Investors Met With Slowing Returns on Capital At QiaoYin City Management (SZSE:002973)
Investors Met With Slowing Returns on Capital At QiaoYin City Management (SZSE:002973)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So, when we ran our eye over QiaoYin City Management's (SZSE:002973) trend of ROCE, we liked what we saw.
如果我们想找到下一个多倍增长股,就需要关注一些关键趋势。其中,我们需要看到两件事情,首先是在使用资本方面增长,这表明它是一个复利机器 ,能够不断将收益再投入业务中,从而产生更高的回报。考虑到这一点,我们注意到了DexCom(纳斯达克:DXCM)正在出现一些有前途的趋势,我们进行了更深入的研究。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。资本运作的回报率(ROCE)是一个公司盈利的标志着一个公司能持续重投资产的良好品质。因此,当我们运行过侨银股份(SZSE:002973)的ROCE趋势时,我们喜欢看到的结果。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for QiaoYin City Management, this is the formula:
如果你不确定ROCE是什么,它是评估公司在投资的资本中获得多少税前收入(以百分比表示)的指标。计算侨银股份的ROCE指标公式是:
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。
0.12 = CN¥504m ÷ (CN¥7.5b - CN¥3.4b) (Based on the trailing twelve months to December 2023).
0.12 = CN¥50400万 ÷ (CN¥75亿 - CN¥3.4b)(基于截至2023年12月的过去十二个月).
Thus, QiaoYin City Management has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 4.8% generated by the Commercial Services industry.
因此,侨银股份的ROCE为12%。单独看,这是一个标准的回报率,但要比商业服务业的4.8%高得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240606/0-f08a2d404b94fb2bea443e8b8d94e493-0-469769d2364d8389d41daae65a948ec1.png/big)
Above you can see how the current ROCE for QiaoYin City Management compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for QiaoYin City Management .
您可以看到侨银股份目前的ROCE与过去的资本回报率相比如何,但过去能够告诉我们的有限。如果您想了解分析师对未来的预测,就应该查看我们免费的分析师报告了解侨银股份。
What Can We Tell From QiaoYin City Management's ROCE Trend?
我们能从侨银股份的ROCE趋势中得出什么结论呢?
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 198% more capital into its operations. Since 12% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趋势并不突出,但总体回报率还可以。在过去的五年中,ROCE保持在约12%左右,并将更多的资本投入到业务中。虽然12%的ROCE是一个中等水平,但是能够持续以这样的回报率重投资产看起来还不错。这个水平的稳定回报可能会让人感到无聊,但如果它们能够在长期内保持下去,它们通常会为股东带来不错的回报。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 45% of total assets, this reported ROCE would probably be less than12% because total capital employed would be higher.The 12% ROCE could be even lower if current liabilities weren't 45% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另外需要注意的是,在过去的五年中,我们注意到公司的流动负债增加了。这很有趣,因为如果流动负债占总资产的比重没有增加到45%,那么声明的ROCE可能会低于12%,因为总资本雇用将更高。如果流动负债不占总资产的45%的比例,12%的ROCE可能会更低,因为公式将显示更大的总资本雇用。此外,这种较高的流动负债水平并不理想,因为这意味着公司的供应商(或短期债权人)实际上为业务的大部分资金提供了资助。
The Key Takeaway
重要提示
In the end, QiaoYin City Management has proven its ability to adequately reinvest capital at good rates of return. Yet over the last three years the stock has declined 47%, so the decline might provide an opening. For that reason, savvy investors might want to look further into this company in case it's a prime investment.
最终,侨银股份证明了其能够以良好的回报率充分地重投资本。然而,在过去的三年中,这只股票已经下跌了47%,因此这种下跌可能会提供机会。因此,明智的投资者可能需要进一步研究一下这家公司,看看它是否是一家主板投资公司。
QiaoYin City Management does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
但侨银城市管理也存在一些风险,我们对其进行了投资分析,并发现了2个警告信号,其中1个让我们感觉不太妙。
While QiaoYin City Management isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管侨银城市管理的回报率不是最高的,但请查看此免费公司列表,这些公司在股本上获得高回报率,并拥有稳健的资产负债表。
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