Here's What's Concerning About Fujian Tendering's (SZSE:301136) Returns On Capital
Here's What's Concerning About Fujian Tendering's (SZSE:301136) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Fujian Tendering (SZSE:301136) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。话虽如此,乍一看福建招标(深圳证券交易所代码:301136),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Fujian Tendering is:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。福建招标的计算公式为:
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¥32m ÷ (CN¥2.1b - CN¥547m) (Based on the trailing twelve months to September 2023).
0.021 = 3200万元人民币 ÷(21亿元人民币-5.47亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Fujian Tendering has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Construction industry average of 6.8%.
因此,福建招标的投资回报率为2.1%。从绝对值来看,回报率很低,也低于建筑业6.8%的平均水平。
See our latest analysis for Fujian Tendering
查看我们对福建招标的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240123/0-f55e7f6de04502fea9925ca4dd03345f-0-62abed35b93c25ed4aabe6b553ee7760.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're interested in investigating Fujian Tendering's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查福建招标的过去,请查看这张过去收益、收入和现金流的免费图表。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at Fujian Tendering, we didn't gain much confidence. To be more specific, ROCE has fallen from 16% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看福建招标的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的16%下降。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a related note, Fujian Tendering has decreased its current liabilities to 26% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是,福建招标已将其流动负债减少至总资产的26%。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。有人会声称这降低了企业产生投资回报率的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
Our Take On Fujian Tendering's ROCE
我们对福建招标投资回报率的看法
In summary, Fujian Tendering is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 16% over the last year, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总而言之,福建招标正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。由于该股在过去一年中下跌了16%,因此投资者对这一趋势的改善可能也不太乐观。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。
Fujian Tendering does come with some risks though, we found 4 warning signs in our investment analysis, and 2 of those shouldn't be ignored...
但是,福建招标确实存在一些风险,我们在投资分析中发现了4个警告信号,其中2个不容忽视...
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。