Here's What's Concerning About Shenzhen JPT Opto-Electronics' (SHSE:688025) Returns On Capital
Here's What's Concerning About Shenzhen JPT Opto-Electronics' (SHSE:688025) Returns On Capital
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at Shenzhen JPT Opto-Electronics (SHSE:688025), it didn't seem to tick all of these boxes.
尋找具有大幅增長潛力的企業並不容易，但如果我們看一些關鍵的財務指標，這是可能的。通常情況下，我們需要注意到增長的趨勢 返回 就使用資本（ROCE）而在此之外，擴大 基礎 所使用的資本。簡而言之，這些類型的企業正在複合機器，這意味著他們不斷以更高的回報率再投資收益。雖然，當我們看著 深圳 JPT 光電 （謝：688025），它似乎並沒有勾選所有這些框。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率（ROCE）？
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. Analysts use this formula to calculate it for Shenzhen JPT Opto-Electronics:
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），相對於企業中使用的資本。分析師使用這個公式來計算深圳 JPT 光電：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.028 = CN¥54m ÷ (CN¥2.5b - CN¥563m) (Based on the trailing twelve months to September 2022).
0.028 = 人民幣 54 萬元 ÷（人民幣 2.5 萬元兌人民幣 563 萬元） (以截至 2022 年 9 月為止的最近十二個月計算)。
So, Shenzhen JPT Opto-Electronics has an ROCE of 2.8%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 6.9%.
所以， 深圳 JPT 光電擁有 2.8％ 的 ROCE。 從絕對來說，這是一個低回報，它的表現也低於電子行業的平均 6.9％。
See our latest analysis for Shenzhen JPT Opto-Electronics
查看我們關於深圳 JPT 光電的最新分析
In the above chart we have measured Shenzhen JPT Opto-Electronics' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Shenzhen JPT Opto-Electronics.
在上面的圖表中，我們已經衡量了深圳 JPT 光電之前的 ROCE 與其先前的表現相比，但未來可以說是更重要的。如果您想了解分析師正在預測哪些內容，請查看我們的 自由 深圳 JPT 光電的報告。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢可以告訴我們什麼
When we looked at the ROCE trend at Shenzhen JPT Opto-Electronics, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 2.8% from 25% five years ago. However it looks like Shenzhen JPT Opto-Electronics 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.
當我們看到深圳 JPT 光電的 ROCE 趨勢時，我們沒有獲得太多的信心。在過去五年內，資本回報率由五年前的 25% 下降至 2.8%。但是，看起來深圳 JPT 光電可能正在為長期增長進行再投資，因為儘管所用資本增加，但在過去的 12 個月中，該公司的銷售額並沒有太大變化。值得關注公司從這裡開始的收益，看看這些投資是否確實最終導致了底線。
On a side note, Shenzhen JPT Opto-Electronics has done well to pay down its current liabilities to 23% 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.
在附註中，深圳 JPT 光電表現出色，將其流動負債償還至總資產的 23％。這可以部分解釋為什麼 ROCE 下降。實際上，這意味著他們的供應商或短期債權人的資金較少的業務，從而降低了風險的某些元素。有些人會聲稱這會降低企業在產生 ROCE 方面的效率，因為它現在正在用自己的資金為更多的業務提供資金。
In Conclusion...
結論...
To conclude, we've found that Shenzhen JPT Opto-Electronics is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 18% in the last three years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總而言之，我們發現深圳 JPT 光電正在對業務進行再投資，但回報一直在下降。隨著股票在過去三年內向股東回報了僅 18％，您可能會爭辯說，他們意識到這些乏善可見的趨勢。因此，如果您正在尋找多袋子，我們認為您在其他地方會有更多的運氣。
Shenzhen JPT Opto-Electronics does have some risks though, and we've spotted 3 warning signs for Shenzhen JPT Opto-Electronics that you might be interested in.
深圳 JPT 光電確實存在一些風險，我們已經發現 深圳 JPT 光電的 3 個警告標誌 您可能感興趣的。
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.
如果你想尋找具有巨大收益的固體公司，看看這個 自由 具有良好的資產負債表和令人印象深刻的股權回報公司名單。
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