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Returns On Capital Signal Tricky Times Ahead For Anhui Provincial Architectural Design and Research InstituteLtd (SZSE:301167)

Returns On Capital Signal Tricky Times Ahead For Anhui Provincial Architectural Design and Research InstituteLtd (SZSE:301167)

资本回报预示着安徽省建筑设计研究院股份有限公司(SZSE: 301167)未来的艰难时期
Simply Wall St ·  02/02 16:56

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. In light of that, when we looked at Anhui Provincial Architectural Design and Research InstituteLtd (SZSE:301167) and its ROCE trend, we weren't exactly thrilled.

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,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 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。有鉴于此,当我们查看安徽省建筑设计研究院股份有限公司(SZSE: 301167)及其投资回报率趋势时,我们并不感到非常兴奋。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

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 Anhui Provincial Architectural Design and Research InstituteLtd:

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。分析师使用以下公式计算安徽省建筑设计研究院有限公司:

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)

0.055 = CN¥54m ÷ (CN¥1.3b - CN¥358m) (Based on the trailing twelve months to September 2023).

0.055 = 5400万元人民币 ÷(13亿元人民币-3.58亿元人民币) (基于截至2023年9月的过去十二个月)

So, Anhui Provincial Architectural Design and Research InstituteLtd has an ROCE of 5.5%. In absolute terms, that's a low return but it's around the Professional Services industry average of 5.5%.

因此,安徽省建筑设计研究院有限公司的投资回报率为5.5%。从绝对值来看,回报率很低,但约为专业服务行业的平均水平5.5%。

roce
SZSE:301167 Return on Capital Employed February 2nd 2024
SZSE: 301167 2024 年 2 月 2 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 Anhui Provincial Architectural Design and Research InstituteLtd, 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。如果您想深入了解安徽省建筑设计研究院有限公司的历史收益、收入和现金流,请在此处查看这些免费图表。

So How Is Anhui Provincial Architectural Design and Research InstituteLtd's ROCE Trending?

那么,安徽省建筑设计研究院有限公司的投资回报率走势如何?

When we looked at the ROCE trend at Anhui Provincial Architectural Design and Research InstituteLtd, we didn't gain much confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 5.5%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

当我们查看安徽省建筑设计研究院有限公司的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为22%,但此后已降至5.5%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。如果这些投资被证明是成功的,这对长期股票表现来说是个好兆头。

On a side note, Anhui Provincial Architectural Design and Research InstituteLtd has done well to pay down its current liabilities to 27% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

顺便说一句,安徽省建筑设计研究院有限公司在偿还其占总资产27%的流动负债方面表现良好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

The Bottom Line

底线

While returns have fallen for Anhui Provincial Architectural Design and Research InstituteLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 29% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.

尽管最近安徽省建筑设计研究院有限公司的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,业务正在对其运营进行再投资。但是,尽管趋势令人鼓舞,但该股比去年下跌了29%,因此对于精明的投资者来说,这里可能有机会。因此,我们建议进一步研究这只股票,以发现该业务的其他基本面可以向我们展示什么。

On a final note, we found 3 warning signs for Anhui Provincial Architectural Design and Research InstituteLtd (1 shouldn't be ignored) you should be aware of.

最后,我们发现了你应该注意的安徽省建筑设计研究院有限公司的3个警告标志(其中一个不容忽视)。

While Anhui Provincial Architectural Design and Research InstituteLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管安徽省建筑设计研究院有限公司的回报率并不是最高的,但请查看这份免费的股本回报率高、资产负债表稳健的公司名单。

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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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