Ningbo Marine's (SHSE:600798) Returns On Capital Not Reflecting Well On The Business
Ningbo Marine's (SHSE:600798) Returns On Capital Not Reflecting Well On The Business
What financial metrics can indicate to us that a company is maturing or even in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. And from a first read, things don't look too good at Ningbo Marine (SHSE:600798), so let's see why.
哪些财务指标可以向我们表明一家公司正在走向成熟甚至衰退?通常,我们会看到两者的趋势 返回 在资本使用率(ROCE)下降时,这通常与下降同时发生 金额 所用资本的比例。这向我们表明,该企业不仅在缩小其净资产规模,而且其回报率也在下降。从第一次读起,宁波海运(SHSE: 600798)的情况看起来并不太好,所以让我们看看原因。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Ningbo Marine is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。在宁波海事上进行此计算的公式为:
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¥177m ÷ (CN¥6.8b - CN¥685m) (Based on the trailing twelve months to September 2023).
0.029 = 1.77亿元人民币 ÷(68亿元人民币-6.85亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Ningbo Marine has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Shipping industry average of 9.0%.
因此,宁波海运的投资回报率为2.9%。归根结底,这是一个低回报,其表现低于航运业9.0%的平均水平。
See our latest analysis for Ningbo Marine
查看我们对宁波海运的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240130/0-a172da0bf02bdd2fb6683198c0c22c0b-0-724e211a30a584cb23e24582c35be69f.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 want to delve into the historical earnings, revenue and cash flow of Ningbo Marine, 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。如果您想深入了解宁波海运的历史收益、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?
There is reason to be cautious about Ningbo Marine, given the returns are trending downwards. To be more specific, the ROCE was 12% five years ago, but since then it has dropped noticeably. 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 Ningbo Marine to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对宁波海运持谨慎态度。更具体地说,五年前的投资回报率为12%,但此后已明显下降。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,我们预计宁波海运不会变成多袋装船。
The Bottom Line On Ningbo Marine's ROCE
宁波海事投资回报率的底线
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. Investors must expect better things on the horizon though because the stock has risen 18% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments 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。但是,投资者必须期待更好的局面,因为该股在过去五年中上涨了18%。无论哪种方式,我们都不是当前趋势的忠实拥护者,因此我们认为您可能会在其他地方找到更好的投资。
One more thing: We've identified 4 warning signs with Ningbo Marine (at least 1 which makes us a bit uncomfortable) , and understanding them would certainly be useful.
还有一件事:我们已经向宁波海运确定了4个警告标志(至少有1个让我们有点不舒服),了解它们肯定会很有用。
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。