Capital Allocation Trends At Chase Science (SZSE:300941) Aren't Ideal
Capital Allocation Trends At Chase Science (SZSE:300941) Aren't Ideal
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Chase Science (SZSE:300941) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。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。有鉴于此,当我们研究大通科学(深圳证券交易所代码:300941)及其投资回报率趋势时,我们并不十分兴奋。
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 Chase Science:
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大通科学的金额:
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)
0.041 = CN¥52m ÷ (CN¥1.3b - CN¥66m) (Based on the trailing twelve months to September 2023).
0.041 = 5200万元人民币 ÷(13亿元人民币-6600万元人民币) (基于截至2023年9月的过去十二个月)。
So, Chase Science has an ROCE of 4.1%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.5%.
因此,大通科学的投资回报率为4.1%。从绝对值来看,这是一个低回报,其表现也低于电子行业5.5%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240328/0-cf158015ccb513c65bcfaccacae723a6-0-c6797b468512d7b444bff1ae56971f9d.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're interested in investigating Chase Science's past further, check out this free graph covering Chase Science'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。如果你有兴趣进一步调查大通科学的过去,请查看这张涵盖大通科学过去的收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
In terms of Chase Science's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.1% from 37% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就大通科学的历史ROCE走势而言,这种趋势并不理想。在过去五年中,资本回报率从五年前的37%降至4.1%。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。
On a related note, Chase Science has decreased its current liabilities to 5.0% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
与此相关的是,大通科学已将其流动负债减少至总资产的5.0%。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。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 Key Takeaway
关键要点
In summary, we're somewhat concerned by Chase Science's diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 58% over the last three years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总而言之,我们对大通科学因资本额增加而产生的回报减少感到担忧。因此,该股在过去三年中下跌了58%也就不足为奇了,因此投资者似乎已经意识到了这些变化。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing: We've identified 2 warning signs with Chase Science (at least 1 which is significant) , and understanding them would certainly be useful.
还有一件事:我们在Chase Science发现了两个警告信号(至少有一个很重要),了解它们肯定会很有用。
While Chase Science isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管大通科学的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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。