The Returns At Qingdao Zhongzi Zhongcheng GroupLtd (SZSE:300208) Aren't Growing
The Returns At Qingdao Zhongzi Zhongcheng GroupLtd (SZSE:300208) Aren't Growing
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Qingdao Zhongzi Zhongcheng GroupLtd (SZSE:300208), we don't think it's current trends fit the mold of a multi-bagger.
找到一家具有大幅增长潜力的企业并非易事，但如果我们看看几个关键的财务指标，这是可能的。在一个完美的世界里，我们希望看到一家公司向其业务投入更多资本，理想情况下，从这些资本中赚取的回报也在增加。这向我们表明，它是一台复合机器，能够不断地将其收益再投资于企业，并产生更高的回报。不过，经过调查，青岛中资中成集团有限公司(SZSE：300208)，我们认为目前的趋势不适合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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. To calculate this metric for Qingdao Zhongzi Zhongcheng GroupLtd, this is the formula:
对于那些不确定ROCE是什么的人，它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。要计算青岛中资中成集团有限公司的这一指标，公式如下：
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)
0.18 = CN¥215m ÷ (CN¥4.7b - CN¥3.5b) (Based on the trailing twelve months to June 2023).
0.18=CN元2.15亿？(CN元47亿-CN元35亿)(根据截至2023年6月的往绩12个月计算)。
Thus, Qingdao Zhongzi Zhongcheng GroupLtd has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Electrical industry average of 6.3% it's much better.
因此，青岛中资中诚集团股份有限公司的净资产收益率为18%。就绝对值而言，这是一个令人满意的回报率，但与电气行业6.3%的平均回报率相比，这要好得多。
Check out our latest analysis for Qingdao Zhongzi Zhongcheng GroupLtd
查看我们对青岛中资中成集团有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Qingdao Zhongzi Zhongcheng GroupLtd's ROCE against it's prior returns. If you'd like to look at how Qingdao Zhongzi Zhongcheng GroupLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
当研究一只股票时，历史表现是一个很好的起点，所以在上面你可以看到青岛中资中成集团有限公司的ROCE相对于它之前的回报的衡量标准。如果你想看看青岛中资中成集团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。
How Are Returns Trending?
回报趋势如何？
We've noticed that although returns on capital are flat over the last five years, the amount of capital employed in the business has fallen 45% in that same period. To us that doesn't look like a multi-bagger because the company appears to be selling assets and it's returns aren't increasing. So if this trend continues, don't be surprised if the business is smaller in a few years time.
我们注意到，尽管过去五年的资本回报率持平，但同期企业使用的资本额下降了45%。在我们看来，这看起来不像是一家多公司的公司，因为该公司似乎正在出售资产，而且回报也没有增加。因此，如果这种趋势继续下去，如果几年后业务规模变小，也不要感到惊讶。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 74% of total assets, this reported ROCE would probably be less than18% because total capital employed would be higher.The 18% ROCE could be even lower if current liabilities weren't 74% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另一方面，虽然ROCE趋势的变化可能不会引起人们的注意，但有趣的是，目前的负债实际上在过去五年里有所上升。这很耐人寻味，因为如果流动负债没有增加到总资产的74%，这一报告的净资产收益率可能会低于18%，因为使用的总资本会更高。如果流动负债不是总资产的74%，净资产收益率可能会更低，因为公式将显示使用总资本的更大基数。因此，在当前负债水平如此之高的情况下，这实际上意味着供应商或短期债权人等人正在为业务的一个重要部分提供资金，在某些情况下，这可能会带来一些风险。
In Conclusion...
总之..。
Overall, we're not ecstatic to see Qingdao Zhongzi Zhongcheng GroupLtd reducing the amount of capital it employs in the business. Unsurprisingly, the stock has only gained 30% over the last five years, which potentially indicates that investors are accounting for this going forward. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总体而言，我们并不欣喜若狂地看到青岛中资中成集团有限公司减少了业务中使用的资本金。不出所料，该股在过去五年中仅上涨了30%，这可能表明未来投资者正在考虑这一点。因此，如果您正在寻找一个多袋子，我们建议寻找其他选择。
One more thing to note, we've identified 2 warning signs with Qingdao Zhongzi Zhongcheng GroupLtd and understanding them should be part of your investment process.
还有一件事需要注意，我们已经确定了2个警告标志与青岛中资中诚集团有限公司合作，了解他们应该是你投资过程的一部分。
While Qingdao Zhongzi Zhongcheng GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管青岛中资中诚集团有限公司并没有获得最高的回报，但看看这个。免费资产负债表稳健、股本回报率高的公司名单。
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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。