Investors Should Be Encouraged By Shanghai Baosight SoftwareLtd's (SHSE:600845) Returns On Capital
Investors Should Be Encouraged By Shanghai Baosight SoftwareLtd's (SHSE:600845) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. So when we looked at the ROCE trend of Shanghai Baosight SoftwareLtd (SHSE:600845) we really liked what we saw.
你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗？通常，我们希望注意到增长的趋势 返回 在资本使用率（ROCE）方面，除此之外，还在扩大 基础 所用资本的比例。简而言之，这些类型的企业是复合机器，这意味着他们不断以更高的回报率对收益进行再投资。因此，当我们查看上海宝信软件有限公司（上海证券交易所代码：600845）的投资回报率趋势时，我们真的很喜欢我们所看到的。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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 Shanghai Baosight SoftwareLtd, this is the formula:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算上海宝信软件有限公司的这个指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.21 = CN¥2.6b ÷ (CN¥21b - CN¥9.2b) (Based on the trailing twelve months to September 2023).
0.21 = 26亿元人民币 ÷（21亿元人民币-9.2亿元人民币） （基于截至2023年9月的过去十二个月）。
Therefore, Shanghai Baosight SoftwareLtd has an ROCE of 21%. That's a fantastic return and not only that, it outpaces the average of 2.7% earned by companies in a similar industry.
因此，上海宝信软件有限公司的投资回报率为21％。这是一个了不起的回报，不仅如此，它还超过了类似行业公司的平均2.7％。
In the above chart we have measured Shanghai Baosight SoftwareLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shanghai Baosight SoftwareLtd for free.
在上图中，我们将上海宝信软件有限公司之前的投资回报率与之前的业绩进行了对比，但可以说，未来更为重要。如果你愿意，你可以免费查看报道上海宝信软件有限公司的分析师的预测。
What Can We Tell From Shanghai Baosight SoftwareLtd's ROCE Trend?
我们可以从上海宝信软件有限公司的投资回报率趋势中得出什么？
The trends we've noticed at Shanghai Baosight SoftwareLtd are quite reassuring. The data shows that returns on capital have increased substantially over the last five years to 21%. Basically the business is earning more per dollar of capital invested and in addition to that, 83% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们在上海宝信软件有限公司注意到的趋势相当令人放心。数据显示，在过去五年中，资本回报率大幅上升至21％。基本上，该企业每投资1美元的资本就能获得更多的收入，除此之外，现在使用的资本也增加了83％。越来越多的资本所带来的回报率不断增加在多袋公司中很常见，这就是为什么我们印象深刻的原因。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 43% of the business, which is more than it was five years ago. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
顺便说一句，我们注意到，投资回报率的改善似乎部分是由流动负债的增加推动的。实际上，这意味着供应商或短期债权人现在为该业务的43％提供了资金，比五年前还要多。鉴于其比率相当高，我们要提醒投资者，将流动负债保持在这些水平可能会给某些企业带来一些风险。
The Bottom Line On Shanghai Baosight SoftwareLtd's ROCE
上海宝信软件有限公司投资回报率的底线
In summary, it's great to see that Shanghai Baosight SoftwareLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And a remarkable 270% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if Shanghai Baosight SoftwareLtd can keep these trends up, it could have a bright future ahead.
总而言之，很高兴看到上海宝信软件有限公司能够通过持续地以更高的回报率进行资本再投资来增加回报，因为这些是那些备受追捧的多袋装企业的一些关键要素。过去五年中惊人的270％总回报率告诉我们，投资者预计未来还会有更多好事发生。有鉴于此，我们认为值得进一步研究这只股票，因为如果上海宝信软件有限公司能够保持这些趋势，它可能会有一个光明的未来。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for 600845 that compares the share price and estimated value.
但是，在得出任何结论之前，我们需要知道当前股价将获得什么价值。在这里，您可以查看我们对600845的免费内在价值估算，其中比较了股价和估计价值。
Shanghai Baosight SoftwareLtd is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
上海宝信软件有限公司并不是唯一一家获得高回报的股票。如果您想了解更多，请查看我们的免费公司名单，列出了基本面稳健且具有高股本回报率的公司。
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