There's Been No Shortage Of Growth Recently For Zhejiang Shengyang Science and TechnologyLtd's (SHSE:603703) Returns On Capital
There's Been No Shortage Of Growth Recently For Zhejiang Shengyang Science and TechnologyLtd's (SHSE:603703) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. So on that note, Zhejiang Shengyang Science and TechnologyLtd (SHSE:603703) looks quite promising in regards to its trends of return on capital.
如果我們想找到一隻可以長期成倍增長的股票，我們應該尋找哪些潛在趨勢？首先，我們希望看到經過驗證的 返回 關於正在增加的資本使用率（ROCE），其次是擴大 基礎 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。因此，從這個角度來看，浙江聖陽科技股份有限公司（SHSE: 603703）的資本回報率趨勢看起來相當樂觀。
What Is Return On Capital Employed (ROCE)?
什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 Zhejiang Shengyang Science and TechnologyLtd:
爲了澄清一下你是否不確定，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。分析師使用這個公式來計算浙江聖陽科技有限公司的值：
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）
0.011 = CN¥11m ÷ (CN¥1.9b - CN¥783m) (Based on the trailing twelve months to September 2023).
0.011 = 1100萬元人民幣 ÷（19億元人民幣-7.83億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, Zhejiang Shengyang Science and TechnologyLtd has an ROCE of 1.1%. Ultimately, that's a low return and it under-performs the Communications industry average of 5.1%.
因此，浙江聖陽科技有限公司的投資回報率爲1.1％。歸根結底，這是一個低迴報，其表現低於通信行業5.1％的平均水平。
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're interested in investigating Zhejiang Shengyang Science and TechnologyLtd's past further, check out this free graph covering Zhejiang Shengyang Science and TechnologyLtd's past earnings, revenue and cash flow.
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。如果你有興趣進一步調查浙江盛陽科技有限公司的過去，請查看這張涵蓋浙江盛陽科技有限公司過去的收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
Zhejiang Shengyang Science and TechnologyLtd has recently broken into profitability so their prior investments seem to be paying off. About five years ago the company was generating losses but things have turned around because it's now earning 1.1% on its capital. And unsurprisingly, like most companies trying to break into the black, Zhejiang Shengyang Science and TechnologyLtd is utilizing 105% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
浙江聖陽科技有限公司最近開始盈利，因此他們先前的投資似乎正在獲得回報。大約五年前，該公司出現了虧損，但情況已經好轉，因爲它現在的資本收益爲1.1％。毫不奇怪，與大多數試圖進入黑市的公司一樣，浙江聖陽科技有限公司的資本使用量比五年前增加了105％。我們喜歡這種趨勢，因爲它告訴我們公司有有利可圖的再投資機會，如果這種趨勢繼續向前發展，則可能帶來多重業績。
Another thing to note, Zhejiang Shengyang Science and TechnologyLtd has a high ratio of current liabilities to total assets of 42%. 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.
需要注意的另一件事是，浙江聖陽科技有限公司的流動負債與總資產的比率很高，爲42％。這可能會帶來一些風險，因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事，但如果這個比率較低，可能會有好處。
The Bottom Line
底線
In summary, it's great to see that Zhejiang Shengyang Science and TechnologyLtd has managed to break into profitability and is continuing to reinvest in its business. Considering the stock has delivered 29% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term.
總而言之，很高興看到浙江聖陽科技有限公司成功實現盈利，並繼續對其業務進行再投資。考慮到該股在過去五年中已爲其股東帶來了29％的收益，可以公平地認爲，投資者尚未完全意識到前景的趨勢。有鑑於此，我們將進一步研究這隻股票，以防它具有更多可以使其長期成倍增長的特徵。
Like most companies, Zhejiang Shengyang Science and TechnologyLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多數公司一樣，浙江聖陽科技有限公司確實存在一些風險，我們發現了兩個你應該注意的警告信號。
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。
譯文內容由第三人軟體翻譯。