Returns On Capital Signal Tricky Times Ahead For CETC Acoustic-Optic-Electronic Technology (SHSE:600877)
Returns On Capital Signal Tricky Times Ahead For CETC Acoustic-Optic-Electronic Technology (SHSE:600877)
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at CETC Acoustic-Optic-Electronic Technology (SHSE:600877) and its ROCE trend, we weren't exactly thrilled.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始，那麼你應該留意一些關鍵趨勢。通常，我們希望注意到增長的趨勢 返回 在資本使用率（ROCE）方面，除此之外，還在擴大 基礎 的已動用資本。歸根結底，這表明這是一家以更高的回報率對利潤進行再投資的企業。有鑑於此，當我們查看CETC聲學-光電技術（SHSE: 600877）及其ROCE趨勢時，我們並不感到非常興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on CETC Acoustic-Optic-Electronic Technology is:
如果你以前沒有與ROCE合作過，它可以衡量一家公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。CETC 聲光電子技術的計算公式爲：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.07 = CN¥159m ÷ (CN¥2.8b - CN¥547m) (Based on the trailing twelve months to September 2023).
0.07 = CN¥1.59m ≤（CN¥28B-CN¥5.47 億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, CETC Acoustic-Optic-Electronic Technology has an ROCE of 7.0%. In absolute terms, that's a low return, but it's much better than the Semiconductor industry average of 4.2%.
因此，CETC聲光電子技術的投資回報率爲7.0％。從絕對值來看，這是一個低迴報，但比半導體行業4.2％的平均水平要好得多。
Check out our latest analysis for CETC Acoustic-Optic-Electronic Technology
查看我們對 CETC 聲學-光電技術的最新分析
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating CETC Acoustic-Optic-Electronic Technology's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去不能代表未來，但了解一家公司的歷史表現可能會有所幫助，這就是我們上面有這張圖表的原因。如果你有興趣進一步調查CETC Acoustic-Optic-Electronic Technology的過去，請查看這張免費的過去收益、收入和現金流圖表。
What Does the ROCE Trend For CETC Acoustic-Optic-Electronic Technology Tell Us?
CETC聲光電子技術的ROCE趨勢告訴我們什麼？
When we looked at the ROCE trend at CETC Acoustic-Optic-Electronic Technology, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 7.0% from 14% four years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
當我們查看CETC聲光電子技術的ROCE趨勢時，我們並沒有獲得太大的信心。在過去四年中，資本回報率從四年前的14％下降到7.0％。鑑於該企業在收入下滑的情況下使用了更多的資本，這有點令人擔憂。如果這種情況持續下去，你可能會看到一家試圖進行再投資以實現增長，但由於銷售額沒有增加，實際上正在失去市場份額的公司。
On a related note, CETC Acoustic-Optic-Electronic Technology has decreased its current liabilities to 19% 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. 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.
與此相關的是，CETC聲光電子技術已將其流動負債減少至總資產的19％。這可以部分解釋ROCE下降的原因。實際上，這意味着他們的供應商或短期債權人爲企業提供的資金減少了，這降低了某些風險。由於該企業基本上是用自己的資金爲更多的業務提供資金，你可能會爭辯說，這降低了企業創造投資回報的效率。
In Conclusion...
總之...
From the above analysis, we find it rather worrisome that returns on capital and sales for CETC Acoustic-Optic-Electronic Technology have fallen, meanwhile the business is employing more capital than it was four years ago. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 225%. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
從上述分析來看，我們感到相當令人擔憂的是，CETC Acoustic-Optic-Electronic Technology的資本回報率和銷售額下降了，與此同時，該業務使用的資本比四年前還要多。市場必須對該股的未來持樂觀態度，因爲儘管潛在趨勢不太令人鼓舞，但該股已飆升225％。無論如何，我們對基本面不太滿意，因此我們暫時會避開這隻股票。
One more thing to note, we've identified 2 warning signs with CETC Acoustic-Optic-Electronic Technology and understanding these should be part of your investment process.
還有一點需要注意的是，我們已經確定了CETC聲光電子技術的兩個警告信號，了解這些信號應該成爲您投資過程的一部分。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。