Micro-Tech (Nanjing)Ltd (SHSE:688029) Might Be Having Difficulty Using Its Capital Effectively
Micro-Tech (Nanjing)Ltd (SHSE:688029) Might Be Having Difficulty Using Its Capital Effectively
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. 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Micro-Tech (Nanjing)Ltd (SHSE:688029) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
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。一種常見的方法是嘗試找一家公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 已動用資本的百分比。歸根結底，這表明這是一家以更高的回報率對利潤進行再投資的企業。但是，在簡要查看這些數字之後，我們認爲微科技（南京）有限公司（SHSE：688029）不具備未來多功能裝袋機的特質，但讓我們來看看爲什麼會這樣。
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. To calculate this metric for Micro-Tech (Nanjing)Ltd, this is the formula:
如果您不確定，可以澄清一下，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。要計算微科技（南京）有限公司的這個指標，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）
0.12 = CN¥436m ÷ (CN¥4.2b - CN¥552m) (Based on the trailing twelve months to September 2023).
0.12 = CN¥436m ≤（CN¥4.2b-CN¥552m） （基於截至2023年9月的過去十二個月）。
Thus, Micro-Tech (Nanjing)Ltd has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 7.7% it's much better.
因此，微科技（南京）有限公司的投資回報率爲12％。從絕對值來看，這是一個令人滿意的回報，但與醫療設備行業7.7％的平均水平相比，要好得多。
View our latest analysis for Micro-Tech (Nanjing)Ltd
查看我們對 Micro-Tech（南京）有限公司的最新分析
In the above chart we have measured Micro-Tech (Nanjing)Ltd'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 Micro-Tech (Nanjing)Ltd here for free.
在上面的圖表中，我們對Micro-Tech（南京）有限公司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。如果你願意，你可以在這裏免費查看報道微科技（南京）有限公司的分析師的預測。
So How Is Micro-Tech (Nanjing)Ltd's ROCE Trending?
那麼，微科技（南京）有限公司的投資回報率走勢如何？
When we looked at the ROCE trend at Micro-Tech (Nanjing)Ltd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 12% from 29% five years ago. However it looks like Micro-Tech (Nanjing)Ltd 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看微科技（南京）有限公司的投資回報率趨勢時，我們並沒有獲得太大的信心。在過去五年中，資本回報率從五年前的29％下降到12％。但是，看來微科技（南京）有限公司可能會進行再投資以實現長期增長，因爲儘管資本使用量有所增加，但該公司的銷售在過去12個月中沒有太大變化。值得關注該公司的收益，看看這些投資最終能否爲利潤做出貢獻。
On a related note, Micro-Tech (Nanjing)Ltd has decreased its current liabilities to 13% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
與此相關的是，微科技（南京）有限公司已將其流動負債減少至總資產的13％。這可以部分解釋ROCE下降的原因。實際上，這意味着他們的供應商或短期債權人爲企業提供的資金減少了，這降低了某些風險。由於該企業基本上是用自己的資金爲更多的業務提供資金，你可能會爭辯說，這降低了企業創造投資回報的效率。
What We Can Learn From Micro-Tech (Nanjing)Ltd's ROCE
我們可以從微科技（南京）有限公司的ROCE中學到什麼
In summary, Micro-Tech (Nanjing)Ltd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 20% over the last three years, investors may not be too optimistic on this trend improving either. 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.
總而言之，微科技（南京）有限公司正在將資金重新投資到業務中以實現增長，但不幸的是，銷售額似乎還沒有太大增長。由於該股在過去三年中下跌了20％，因此投資者也可能對這種改善趨勢不太樂觀。無論如何，這隻股票不具有上面討論的多袋股票的特徵，因此，如果您要尋找的東西，我們認爲您在其他地方運氣會更好。
On a final note, we've found 1 warning sign for Micro-Tech (Nanjing)Ltd that we think you should be aware of.
最後一點，我們發現了微科技（南京）有限公司的1個警告信號，我們認爲你應該注意。
While Micro-Tech (Nanjing)Ltd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管微科技（南京）有限公司的回報率不是最高的，但請查看這份資產負債表穩健且股本回報率高的公司的免費名單。
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