Ways ElectronLtd (SHSE:605218) Will Want To Turn Around Its Return Trends
Ways ElectronLtd (SHSE:605218) Will Want To Turn Around Its Return Trends
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Ways ElectronLtd (SHSE:605218) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想尋找下一個多頭股，有幾個關鍵趨勢需要關注。首先，我們想確定正在快速增長的資本僱用回報率（ROCE），以及日益增長的資本僱用基礎。如果您看到這一點，通常意味着這是一傢俱有出色業務模式和豐富的盈利再投資機會的公司。然而，雖然簡短地查看了數據，我們不認爲Ways ElectronLtd（SHSE：605218）有成爲多頭股的優勢，但讓我們看看原因。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Ways ElectronLtd is:
對於那些不知道ROCE是什麼的人，ROCE是衡量一家公司相對於業務所需資本僱用的年稅前利潤的指標。在Ways ElectronLtd上進行這個計算的公式是：
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。
0.052 = CN¥68m ÷ (CN¥1.9b - CN¥548m) (Based on the trailing twelve months to March 2024).
0.052 = CN¥6800萬÷（CN ¥19億 - CN¥548m）（基於過去12個月至2024年3月）。
Therefore, Ways ElectronLtd has an ROCE of 5.2%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.2%.
因此，Ways ElectronLtd的ROCE爲5.2％。單獨看來，這是一個低迴報率，但與行業平均回報率5.2％相符。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ways ElectronLtd's ROCE against it's prior returns. If you'd like to look at how Ways ElectronLtd has performed in the past in other metrics, you can view this free graph of Ways ElectronLtd's past earnings, revenue and cash flow.
歷史表現是研究股票的好起點，因此您可以在上面看到Ways ElectronLtd的ROCE測量值與其之前的回報相比。如果您想查看Ways ElectronLtd在過去的其他指標中的表現，可以查看Ways ElectronLtd過去收益，營收和現金流的免費圖表。
What Does the ROCE Trend For Ways ElectronLtd Tell Us?
Ways ElectronLtd的ROCE趨勢告訴我們什麼？
In terms of Ways ElectronLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 29%, but since then they've fallen to 5.2%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就Ways ElectronLtd歷史上的ROCE趨勢而言，情況並不理想。大約五年前，資本回報率爲29％，但自那以後已經降至5.2％。然而，考慮到僱用資本和營收都有所增加，似乎該業務當前正在追求增長，因此短期回報受到了影響。如果增加的資本產生額外的回報，業務及股東將從中受益。
On a side note, Ways ElectronLtd has done well to pay down its current liabilities to 29% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
此外，Ways ElectronLtd成功將其流動負債償還到總資產的29％，這可能部分解釋了ROCE的下降。實際上，這意味着他們的供應商或短期債權人資助這家企業的比例降低了，從而降低了某些風險。有些人會認爲，由於現在更多地使用自有資金資助運營，這降低了企業實現ROCE的效率。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
While returns have fallen for Ways ElectronLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has followed suit returning a meaningful 26% to shareholders over the last three years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
儘管Ways ElectronLtd的回報率近年來有所下降，但我們很高興看到其銷售額正在增長，而且業務正在進行再投資。該股票的回報率也相應地返回了有意義的26％。因此，儘管投資者似乎認識到了這些有前途的趨勢，我們仍然需要進一步研究這支股票，以確保其他指標證明了正面看法。
One more thing: We've identified 3 warning signs with Ways ElectronLtd (at least 1 which shouldn't be ignored) , and understanding these would certainly be useful.
還有一件事：我們已確定Ways ElectronLtd存在3個警告信號（至少有1個不應忽視），了解這些信號一定會有所幫助。
While Ways ElectronLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Ways ElectronLtd的回報率不是最高的，但請查看此處的免費公司列表，這些公司具有良好的資產負債表和高回報率。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。