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Zhejiang Jindun Fans (SZSE:300411) Will Be Hoping To Turn Its Returns On Capital Around

Zhejiang Jindun Fans (SZSE:300411) Will Be Hoping To Turn Its Returns On Capital Around

浙江金盾粉丝(深圳证券交易所代码:300411)希望扭转资本回报率
Simply Wall St ·  01/24 12:38

When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. So after we looked into Zhejiang Jindun Fans (SZSE:300411), the trends above didn't look too great.

在投资方面,有一些有用的财务指标可以在企业可能遇到麻烦时向我们发出警告。通常,我们会看到下降 返回 论资本使用率(ROCE)和下降情况 金额 所用资本的比例。这表明该公司之所以没有增加股东财富,是因为回报率下降且净资产基础在萎缩。因此,在我们调查了浙江金盾粉丝(深圳证券交易所代码:300411)之后,上述趋势看起来并不太好。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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 Zhejiang Jindun Fans 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。浙江金盾风机的计算公式为:

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)

0.029 = CN¥30m ÷ (CN¥1.5b - CN¥418m) (Based on the trailing twelve months to September 2023).

0.029 = 3000万元人民币 ÷(15亿元人民币-4.18亿元人民币) (基于截至2023年9月的过去十二个月)

Thus, Zhejiang Jindun Fans has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.0%.

因此,浙江金盾风机的投资回报率为2.9%。归根结底,这是一个低回报,其表现低于机械行业6.0%的平均水平。

See our latest analysis for Zhejiang Jindun Fans

查看我们对浙江金盾粉丝的最新分析

roce
SZSE:300411 Return on Capital Employed January 24th 2024
SZSE: 300411 2024年1月24日动用资本回报率

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 want to delve into the historical earnings, revenue and cash flow of Zhejiang Jindun Fans, check out these free graphs here.

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。如果您想深入了解浙江金盾粉丝的历史收益、收入和现金流,请在此处查看这些免费图表。

How Are Returns Trending?

退货趋势如何?

The trend of returns that Zhejiang Jindun Fans is generating are raising some concerns. Unfortunately, returns have declined substantially over the last five years to the 2.9% we see today. In addition to that, Zhejiang Jindun Fans is now employing 70% less capital than it was five years ago. The combination of lower ROCE and less capital employed can indicate that a business is likely to be facing some competitive headwinds or seeing an erosion to its moat. If these underlying trends continue, we wouldn't be too optimistic going forward.

浙江金盾粉丝的回报趋势令人担忧。不幸的是,在过去五年中,回报率大幅下降至我们今天看到的2.9%。除此之外,浙江金盾球迷现在的资本比五年前减少了70%。较低的投资回报率和较少的资本使用相结合,可能表明企业可能面临一些竞争阻力或护城河受到侵蚀。如果这些潜在趋势继续下去,我们对未来不会太乐观。

On a side note, Zhejiang Jindun Fans' current liabilities have increased over the last five years to 29% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 2.9%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.

顺便说一句,浙江金盾粉丝的流动负债在过去五年中增加到总资产的29%,在某种程度上实际上扭曲了投资回报率。如果没有这样的增长,投资回报率很可能会低于2.9%。尽管该比率目前还不太高,但值得关注,因为如果该比率变得特别高,则业务可能会面临一些新的风险因素。

In Conclusion...

总之...

In short, lower returns and decreasing amounts capital employed in the business doesn't fill us with confidence. Long term shareholders who've owned the stock over the last five years have experienced a 16% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

简而言之,较低的回报率和业务中使用的资本金额减少并不能使我们充满信心。在过去五年中持有该股的长期股东的投资贬值了16%,因此看来市场可能也不喜欢这些趋势。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。

Zhejiang Jindun Fans could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.

浙江金盾粉丝在其他方面可能会以诱人的价格进行交易,因此您可能会发现我们在我们平台上的免费内在价值估算非常有价值。

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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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.

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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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