Nanjing Kangni Mechanical & ElectricalLtd's (SHSE:603111) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Nanjing Kangni Mechanical & ElectricalLtd's (SHSE:603111) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. So after glancing at the trends within Nanjing Kangni Mechanical & ElectricalLtd (SHSE:603111), we weren't too hopeful.
忽略公司的股价,告诉我们企业已经过了增长阶段的潜在趋势是什么?一家可能处于衰退状态的企业通常会呈现出两种趋势,一个 返回 关于资本使用率(ROCE)正在下降,而且 基础 使用的资本也在下降。这样的趋势最终意味着该企业正在减少投资,同时也减少了其投资的收益。因此,在看了南京康尼机电有限公司(SHSE: 603111)的趋势之后,我们并不抱太大希望。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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 Nanjing Kangni Mechanical & ElectricalLtd 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)。南京康尼机电有限公司的计算公式为:
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)
0.072 = CN¥296m ÷ (CN¥5.9b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.072 = 2.96亿元人民币 ÷(59亿元人民币-17亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Nanjing Kangni Mechanical & ElectricalLtd has an ROCE of 7.2%. On its own that's a low return, but compared to the average of 6.0% generated by the Machinery industry, it's much better.
因此,南京康尼机电有限公司的投资回报率为7.2%。就其本身而言,回报率很低,但与机械行业6.0%的平均回报率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240311/0-4b2d4a51bbc80696a9efec988546a814-0-7791c04dc8288d0b6cff0c41e8d2b647.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 , check out these free graphs detailing revenue and cash flow performance of Nanjing Kangni Mechanical & ElectricalLtd.
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。如果您想深入研究历史收益,请查看这些免费图表,详细说明南京康尼机电有限公司的收入和现金流表现。
The Trend Of ROCE
ROCE 的趋势
There is reason to be cautious about Nanjing Kangni Mechanical & ElectricalLtd, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 9.7% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Nanjing Kangni Mechanical & ElectricalLtd to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对南京康尼机电有限公司持谨慎态度。不幸的是,资本回报率已从五年前的9.7%有所下降。同时,在此期间,该业务使用的资本基本保持不变。表现出这些属性的公司往往不会萎缩,但它们可能已经成熟,面临竞争对利润的压力。如果这些趋势继续下去,我们预计南京康尼机电有限公司不会变成一家多装袋公司。
The Bottom Line On Nanjing Kangni Mechanical & ElectricalLtd's ROCE
南京康尼机电有限公司ROCE的底线
In summary, it's unfortunate that Nanjing Kangni Mechanical & ElectricalLtd is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 19% 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.
总而言之,不幸的是,南京康尼机电有限公司从相同数量的资本中获得的回报较低。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19%。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。
Nanjing Kangni Mechanical & ElectricalLtd could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 603111 on our platform quite valuable.
南京康尼机电有限公司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的平台上对603111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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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。