Guangdong Advertising GroupLtd's (SZSE:002400) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Guangdong Advertising GroupLtd's (SZSE:002400) Returns On Capital Tell Us There Is Reason To Feel Uneasy
0.032 = CN¥167m ÷ (CN¥8.8b - CN¥3.6b) (Based on the trailing twelve months to March 2024).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. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. And from a first read, things don't look too good at Guangdong Advertising GroupLtd (SZSE:002400), so let's see why.
为了避免投资衰退的业务，有一些金融指标可以提供衰老的早期迹象。往往情况下，我们会看到资本占用的下降。这表明业务不仅在缩小净资产的规模，而且其回报也在下降。从第一篇文章的阅读中可以看出，广东广告集团有限公司（SZSE：002400）的情况不太乐观，所以让我们来看看原因。资产回报率：它是什么？其资本使用回报率（ROCE）和资本使用量降低。基本上，公司在其投资上赚的钱越来越少，同时还在减少其总资产。 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。资本占用正在下降。这不仅意味着公司缩小了净资产的规模，而且回报也在下降。从第一篇文章的阅读中可以看出，广东广告集团有限公司（SZSE：002400）的情况不太乐观，所以让我们来看看原因。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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 Guangdong Advertising GroupLtd is:
如果您之前没有接触过ROCE，它可以衡量公司在业务中使用的投入资本所带来的“回报”（税前利润）。广东广告集团有限公司的这个计算公式是：
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。
0.032 = CN¥167m ÷ (CN¥8.8b - CN¥3.6b) (Based on the trailing twelve months to March 2024).
0.032 = 1.67亿元 ÷ （88亿元 - 36亿元）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。.
So, Guangdong Advertising GroupLtd has an ROCE of 3.2%. Ultimately, that's a low return and it under-performs the Media industry average of 4.0%.
因此，广东广告集团有限公司的ROCE为3.2％。总的来说，这是一个低回报，低于4.0％的媒体行业平均水平。
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 Guangdong Advertising GroupLtd's past further, check out this free graph covering Guangdong Advertising GroupLtd's past earnings, revenue and cash flow.
虽然过去不代表未来，但了解公司的历史表现可能会有帮助，这也是我们展示上述图表的原因。如果您有兴趣进一步调查广东广告集团有限公司的过去，请查看这个免费的图表，涵盖广东广告集团有限公司过去的收益、营业收入和现金流量。
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。
There is reason to be cautious about Guangdong Advertising GroupLtd, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 9.3% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Guangdong Advertising GroupLtd becoming one if things continue as they have.
广东广告集团有限公司的回报正在向下趋势，这值得我们谨慎。不幸的是，资本回报已经从五年前的9.3％下降。此外，值得注意的是，企业所使用的资本保持相对稳定。这种组合可能表明这是一家成熟的公司，仍有一些地方可以投入资金，但由于可能存在新的竞争或更小的利润，所以回报不高。因此，由于这些趋势通常不利于创造多袋，如果事情继续下去，我们不会把广东广告集团有限公司寄托希望成为一个多袋。
On a separate but related note, it's important to know that Guangdong Advertising GroupLtd has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，广东广告集团有限公司的流动负债占总资产的比例达到41％，我们认为这相当高。这实际上意味着供应商（或短期债权人）为业务的大部分资金提供资金。因此，请注意这可能会引入一些风险。理想情况下，我们希望看到这一比值降低，这意味着承担风险的义务更少。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. However the stock has delivered a 73% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
总的来说，对于固定资产的同等回报率，回报率不高并不是合成机器的迹象。然而，在过去的五年里，该股票为股东提供了73％的回报，因此投资者可能期望趋势会扭转。不管怎么样，我们对基本面不太舒适，所以我们现在会避开这只股票。
Guangdong Advertising GroupLtd does have some risks though, and we've spotted 1 warning sign for Guangdong Advertising GroupLtd that you might be interested in.
虽然如此，广东广告集团有限公司存在一些风险，我们已经发现这家公司存在1个警告标志。您可能会感兴趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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