Returns On Capital At Saimo TechnologyLtd (SZSE:300466) Paint A Concerning Picture
Returns On Capital At Saimo TechnologyLtd (SZSE:300466) Paint A Concerning Picture
What underlying fundamental trends can indicate that a company might be in decline? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. In light of that, from a first glance at Saimo TechnologyLtd (SZSE:300466), we've spotted some signs that it could be struggling, so let's investigate.
哪些潜在的基本面趋势可以表明一家公司可能处于衰退状态?当我们看到下降时 返回 在资本使用率(ROCE)的下降的同时 基础 就所使用的资本而言,成熟的企业通常会以这种方式显示出老化的迹象。这表明该公司的投资利润减少了,总资产也在减少。有鉴于此,乍一看赛模科技有限公司(深圳证券交易所代码:300466),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。
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. Analysts use this formula to calculate it for Saimo TechnologyLtd:
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。分析师使用这个公式来计算 Saimo TechnologyLtd 的值:
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)
0.017 = CN¥15m ÷ (CN¥1.5b - CN¥584m) (Based on the trailing twelve months to September 2023).
0.017 = 1500万元人民币 ÷(15亿元人民币-5.84亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Saimo TechnologyLtd has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.0%.
因此,赛默科技有限公司的投资回报率为1.7%。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。
Check out our latest analysis for Saimo TechnologyLtd
查看我们对 Saimo TechnologyLtd 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-150f6e33ea345ecda579fa8a59bc27cb-0-27bc58fd17fd4311c6d9eb4994283f39.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Saimo TechnologyLtd's ROCE against it's prior returns. If you'd like to look at how Saimo TechnologyLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点,因此您可以在上方看到Saimo TechnologyLtd的投资回报率与先前回报率的对比。如果你想在其他指标中查看Saimo TechnologyLtd过去的表现,你可以查看这张过去收益、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
We are a bit anxious about the trends of ROCE at Saimo TechnologyLtd. To be more specific, today's ROCE was 2.5% five years ago but has since fallen to 1.7%. In addition to that, Saimo TechnologyLtd is now employing 39% less capital than it was five years ago. When you see both ROCE and capital employed diminishing, it can often be a sign of a mature and shrinking business that might be in structural decline. If these underlying trends continue, we wouldn't be too optimistic going forward.
我们对赛默科技有限公司的投资回报率的趋势有些担忧。更具体地说,今天的投资回报率在五年前为2.5%,但此后已降至1.7%。除此之外,Saimo TechnologyLtd现在的资本比五年前减少了39%。当你看到投资回报率和资本利用率都减少时,这通常表明业务成熟且萎缩,可能处于结构性衰退。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, Saimo TechnologyLtd's current liabilities have increased over the last five years to 40% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 1.7%. 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,在过去五年中,Saimo TechnologyLtd的流动负债已增加到总资产的40%,这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1.7%。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。
The Key Takeaway
关键要点
In summary, it's unfortunate that Saimo TechnologyLtd is shrinking its capital base and also generating lower returns. In spite of that, the stock has delivered a 4.7% return to shareholders who held over the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
总而言之,不幸的是,Saimo TechnologyLtd正在缩减其资本基础,同时产生的回报也较低。尽管如此,该股为在过去五年中持股的股东带来了4.7%的回报。无论如何,我们不喜欢当前的趋势,如果趋势持续下去,我们认为您可能会在其他地方找到更好的投资。
If you'd like to know about the risks facing Saimo TechnologyLtd, we've discovered 2 warning signs that you should be aware of.
如果你想了解Saimo TechnologyLtd面临的风险,我们发现了两个警告信号,你应该注意。
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。