdings. But since the stock has dived 85% in the last five years, there could be other drivers that are influencing the business' outlook. Regardless, reinvestment can pay off in the long run, so we think astute investors may want to look further into this stock.
尽管短期内资本回报率有所下降,但我们发现AAC Technologies Holdings的收入和资本使用量都有所增加,这很有希望。但是,由于该股在过去五年中下跌了85%,因此可能还有其他驱动因素正在影响该业务的前景。无论如何,从长远来看,再投资可以获得回报,因此我们认为精明的投资者可能希望进一步研究这只股票。
One more thing to note, we've identified 1 warning sign with AAC Technologies Holdings and understanding it should be part of your investment process.
还有一件事要注意,我们已经确定了 1 个警告标志 与AAC Technologies Holdings合作,了解这应该是你投资过程的一部分。
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.
如果你想寻找收入丰厚的稳健公司,可以看看这个 免费的 资产负债表良好、股本回报率可观的公司名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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