These Return Metrics Don't Make Anhui Xinke New MaterialsLtd (SHSE:600255) Look Too Strong
These Return Metrics Don't Make Anhui Xinke New MaterialsLtd (SHSE:600255) Look Too Strong
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after glancing at the trends within Anhui Xinke New MaterialsLtd (SHSE:600255), we weren't too hopeful.
为了避免投资于一家正在衰落的企业,有几个财务指标可以提供老龄化的早期迹象。衰退中的企业通常有两个潜在趋势,第一,衰退退货论资本充足率(ROCE)与衰退基地已动用资本的比例。这向我们表明,该业务不仅在收缩其净资产规模,而且其回报也在下降。因此,在浏览了内部的趋势之后安徽鑫科新材料有限公司(上海证券交易所:600255),我们对此不抱太大希望。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
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 Anhui Xinke New MaterialsLtd:
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。分析师使用以下公式计算安徽新科新材料有限公司的价格:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.021 = CN¥41m ÷ (CN¥3.7b - CN¥1.7b) (Based on the trailing twelve months to March 2023).
0.021=CN元4100万?(CN元37亿元-CN元17亿元)(根据截至2023年3月的往绩12个月计算)。
So, Anhui Xinke New MaterialsLtd has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 7.7%.
所以,安徽鑫科新材料股份有限公司的净资产收益率为2.1%。按绝对值计算,这是一个较低的回报率,也低于金属和矿业7.7%的平均水平。
Check out our latest analysis for Anhui Xinke New MaterialsLtd
查看我们对安徽鑫科新材料有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230802/0-2c1eb5e141220f46973e27076531f89e-0-404b4eef720ff25cfe173b4b8d793f8a.png/big)
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'd like to look at how Anhui Xinke New MaterialsLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想看看安徽鑫科新材料有限公司过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
What Does the ROCE Trend For Anhui Xinke New MaterialsLtd Tell Us?
安徽鑫科新材料股份有限公司的ROCE趋势告诉我们什么?
The trend of ROCE doesn't look fantastic because it's fallen from 6.2% five years ago and the business is utilizing 51% less capital, even after their capital raise (conducted prior to the latest reporting period).
ROCE的趋势看起来并不美妙,因为它比五年前的6.2%有所下降,即使在筹集资本后(在最新报告期之前进行),该业务的资本利用率也减少了51%。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 47%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
在这个问题上,我们注意到流动负债占总资产的比例上升到47%,这对ROCE造成了影响。如果流动负债没有像以前那样增加,净资产收益率实际上可能会更低。这意味着,在现实中,相当大一部分业务是由该公司的供应商或短期债权人等人提供资金的,这本身就可能带来一些风险。
The Bottom Line On Anhui Xinke New MaterialsLtd's ROCE
安徽新科新材料有限公司ROCE的底线
In short, lower returns and decreasing amounts capital employed in the business doesn't fill us with confidence. In spite of that, the stock has delivered a 3.5% return to shareholders who held over the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
简而言之,较低的回报和不断减少的资本投入并不能让我们充满信心。尽管如此,该股仍为过去五年持有的股东带来了3.5%的回报。无论哪种方式,我们都不是当前趋势的狂热粉丝,因此我们认为你可能会在其他地方找到更好的投资。
One more thing to note, we've identified 1 warning sign with Anhui Xinke New MaterialsLtd and understanding this should be part of your investment process.
还有一件事需要注意,我们已经确定了1个警告标志与安徽鑫科新材料有限公司合作,了解这一点应该是您投资过程的一部分。
While Anhui Xinke New MaterialsLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然安徽鑫科新材料有限公司目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。