Be Wary Of Shanghai V-Test Semiconductor Tech (SHSE:688372) And Its Returns On Capital
Be Wary Of Shanghai V-Test Semiconductor Tech (SHSE:688372) And Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. In light of that, when we looked at Shanghai V-Test Semiconductor Tech (SHSE:688372) and its ROCE trend, we weren't exactly thrilled.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。有鑑於此,當我們查看上海威測半導體科技(上海證券交易所代碼:688372)及其投資回報率趨勢時,我們並不十分興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. Analysts use this formula to calculate it for Shanghai V-Test Semiconductor Tech:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。分析師使用這個公式來計算上海威測半導體科技有限公司的計算公式:
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)
0.041 = CN¥122m ÷ (CN¥3.4b - CN¥434m) (Based on the trailing twelve months to September 2023).
0.041 = 1.22億元人民幣 ÷(34億元人民幣-4.34億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Shanghai V-Test Semiconductor Tech has an ROCE of 4.1%. Even though it's in line with the industry average of 4.2%, it's still a low return by itself.
因此,上海威測半導體科技有限公司的投資回報率爲4.1%。儘管它與4.2%的行業平均水平一致,但其本身的回報率仍然很低。
View our latest analysis for Shanghai V-Test Semiconductor Tech
查看我們對上海威測半導體科技有限公司的最新分析
In the above chart we have measured Shanghai V-Test Semiconductor Tech's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Shanghai V-Test Semiconductor Tech.
在上圖中,我們將上海威測半導體科技有限公司之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的上海威測半導體科技有限公司的免費報告。
What Does the ROCE Trend For Shanghai V-Test Semiconductor Tech Tell Us?
上海威測半導體科技的投資回報率趨勢告訴我們什麼?
When we looked at the ROCE trend at Shanghai V-Test Semiconductor Tech, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 4.1% from 7.3% four years ago. However it looks like Shanghai V-Test Semiconductor Tech might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
當我們查看上海威測半導體科技的投資回報率趨勢時,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7.3%降至4.1%。但是,看來上海威測半導體科技可能正在進行再投資以實現長期增長,因爲儘管動用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a related note, Shanghai V-Test Semiconductor Tech has decreased its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,上海威測半導體科技已將其流動負債減少至總資產的13%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報率的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Key Takeaway
關鍵要點
In summary, Shanghai V-Test Semiconductor Tech is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last year, the stock has given away 28% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,上海威測半導體科技正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。而在去年,該股已經下跌了28%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總的來說,我們對潛在趨勢的啓發不大,我們認爲在其他地方找到多袋裝機的可能性更大。
Shanghai V-Test Semiconductor Tech does have some risks, we noticed 3 warning signs (and 1 which is a bit concerning) we think you should know about.
上海威測半導體科技確實存在一些風險,我們注意到3個警告信號(其中一個有點令人擔憂),我們認爲你應該知道。
While Shanghai V-Test Semiconductor Tech may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管上海威測半導體科技目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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