Shenzhen Injoinic TechnologyLtd (SHSE:688209) Could Be Struggling To Allocate Capital
Shenzhen Injoinic TechnologyLtd (SHSE:688209) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. However, after investigating Shenzhen Injoinic TechnologyLtd (SHSE:688209), we don't think it's current trends fit the mold of a multi-bagger.
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？除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 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。但是，在調查了深圳英傑尼克科技有限公司（SHSE: 688209）之後，我們認爲目前的趨勢不符合多袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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 Injoinic TechnologyLtd:
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。分析師使用這個公式來計算深圳英傑尼克科技有限公司的利潤：
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）
0.028 = CN¥49m ÷ (CN¥1.9b - CN¥139m) (Based on the trailing twelve months to December 2023).
0.028 = 4900萬元人民幣 ÷（19億元人民幣-1.39億元人民幣） （基於截至2023年12月的過去十二個月）。
Therefore, Shenzhen Injoinic TechnologyLtd has an ROCE of 2.8%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 5.0%.
因此，深圳英傑尼克科技有限公司的投資回報率爲2.8％。從絕對值來看，這是一個低迴報，它的表現也低於半導體行業5.0％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 Shenzhen Injoinic TechnologyLtd's past further, check out this free graph covering Shenzhen Injoinic 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深圳英傑尼克科技有限公司的過去，請查看這張免費圖表，該圖表涵蓋了深圳英傑尼克科技有限公司過去的收益、收入和現金流。
What Can We Tell From Shenzhen Injoinic TechnologyLtd's ROCE Trend?
我們可以從深圳英傑尼克科技有限公司的投資回報率趨勢中得出什麼？
When we looked at the ROCE trend at Shenzhen Injoinic TechnologyLtd, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 2.8% from 11% four years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們查看深圳英傑尼克科技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。在過去四年中，資本回報率從四年前的11％下降到2.8％。儘管考慮到該業務的收入和資產數量都有所增加，但這可能表明該公司正在投資增長，而額外的資本導致了投資回報率的短期下降。而且，如果增加的資本產生額外的回報，那麼從長遠來看，企業乃至股東都將受益。
On a related note, Shenzhen Injoinic TechnologyLtd has decreased its current liabilities to 7.3% 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，深圳英傑尼克科技有限公司已將其流動負債減少至總資產的7.3％。這可以部分解釋投資回報率下降的原因。實際上，這意味着他們的供應商或短期債權人減少了對企業的融資，從而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其運營提供更多資金，因此您可能會爭辯說，這降低了企業產生投資回報率的效率。
Our Take On Shenzhen Injoinic TechnologyLtd's ROCE
我們對深圳英傑尼克科技有限公司投資回報率的看法
While returns have fallen for Shenzhen Injoinic TechnologyLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 32% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管深圳英傑尼克科技有限公司的回報率最近有所下降，但令我們感到鼓舞的是，銷售額正在增長，業務正在對其業務進行再投資。但是，這些增長趨勢並未帶來增長回報，因爲該股去年下跌了32％。因此，鑑於趨勢令人鼓舞，我們認爲值得進一步研究該股。
Shenzhen Injoinic TechnologyLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
但是，深圳英傑尼克科技有限公司確實存在一些風險，我們在投資分析中發現了兩個警告信號，其中一個不容忽視...
While Shenzhen Injoinic TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管深圳Injoinic TechnologyLtd的回報率並不高，但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。
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