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Be Wary Of Shandong Longji MachineryLtd (SZSE:002363) And Its Returns On Capital

Be Wary Of Shandong Longji MachineryLtd (SZSE:002363) And Its Returns On Capital

警惕山东隆基机械有限公司(深圳证券交易所:002363)及其资本回报率
Simply Wall St ·  03/15 18:50

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. On that note, looking into Shandong Longji MachineryLtd (SZSE:002363), we weren't too upbeat about how things were going.

为了避免投资衰退的企业,有一些财务指标可以提供衰老的早期迹象。通常,我们会看到下降 返回 论资本使用率(ROCE)和下降情况 金额 所用资本的比例。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。综上所述,纵观山东隆基机械有限公司(深圳证券交易所:002363),我们对事态发展并不太乐观。

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

资本使用回报率(ROCE):这是什么?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Shandong Longji MachineryLtd, this is the formula:

对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算山东隆基机械有限公司的这个指标,公式如下:

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)

0.0088 = CN¥20m ÷ (CN¥3.4b - CN¥1.2b) (Based on the trailing twelve months to September 2023).

0.0088 = 2,000万元人民币 ÷(34亿元人民币-12亿元人民币) (基于截至2023年9月的过去十二个月)

Thus, Shandong Longji MachineryLtd has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 5.9%.

因此,山东隆基机械有限公司的投资回报率为0.9%。从绝对值来看,这是一个低回报,其表现也低于汽车零部件行业平均水平的5.9%。

roce
SZSE:002363 Return on Capital Employed March 15th 2024
SZSE: 002363 2024 年 3 月 15 日动用资本回报率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Shandong Longji MachineryLtd's ROCE against it's prior returns. If you're interested in investigating Shandong Longji MachineryLtd's past further, check out this free graph covering Shandong Longji MachineryLtd's past earnings, revenue and cash flow.

历史表现是研究股票的绝佳起点,因此在上面你可以看到山东隆基机械有限公司的投资回报率与先前回报的对比。如果你有兴趣进一步调查山东隆基机械有限公司的过去,请查看这张涵盖山东隆基机械有限公司过去的收益、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 worried about the trend of returns on capital at Shandong Longji MachineryLtd. About five years ago, returns on capital were 3.5%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Shandong Longji MachineryLtd to turn into a multi-bagger.

我们对山东隆基机械有限公司的资本回报率趋势有些担忧。大约五年前,资本回报率为3.5%,但现在已大大低于我们在上面看到的水平。同时,在此期间,该业务使用的资本基本保持不变。由于回报率下降且该企业的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中没有太大的增长。如果这些趋势继续下去,我们预计山东隆基机械有限公司不会变成一家多装袋机。

What We Can Learn From Shandong Longji MachineryLtd's ROCE

我们可以从山东隆基机械有限公司的ROCE中学到什么

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. Despite the concerning underlying trends, the stock has actually gained 28% over the last five years, so it might be that the investors are expecting the trends to reverse. Regardless, we don't like the trends as they are and if they persist, 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。尽管潜在趋势令人担忧,但该股在过去五年中实际上已经上涨了28%,因此投资者可能预计趋势将逆转。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。

Shandong Longji MachineryLtd does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...

但是,山东隆基机械有限公司确实存在一些风险,我们在投资分析中发现了3个警告信号,其中一个不太适合我们...

While Shandong Longji MachineryLtd 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.

尽管山东隆基机械有限公司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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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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