蕪湖通證科學（深交所：300088）：我們不認為它是多重裝袋者

蕪湖通證科技（深交所：300088）的ROCE較低，為1.4%，雖然還可以，但作為終極成長股並不突出。

Here are some key trends to identify if you're looking for the next multi-bagger. A typical approach is to try and find a company with increasing returns on capital employed (ROCE), together пункт a growing amount of capital employed. This ultimately shows a business that is reinvesting profits at increasing rates of return.

以下是一些關鍵趨勢，可協助您確定您是否正在尋找下一個多裝袋者。典型的方法是嘗試尋找一家使用資本回報率 (ROCE) 不斷增加的公司，同時使用資本的數量不斷增長。這最終表明企業正在以不斷增加的回報率進行利潤再投資。

However, after a brief check on the numbers, we don't think Wuhu Token Sciences (SZSE:300088) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

然而，在對這些數字進行簡要檢查後，我們認為蕪湖通證科技（深交所：300088）不具備未來成為多頭企業的條件，但讓我們看看為什麼會這樣。

Understanding Return On Capital Employed (ROCE)

了解已動用資本回報率 (ROCE)

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Wuhu Token Sciences:

對於那些不確定 ROCE 是什麼的人來說，它衡量的是公司可以從其業務所使用的資本中產生的稅前利潤。分析師使用這個公式對蕪湖通證科學進行了計算：

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本報酬率 = 息稅前利潤 (EBIT) ÷ （總資產 - 流動負債）

0.014 = CN¥139m ÷ (CN¥16b - CN¥6.3b) (Based on the trailing twelve months to September 2024).

0.014 = 1.39 億人民幣 ÷ (16b 人民幣 - 6.3b 人民幣)（基於截至 2024 年 9 月的過去 12 個月）。

So, Wuhu Token Sciences has an ROCE of 1.4%. That's a low return and it under-performs the Electronic industry average of 5.5%.

因此，蕪湖通訊科技的 ROCE 為 1.4%。這是一個很低的回報率，低於電子行業 5.5% 的平均回報率。

Check out our latest analysis for Wuhu Token Sciences

查看我們對蕪湖通證科學的最新分析

In the above chart we've measured Wuhu Token Sciences' prior ROCE against its prior performance, but the future is arguably more important. If you're curious, you can check out the forecasts from analysts covering Wuhu Token Sciencesはこちらから for free.

在上圖中，我們根據蕪湖通證科技之前的表現衡量了先前的 ROCE，但未來可以說更重要。如果您好奇，您可以免費查看蕪湖通證科學はこちらから分析師的預測。

The Trend Of ROCE

ROCE趨勢

We weren't overly impressed when we viewed the ROCE trends at Wuhu Token Sciences. Over the last five years, returns on capital have📉 decreased to 1.4% from 16% five years ago. However, given capital employed and revenue have both increased, it appears that the business is currently pursuing growth, at the cost of short term returns. And if the increased capital generates higher returns, the business, and hence shareholders, will benefit in the long run.

當我們查看蕪湖通證科技的 ROCE 趨勢時，我們並沒有留下太深刻的印象。過去五年，資本報酬率從五年前的 16% 下降至 1.4%。然而，鑑於所用資本和收入均有所增加，該公司目前似乎正在以犧牲短期回報為代價來追求成長。如果增加的資本產生更高的回報，從長遠來看，企業以及股東都將從中受益。

We noticed that the current liabilities to total assets ratioσκε has risen to 39%, which impacts the ROCE. If this ratio were to stay constant, ROCE would likely be even lower than 1.4%. Keep an eye on this ratio as it couldを示す that the company is خوبه some new risks if it gets too high.

我們注意到，流動負債與總資產的比率σκε已上升至39%，這對ROCE產生了影響。如果這個比率不變，ROCE 可能會低於 1.4%。請密切注意這一比率，因為如果該比率過高，該公司可能會面臨一些新的風險。

The Bottom Line

底線

Whilst returns have noticeably decreased for Wuhu Token Sciences in recent times, we're encouraged to see sales growing and that the business is reinvesting in its operations. Given this, it's fair to say we're surprised that the stock has only returned 2.8% over the last five years. We'd więc recommend further investigating this stock to confirm if it確實 has the makings of a good investment.

雖然蕪湖通訊科技的回報率近年來明顯下降，但我們欣喜地看到銷售額不斷增長，而且該公司正在對其營運進行再投資。有鑑於此，可以公平地說，我們對該股在過去五年中的回報率僅為 2.8% 感到驚訝。我們建議進一步調查這隻股票，以確認它是否確實具備良好投資的條件。

Wuhu Token Sciences does have some risks, we noticed 4 warning signs (and 1 which is a bit concerning) we think you should be aware of.

蕪湖通證科學確實存在一些風險，我們注意到 4 個警告信號（其中 1 個有點令人擔憂），我們認為您應該注意。

If you're interested in searching for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果您有興趣尋找收入豐厚的可靠公司，請查看這份免費的公司列表，其中列出了擁有良好資產負債表和可觀股本回報率的公司。

Valuation is complex, but we're here to simplify it.

估值很複雜，但我們在這裡是為了簡化它。

Discover if Wuhu Token Sciences might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.

透過我們的詳細分析，了解蕪湖通證科學是否可能被低估或高估，包括公允價值估計、潛在風險、股利、內線交易及其財務狀況。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team(at)simplywallst.com.

對本文有回饋嗎？關注內容？直接與我們聯絡。或者，發送電子郵件至 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.

Simply Wall St 的這篇文章本質上是一般性的。我們僅使用公正的方法根據歷史數據和分析師預測提供評論，我們的文章無意提供財務建議。它不構成購買或出售任何股票的建議，並且不考慮您的目標或您的財務狀況。我們的目標是為您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性資料。 Simply Wall St 並未持有上述任何股票的部位。