Bestlink TechnologiesLtd (SHSE:603206) Is Reinvesting At Lower Rates Of Return
Bestlink TechnologiesLtd (SHSE:603206) Is Reinvesting At Lower Rates Of Return
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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Bestlink TechnologiesLtd (SHSE:603206) and its ROCE trend, we weren't exactly thrilled.
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 所用資本的百分比。基本上，這意味着一家公司有可以繼續進行再投資的盈利計劃，這是複合機的一個特徵。有鑑於此，當我們看的時候 百聯科技有限公司 (SHSE: 603206) 及其投資回報率趨勢，我們並不十分興奮。
What Is Return On Capital Employed (ROCE)?
甚麼是資本使用回報率（ROCE）？
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. Analysts use this formula to calculate it for Bestlink TechnologiesLtd:
澄清一下，如果你不確定，投資回報率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。分析師使用這個公式來計算 Bestlink TechnologiesLtd：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用資本回報率 = 利息和稅前收益 (EBIT) ÷（總資產-流動負債）
0.098 = CN¥209m ÷ (CN¥4.5b - CN¥2.4b) (Based on the trailing twelve months to March 2023).
0.098 = cn¥209m ⇒ (cn¥4.5b-cn¥2.4b) （基於截至2023年3月的過去十二個月）。
So, Bestlink TechnologiesLtd has an ROCE of 9.8%. In absolute terms, that's a low return, but it's much better than the IT industry average of 4.9%.
所以， Bestlink TechnologiesLtd的投資回報率爲9.8％。 從絕對值來看，這是一個很低的回報，但遠好於IT行業4.9％的平均水平。
View our latest analysis for Bestlink TechnologiesLtd
查看我們對 Bestlink TechnologiesLtd 的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Bestlink TechnologiesLtd's ROCE against it's prior returns. If you'd like to look at how Bestlink TechnologiesLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究股票時，歷史表現是一個不錯的起點，因此在上面你可以看到Bestlink TechnologiesLtd的投資回報率與之前的回報率的衡量標準。如果你想看看 Bestlink TechnologiesLtd 過去在其他指標上的表現，你可以查看這個 免費的 過去的收益、收入和現金流圖。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at Bestlink TechnologiesLtd, we didn't gain much confidence. Around four years ago the returns on capital were 22%, but since then they've fallen to 9.8%. However it looks like Bestlink TechnologiesLtd 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.
當我們觀察Bestlink TechnologiesLtd的投資回報率趨勢時，我們並沒有獲得太大的信心。大約四年前，資本回報率爲22％，但此後已降至9.8％。但是，看來Bestlink TechnologiesLtd可能正在進行再投資以實現長期增長，因爲儘管使用的資本有所增加，但該公司的銷售額在過去12個月中沒有太大變化。從現在起，值得關注該公司的收益，看看這些投資最終是否確實爲利潤做出了貢獻。
On a related note, Bestlink TechnologiesLtd has decreased its current liabilities to 53% of total assets. So we could link some of this to the decrease in ROCE. 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. Keep in mind 53% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是，Bestlink TechnologiesLtd已將其流動負債減少至總資產的53％。因此，我們可以將其中一些與投資回報率的下降聯繫起來。實際上，這意味着他們的供應商或短期債權人爲業務提供的資金減少了，這降低了某些風險因素。由於該企業基本上是用自己的資金爲更多的運營提供資金，因此你可能會爭辯說，這降低了該企業產生投資回報率的效率。請記住，53％仍然很高，因此這些風險仍然有些普遍。
The Key Takeaway
關鍵要點
Bringing it all together, while we're somewhat encouraged by Bestlink TechnologiesLtd's reinvestment in its own business, we're aware that returns are shrinking. And in the last year, the stock has given away 15% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.
綜上所述，儘管我們對Bestlink TechnologiesLtd對自身業務的再投資感到有些鼓舞，但我們知道回報正在萎縮。去年，該股已經下跌了15％，因此市場對這些趨勢在短期內走強的希望不大。無論如何，這隻股票沒有上面討論的多袋裝機的這些特徵，因此，如果你想要的是這樣，我們認爲你在其他地方會有更多的運氣。
Bestlink TechnologiesLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is significant...
但是，我們發現 Bestlink TechnologiesLtd 確實存在一些風險 我們的投資分析中有兩個警告信號， 其中 1 個很重要...
While Bestlink TechnologiesLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管Bestlink TechnologiesLtd目前可能沒有獲得最高回報，但我們整理了一份目前股本回報率超過25％的公司名單。看看這個 免費的 在這裏列出。
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？擔心內容嗎？ 取得聯繫 直接和我們在一起。 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，也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面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公司公告或定性材料。簡而言之，華爾街在上述任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。