Returns On Capital At Chengzhi (SZSE:000990) Paint A Concerning Picture
Returns On Capital At Chengzhi (SZSE:000990) Paint A Concerning Picture
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at Chengzhi (SZSE:000990), we've spotted some signs that it could be struggling, so let's investigate.
如果我们想避开衰退的业务,有哪些趋势可以提前警告我们?一家可能处于衰退状态的企业通常表现出两种趋势,一个 返回 关于资本使用率(ROCE)正在下降,而且 基础 使用的资本也在下降。基本上,该公司的投资收入减少了,而且总资产也在减少。有鉴于此,乍一看诚志(深交所股票代码:000990),我们发现了一些可能陷入困境的迹象,所以让我们来调查一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. To calculate this metric for Chengzhi, this is the formula:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算 Chengzhi 的这个指标,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)
0.026 = CN¥522m ÷ (CN¥25b - CN¥5.3b) (Based on the trailing twelve months to September 2023).
0.026 = 5.22亿元人民币 ÷(25亿元人民币-5.3亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Chengzhi has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,诚志的投资回报率为2.6%。归根结底,这是一个低回报,其表现低于化工行业5.5%的平均水平。
View our latest analysis for Chengzhi
查看我们对 Chengzhi 的最新分析
In the above chart we have measured Chengzhi's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Chengzhi.
在上图中,我们将承志先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的Chengzhi免费报告。
So How Is Chengzhi's ROCE Trending?
那么成志的投资回报率如何走势呢?
In terms of Chengzhi's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 4.9% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Chengzhi to turn into a multi-bagger.
就承志的历史ROCE运动而言,这种趋势并不能激发信心。不幸的是,资本回报率已从五年前的4.9%有所下降。在资本使用方面,该企业使用的资本量与当时大致相同。这种组合可能表明一家成熟的企业仍有资金部署的领域,但由于新的竞争或利润率降低,获得的回报并不那么高。如果这些趋势继续下去,我们预计诚志不会变成一个多装袋机。
The Key Takeaway
关键要点
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 29% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
归根结底,相同数量的资本回报率下降的趋势通常并不表示我们正在考虑成长型股票。因此,该股在过去五年中下跌了29%也就不足为奇了,因此投资者似乎已经意识到了这些变化。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing, we've spotted 2 warning signs facing Chengzhi that you might find interesting.
还有一件事,我们发现了 Chengzhi 面前的两个警告标志,你可能会觉得有趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。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型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。