芜湖通证科学（深交所：300088）：我们不认为它是一个多重装袋者

芜湖通证科技（深交所：300088）的ROCE较低，为1.4%，虽然还可以，但作为终极成长股并不突出。

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.

以下是一些关键趋势，可帮助您确定您是否正在寻找下一个多装袋者。典型的方法是尝试寻找一家使用资本回报率 (ROCE) 不断增加的公司，同时使用资本的数量不断增长。这最终表明企业正在以不断增加的回报率进行利润再投资。

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，在对这些数字进行简要检查后，我们认为芜湖通证科技（深交所：300088）不具备未来成为多头企业的条件，但让我们看看为什么会这样。

Understanding Return On Capital Employed (ROCE)

了解已动用资本回报率 (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:

对于那些不确定 ROCE 是什么的人来说，它衡量的是公司可以从其业务所使用的资本中产生的税前利润。分析师使用这个公式对芜湖通证科学进行了计算：

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

已动用资本回报率 = 息税前利润 (EBIT) ÷ （总资产 - 流动负债）

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

0.014 = 1.39 亿人民币 ÷ (16b 人民币 - 6.3b 人民币)（基于截至 2024 年 9 月的过去 12 个月）。

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，芜湖通信科技的 ROCE 为 1.4%。这是一个很低的回报率，低于电子行业 5.5% 的平均回报率。

Check out our latest analysis for Wuhu Token Sciences

查看我们对芜湖通证科学的最新分析

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.

在上图中，我们根据芜湖通证科技之前的表现衡量了之前的 ROCE，但未来可以说更重要。如果您好奇，您可以免费查看芜湖通证科学はこちらから分析师的预测。

The Trend Of ROCE

ROCE趋势

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.

当我们查看芜湖通信科技的 ROCE 趋势时，我们并没有留下太深刻的印象。过去五年，资本回报率从五年前的 16% 下降至 1.4%。然而，鉴于所用资本和收入均有所增加，该公司目前似乎正在以牺牲短期回报为代价来追求增长。如果增加的资本产生更高的回报，从长远来看，企业以及股东都将从中受益。

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.

我们注意到，流动负债与总资产的比率σκε已上升至39%，这对ROCE产生了影响。如果这个比率保持不变，ROCE 可能会低于 1.4%。请密切关注这一比率，因为如果该比率过高，该公司可能会面临一些新的风险。

The Bottom Line

底线

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.

虽然芜湖通信科技的回报率近年来明显下降，但我们欣喜地看到销售额不断增长，而且该公司正在对其运营进行再投资。鉴于此，可以公平地说，我们对该股在过去五年中的回报率仅为 2.8% 感到惊讶。我们建议进一步调查这只股票，以确认它是否确实具备良好投资的条件。

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.

芜湖通证科学确实存在一些风险，我们注意到 4 个警告信号（其中 1 个有点令人担忧），我们认为您应该注意。

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.

如果您有兴趣寻找收入丰厚的可靠公司，请查看这份免费的公司列表，其中列出了拥有良好资产负债表和可观股本回报率的公司。

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

估值很复杂，但我们在这里是为了简化它。

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.

通过我们的详细分析，了解芜湖通证科学是否可能被低估或高估，包括公允价值估计、潜在风险、股息、内幕交易及其财务状况。

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

对本文有反馈吗？关注内容？直接与我们联系。或者，发送电子邮件至 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 的这篇文章本质上是一般性的。我们仅使用公正的方法根据历史数据和分析师预测提供评论，我们的文章无意提供财务建议。它不构成购买或出售任何股票的建议，并且不考虑您的目标或您的财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不会考虑最新的价格敏感公司公告或定性材料。 Simply Wall St 没有持有上述任何股票的头寸。