Ferrotec (An Hui) Technology DevelopmentLTD's (SZSE:301297) Returns On Capital Not Reflecting Well On The Business
Ferrotec (An Hui) Technology DevelopmentLTD's (SZSE:301297) Returns On Capital Not Reflecting Well On The Business
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Ferrotec (An Hui) Technology DevelopmentLTD (SZSE:301297) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票？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 所用资本的比例。基本上，这意味着公司拥有可以继续进行再投资的盈利计划，这是复合机器的特征。话虽如此，乍一看富乐泰克（安惠）科技开发有限公司（深圳证券交易所代码：301297），我们并不是对回报趋势不屑一顾，但让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Ferrotec (An Hui) Technology DevelopmentLTD, this is the formula:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。要计算Ferrotec（安惠）科技开发有限公司的这一指标，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）
0.072 = CN¥107m ÷ (CN¥1.7b - CN¥156m) (Based on the trailing twelve months to March 2024).
0.072 = 1.07亿元人民币 ÷（17亿元人民币-1.56亿元人民币） （基于截至2024年3月的过去十二个月）。
Therefore, Ferrotec (An Hui) Technology DevelopmentLTD has an ROCE of 7.2%. In absolute terms, that's a low return, but it's much better than the Commercial Services industry average of 5.8%.
因此，Ferrotec（安惠）科技开发有限公司的投资回报率为7.2％。从绝对值来看，回报率很低，但比商业服务行业5.8％的平均水平要好得多。
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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Ferrotec (An Hui) Technology DevelopmentLTD.
虽然过去并不能代表未来，但了解一家公司的历史表现可能会有所帮助，这就是我们上面有这张图表的原因。如果您想深入研究历史收益，请查看这些免费图表，详细说明了Ferrotec（安惠）科技开发有限公司的收入和现金流表现。
What Can We Tell From Ferrotec (An Hui) Technology DevelopmentLTD's ROCE Trend?
我们可以从Ferrotec（安惠）科技开发有限公司的投资回报率趋势中得出什么？
In terms of Ferrotec (An Hui) Technology DevelopmentLTD's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 15%, but since then they've fallen to 7.2%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就Ferrotec（安惠）科技发展有限公司的历史ROCE走势而言，这一趋势并不理想。大约五年前，资本回报率为15％，但此后已降至7.2％。另一方面，该公司在去年一直在使用更多资本，但销售额没有相应改善，这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Ferrotec (An Hui) Technology DevelopmentLTD has done well to pay down its current liabilities to 9.4% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句，Ferrotec（安惠）科技开发有限公司在将其流动负债偿还至总资产的9.4％方面表现良好。这可以部分解释投资回报率下降的原因。更重要的是，这可以降低业务风险的某些方面，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。有人会声称这降低了企业产生投资回报的效率，因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
In summary, Ferrotec (An Hui) Technology DevelopmentLTD is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总而言之，Ferrotec（安惠）科技开发有限公司正在将资金再投资到该业务中以实现增长，但不幸的是，销售额似乎还没有太大增长。此外，该股去年的股东总回报率持平，这并不奇怪。无论如何，该股票不具有上面讨论的多袋装股票的特征，因此，如果您正在寻找这种特征，我们认为您在其他地方会更幸运。
Ferrotec (An Hui) Technology DevelopmentLTD could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 301297 on our platform quite valuable.
Ferrotec（安惠）科技开发有限公司在其他方面可能以诱人的价格进行交易，因此您可能会发现我们在我们的平台上对301297的免费内在价值估算非常有价值。
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.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。