Returns On Capital Signal Tricky Times Ahead For Shenzhen Urban Transport Planning Center (SZSE:301091)
Returns On Capital Signal Tricky Times Ahead For Shenzhen Urban Transport Planning Center (SZSE:301091)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Shenzhen Urban Transport Planning Center (SZSE:301091) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一只长期可以成倍增长的股票,我们应该寻找什么基本趋势?除其他事项外,我们希望看到两点;首先是资本雇用的增长。这向我们展示了它是一台复合机器,能够不断地将其收益再投资回业务中,并产生更高的回报。考虑到这一点,我们已经注意到福尼克斯(NASDAQ:PLAB)出现了一些有希望的趋势,让我们更深入地了解一下。资产回报率:它是什么?如果您不确定ROCE是什么,它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数,使用以下公式:0.054 = 1.24亿美元÷(31亿美元 - 8.53亿美元)ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。这显示出它是一个复利机器,能够不断将其收益再投资于企业并产生更高的回报率。在此基础上,当我们看到深圳市城市交通规划设计研究中心(深交所:301091)及其ROCE趋势时,我们并不是非常兴奋。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Shenzhen Urban Transport Planning Center:
如果您之前没有使用ROCE,它是衡量公司在业务中使用的资本所产生的'回报' (税前利润) 的指标。分析师使用这个公式来计算深圳市城市交通规划设计研究中心的ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.056 = CN¥134m ÷ (CN¥3.1b - CN¥708m) (Based on the trailing twelve months to March 2024).
0.056 = 1.34亿元人民币 ÷ (31亿元人民币 - 7.08亿元人民币)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, Shenzhen Urban Transport Planning Center has an ROCE of 5.6%. Even though it's in line with the industry average of 5.7%, it's still a low return by itself.
因此,深圳市城市交通规划设计研究中心的ROCE为5.6%。尽管与行业平均水平5.7%相符,但本身仍然是一个较低的回报率。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240524/0-bb6cb13587f08c530855fe2d8a0959a7-0-1420b831f5608176080605ea123f6e66.png/big)
In the above chart we have measured Shenzhen Urban Transport Planning Center's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shenzhen Urban Transport Planning Center for free.
在上图中,我们已经测量了深圳市城市交通规划设计研究中心以前的ROCE与其以前的业绩,但未来可能更重要。如果您愿意,可以免费查看覆盖深圳市城市交通规划设计研究中心的分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
In terms of Shenzhen Urban Transport Planning Center's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 27%, but since then they've fallen to 5.6%. 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就深圳市城市交通规划设计研究中心历史上的ROCE变化而言,趋势并不好。大约五年前,资本回报率达到了27%,但此后下降到了5.6%。但是,考虑到资本和营业收入都在增加,看起来企业当前正在追求增长,因而牺牲了短期的回报率。如果增加的资本产生了额外的回报,企业和股东将在长期受益。
On a side note, Shenzhen Urban Transport Planning Center has done well to pay down its current liabilities to 23% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
除此之外,深圳市城市交通规划设计研究中心成功地偿还了其流动负债,使其占总资产的23%。因此,我们可以将其中的一部分与ROCE的下降联系起来,这有效地意味着他们的供应商或短期债权人为企业提供的资金更少了,这减少了某些风险因素。有些人会认为这降低了企业产生ROCE的效率,因为现在它正在用自己的资金资助更多的业务。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
While returns have fallen for Shenzhen Urban Transport Planning Center in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has done incredibly well with a 124% return over the last year, so long term investors are no doubt ecstatic with that result. So should these growth trends continue, we'd be optimistic on the stock going forward.
尽管深圳市城市交通规划设计研究中心的回报率近年来有所下降,但我们看到其销售额正在增长,企业正在对其业务进行再投资。并且股票的回报率在过去一年中取得了惊人的124%的回报率,因此长期投资者无疑对此结果感到兴奋。因此,如果这些增长趋势持续下去,我们对股票未来持乐观态度。
Shenzhen Urban Transport Planning Center does have some risks, we noticed 2 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
深圳市城市交通规划设计研究中心确实存在一些风险,我们注意到了2个警告标志(以及1个我们感到有些不舒服的标志),我们认为您应该了解。
While Shenzhen Urban Transport Planning Center 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.
尽管深圳市城市交通规划设计研究中心目前的回报率不是最高的,但我们编制了一份目前获得超过25%股权回报率的公司名单。在这里免费查看列表。
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