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.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票？理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 所用資本的比例。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。話雖如此，乍一看富樂泰克（安惠）科技開發有限公司（深圳證券交易所代碼：301297），我們並不是對回報趨勢不屑一顧，但讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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. To calculate this metric for Ferrotec (An Hui) Technology DevelopmentLTD, this is the formula:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。要計算Ferrotec（安惠）科技開發有限公司的這一指標，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）
0.072 = CN¥107m ÷ (CN¥1.7b - CN¥156m) (Based on the trailing twelve months to March 2024).
0.072 = 1.07億元人民幣 ÷（17億元人民幣-1.56億元人民幣） （基於截至2024年3月的過去十二個月）。
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）科技開發有限公司的投資回報率爲7.2％。從絕對值來看，回報率很低，但比商業服務行業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.
雖然過去並不能代表未來，但了解一家公司的歷史表現可能會有所幫助，這就是我們上面有這張圖表的原因。如果您想深入研究歷史收益，請查看這些免費圖表，詳細說明了Ferrotec（安惠）科技開發有限公司的收入和現金流表現。
What Can We Tell From Ferrotec (An Hui) Technology DevelopmentLTD's ROCE Trend?
我們可以從Ferrotec（安惠）科技開發有限公司的投資回報率趨勢中得出什麼？
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）科技發展有限公司的歷史ROCE走勢而言，這一趨勢並不理想。大約五年前，資本回報率爲15％，但此後已降至7.2％。另一方面，該公司在去年一直在使用更多資本，但銷售額沒有相應改善，這可能表明這些投資是長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
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.
順便說一句，Ferrotec（安惠）科技開發有限公司在將其流動負債償還至總資產的9.4％方面表現良好。這可以部分解釋投資回報率下降的原因。更重要的是，這可以降低業務風險的某些方面，因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line
底線
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.
總而言之，Ferrotec（安惠）科技開發有限公司正在將資金再投資到該業務中以實現增長，但不幸的是，銷售額似乎還沒有太大增長。此外，該股去年的股東總回報率持平，這並不奇怪。無論如何，該股票不具有上面討論的多袋裝股票的特徵，因此，如果您正在尋找這種特徵，我們認爲您在其他地方會更幸運。
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）科技開發有限公司在其他方面可能以誘人的價格進行交易，因此您可能會發現我們在我們的平台上對301297的免費內在價值估算非常有價值。
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.
如果你想尋找收益豐厚的穩健公司，可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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。