Will Semiconductor (SHSE:603501) Could Be Struggling To Allocate Capital
Will Semiconductor (SHSE:603501) Could Be Struggling To Allocate Capital
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. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. However, after briefly looking over the numbers, we don't think Will Semiconductor (SHSE:603501) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您不確定下一個多倍增長行業板塊從哪裏開始，以下是幾個關鍵趨勢值得關注。 其中一種常見方法是嘗試尋找一家資產類型爲所有板塊的公司。 簡單來說，這些業務都是複合機器，意味着它們不斷地將賺來的錢再投入到更高的收益率中。 然而，經過簡短的數字檢查後，我們認爲韋爾股份（SHSE:603501）未來不具備多倍增長的潛力，但讓我們看看原因。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。在僱用所有板塊的資產上。簡而言之，這些業務都是複合機器，意味着它們不斷地將賺來的錢再投入到更高的收益率中。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on Will Semiconductor is:
對於不了解的人來說，ROCE是一個公司年利潤（其回報）與業務中僱用的資本相對應的指標。 在韋爾股份的計算公式上是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.039 = CN¥1.1b ÷ (CN¥37b - CN¥9.6b) (Based on the trailing twelve months to March 2024).
0.039 = CN¥1.1b ÷ （CN¥37b - CN¥9.6b）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Thus, Will Semiconductor has an ROCE of 3.9%. On its own that's a low return on capital but it's in line with the industry's average returns of 4.1%.
因此，韋爾股份的ROCE爲3.9％。 光是這個比率就是資金回報率偏低，但它與行業板塊的平均回報率相當。
In the above chart we have measured Will Semiconductor'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 Will Semiconductor for free.
在上圖中，我們測量了韋爾股份之前的ROCE與之前的業績，但未來可能更重要。如果您願意，您可以免費查看分析師的韋爾股份預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
The trend of ROCE doesn't look fantastic because it's fallen from 27% five years ago, while the business's capital employed increased by 1,452%. That being said, Will Semiconductor raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Will Semiconductor might not have received a full period of earnings contribution from it.
ROCE的趨勢看起來並不理想，因爲它已經從五年前的27％下跌，而公司的總資產已增加了1,452％。也就是說，韋爾股份發佈最新業績前籌集了一些資本，因此可能部分解釋了資本僱用的增加。很少有資金得到充分利用，因此韋爾股份可能未收到完整的盈利貢獻週期。
On a side note, Will Semiconductor has done well to pay down its current liabilities to 26% 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.
順便說一句，韋爾股份已經償還了其總資產的26％的流動負債。因此，我們可以將其中的一些內容與ROCE下降聯繫起來。此外，這也可以降低企業某些風險，因爲公司的供應商或短期債權人正在爲其運營提供資金。有人會聲稱這降低了企業產生ROCE的效率，因爲它現在更多地使用自己的資金來運營業務。
The Bottom Line On Will Semiconductor's ROCE
結論：韋爾股份的ROCE雖然短期內回報下降，但其業務和所有板塊的資產同時增長，這是一個有希望的趨勢。 過去五年中，股票的回報率超過了205％，因此，長期投資者無疑對此結果感到狂熱。因此，儘管潛在趨勢可能已經被投資者考慮在內，但我們仍然認爲值得進一步關注這支股票。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Will Semiconductor. And the stock has done incredibly well with a 205% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
雖然韋爾股份在這方面並不那麼亮眼，但在了解公司是否以有吸引力的價格交易時，仍然值得一看。 您可以在我們的平台上免費查看603501的固有價值估計。
While Will Semiconductor doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 603501 on our platform.
韋爾股份回報並不是最高的，但是您可以查看這個具有穩健資產負債表的公司回報率較高的免費清單。
While Will Semiconductor isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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