Zhejiang Tongxing Technology's (SZSE:301252) Returns Have Hit A Wall
Zhejiang Tongxing Technology's (SZSE:301252) Returns Have Hit A Wall
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at Zhejiang Tongxing Technology's (SZSE:301252) ROCE trend, we were pretty happy with what we saw.
应该关注那些具有长期增值潜力的股票，要想做到这一点，需要遵循以下所有规则：首先，我们希望看到一个资本运用的经过验证。简单地说，这些类型的企业是复合机器，这意味着它们不断地将其收益以越来越高的回报率重新投资。鉴于这一点，当我们看到弘高科技（深圳）（SHSE：688279）及其ROCE的趋势时，我们并不是很兴奋。资产回报率：它是什么？了解资本使用回报率（ROCE）如果你以前没有接触过ROCE，它衡量公司从资本使用中产生的“回报”（税前利润）。要为洪恩计算此指标，这是公式:资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）如果你在资本的运用中看到这一点，通常意味着它是一个拥有良好商业模式和充足盈利再投资机会的公司。因此，当我们简要地观察了浙江通行科技（SZSE：301252）的ROCE趋势时，我们对所看到的感到非常满意。
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. To calculate this metric for Zhejiang Tongxing Technology, this is the formula:
如果你之前没有使用过ROCE，那么它是衡量公司在其业务中运用的资本所产生的“回报率”（税前利润）的指标。对于浙江通行科技来计算这个指标，公式如下：
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。
0.11 = CN¥122m ÷ (CN¥1.7b - CN¥534m) (Based on the trailing twelve months to December 2023).
0.11 = CN¥12200万 ÷ (CN¥17亿 - CN¥534m)（基于截至2023年12月的过去十二个月）.
Thus, Zhejiang Tongxing Technology has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 5.6% it's much better.
因此，浙江通行科技的ROCE为11%。在绝对值方面，这是一个令人满意的回报，但与机械行业平均水平的5.6%相比，这要好得多。
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 Zhejiang Tongxing Technology's past further, check out this free graph covering Zhejiang Tongxing Technology's past earnings, revenue and cash flow.
虽然过去不代表未来，但了解一家公司的历史表现可能会很有帮助，这就是为什么我们有了上面的图表。如果您有兴趣进一步调查浙江通行科技的过去，请查看这张免费的图表，涵盖了浙江通行科技过去的收益、营业收入和现金流量。
What Does the ROCE Trend For Zhejiang Tongxing Technology Tell Us?
浙江通行科技的ROCE趋势告诉我们什么？
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 11% and the business has deployed 364% more capital into its operations. 11% is a pretty standard return, and it provides some comfort knowing that Zhejiang Tongxing Technology has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
虽然目前的资本回报率不错，但它们并没有太大的变化。在过去的五年中，ROCE一直相对稳定地维持在11%左右，企业已将其运营资本增加了364%。11%是一个相当标准的回报率，说明浙江通行科技一直能够稳定地赚取这样的金额。在长时间内，这样的回报率可能不太令人兴奋，但在稳定的情况下，它们可以带来股价回报。
On a side note, Zhejiang Tongxing Technology has done well to reduce current liabilities to 32% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk.
顺便提一下，浙江通行科技在过去的五年中成功将流动负债降至总资产的32%。这有效地减少了供应商对企业的资助，从而降低了一些风险因素。
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。
In the end, Zhejiang Tongxing Technology has proven its ability to adequately reinvest capital at good rates of return. However, despite the favorable fundamentals, the stock has fallen 17% over the last year, so there might be an opportunity here for astute investors. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
最后，浙江通行科技已经证明了其具备以良好的回报率充分再投资的能力。然而，尽管基本面很有吸引力，但股票在过去一年中下跌了17%，因此聪明的投资者可能会在这里找到机会。这就是为什么我们认为有必要进一步研究这支股票的原因。
If you want to know some of the risks facing Zhejiang Tongxing Technology we've found 3 warning signs (2 are concerning!) that you should be aware of before investing here.
如果您想了解浙江通行科技面临的一些风险，我们发现了3个警告信号（其中2个令人担忧！），在投资这里之前，请注意这些风险。
While Zhejiang Tongxing Technology 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.
虽然浙江通行科技目前的回报率可能不是最高的，但我们编制了一份目前获得超过25%股本回报率的公司名单。请在这里查看这个免费的名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。