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Hainan Jinpan Smart Technology (SHSE:688676) Has More To Do To Multiply In Value Going Forward

Hainan Jinpan Smart Technology (SHSE:688676) Has More To Do To Multiply In Value Going Forward

海南金盤智能科技(SHSE:688676)還有更多工作要做,以實現未來的價值成倍增長
Simply Wall St ·  2023/11/07 01:14

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. Having said that, from a first glance at Hainan Jinpan Smart Technology (SHSE:688676) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 已動用資本的百分比。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。話雖如此,乍一看海南金盤智能科技(SHSE: 688676),我們並不是在忽視回報趨勢,而是讓我們更深入地了解一下。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Hainan Jinpan Smart Technology, this is the formula:

對於那些不確定ROCE是什麼的人,它衡量的是公司從業務中使用的資本中可以產生的稅前利潤。要計算海南金盤智能科技的這個指標,公式如下:

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)

0.091 = CN¥432m ÷ (CN¥8.6b - CN¥3.9b) (Based on the trailing twelve months to September 2023).

0.091 = CN¥4.32m ≤(CN¥8.6b-cn¥3.9b) (基於截至2023年9月的過去十二個月)

Therefore, Hainan Jinpan Smart Technology has an ROCE of 9.1%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.3%.

因此,海南金盤智能科技的投資回報率爲9.1%。從絕對值來看,這是一個低迴報,但比電氣行業6.3%的平均水平要好得多。

View our latest analysis for Hainan Jinpan Smart Technology

查看我們對海南金盤智能科技的最新分析

roce
SHSE:688676 Return on Capital Employed November 7th 2023
SHSE: 688676 2023 年 11 月 7 日使用資本回報率

In the above chart we have measured Hainan Jinpan Smart Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.

在上面的圖表中,我們對海南金盤智能科技之前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。

The Trend Of ROCE

ROCE 的趨勢

In terms of Hainan Jinpan Smart Technology's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 9.1% for the last five years, and the capital employed within the business has risen 197% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.

就海南金盤智能科技的歷史投資回報率走勢而言,這並不完全值得關注。在過去五年中,該公司的收入持續爲9.1%,在此期間,該業務中使用的資本增長了197%。鑑於該公司增加了資本使用量,看來已經進行的投資根本無法提供較高的資本回報率。

On a separate but related note, it's important to know that Hainan Jinpan Smart Technology has a current liabilities to total assets ratio of 45%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另一方面,重要的是要知道海南金盤智能科技的流動負債與總資產的比率爲45%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上相當依賴其供應商或其他類型的短期債權人。雖然這不一定是一件壞事,但如果這個比率較低,可能會有好處。

Our Take On Hainan Jinpan Smart Technology's ROCE

我們對海南金盤智能科技ROCE的看法

As we've seen above, Hainan Jinpan Smart Technology's returns on capital haven't increased but it is reinvesting in the business. Unsurprisingly then, the total return to shareholders over the last year has been flat. Therefore based on the analysis done in this article, we don't think Hainan Jinpan Smart Technology has the makings of a multi-bagger.

正如我們在上面所看到的,海南金盤智能科技的資本回報率沒有增加,但它正在對該業務進行再投資。因此,毫不奇怪,去年股東的總回報率持平。因此,根據本文所做的分析,我們認爲海南金盤智能科技不具備多功能裝袋機的特質。

One final note, you should learn about the 2 warning signs we've spotted with Hainan Jinpan Smart Technology (including 1 which makes us a bit uncomfortable) .

最後一點,你應該了解我們在海南金盤智能科技上發現的兩個警告信號(包括一個讓我們有點不舒服的警告)。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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