Returns On Capital At Changzhou Zhongying Science & Technology (SZSE:300936) Paint A Concerning Picture
Returns On Capital At Changzhou Zhongying Science & Technology (SZSE:300936) Paint A Concerning Picture
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Changzhou Zhongying Science & Technology (SZSE:300936) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想找到潜在的多袋装袋机,通常有一些潜在的趋势可以提供线索。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。话虽如此,乍一看常州中英科技(SZSE: 300936),我们并不是对回报的走势不屑一顾,但让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Changzhou Zhongying Science & Technology:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用这个公式来计算常州中英科技的利润:
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)
0.025 = CN¥27m ÷ (CN¥1.1b - CN¥61m) (Based on the trailing twelve months to September 2023).
0.025 = 2700万元人民币 ÷(11亿元人民币-6.1亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Changzhou Zhongying Science & Technology has an ROCE of 2.5%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.3%.
因此,常州中英科技的投资回报率为2.5%。归根结底,这是一个低回报,其表现低于电子行业5.3%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240228/0-3482b84c9dd8ef1ad9a0aaf919c64e1b-0-9200ce2e12a5a5ab61519e3510b60d18.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'd like to look at how Changzhou Zhongying Science & Technology has performed in the past in other metrics, you can view this free graph of Changzhou Zhongying Science & Technology's 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。如果你想在其他指标中查看常州中英科技过去的表现,你可以查看这张关于常州中英科技过去收益、收入和现金流的免费图表。
So How Is Changzhou Zhongying Science & Technology's ROCE Trending?
那么常州中英科技的投资回报率走势如何?
On the surface, the trend of ROCE at Changzhou Zhongying Science & Technology doesn't inspire confidence. Over the last five years, returns on capital have decreased to 2.5% from 24% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看,常州中英科技的ROCE趋势并不能激发信心。在过去五年中,资本回报率从五年前的24%下降到2.5%。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
In Conclusion...
总之...
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Zhongying Science & Technology is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 25% over the last three years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报较低,但我们感到鼓舞的是,常州中英科技正在进行再投资以实现增长,从而实现了更高的销售额。但是,这些增长趋势并未带来增长回报,因为该股在过去三年中下跌了25%。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究该股。
If you'd like to know more about Changzhou Zhongying Science & Technology, we've spotted 2 warning signs, and 1 of them makes us a bit uncomfortable.
如果你想进一步了解常州中英科技,我们已经发现了2个警告标志,其中一个让我们有点不舒服。
While Changzhou Zhongying Science & Technology may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管常州中英科技目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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