Some Investors May Be Worried About GDH Supertime Group's (SZSE:001338) Returns On Capital
Some Investors May Be Worried About GDH Supertime Group's (SZSE:001338) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Having said that, from a first glance at GDH Supertime Group (SZSE:001338) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想找到一只能够在长期内倍增的股票，我们需要寻找什么潜在趋势？理想情况下，一个公司将会呈现出两个趋势: 首先是日益增长的资本利润率(ROCE)，其次是不断增加的资本使用量。基本上，这意味着一个公司有盈利的项目，它能够继续投资其中，这是一个复利机器的特点。话虽如此，在对神州数码集团股份有限公司(SZSE:001338)进行初步观察时，我们不会因为回报率的趋势而感到兴奋，但让我们更深入地观察一下。
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. To calculate this metric for GDH Supertime Group, this is the formula:
如果您之前没有使用过ROCE，它可以衡量公司从其业务中使用的资本创造的“回报”(税前利润)。要为神州数码集团股份有限公司计算这个指标，可以使用以下公式:
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。
0.068 = CN¥234m ÷ (CN¥4.5b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.068 = CN¥23400万 ÷ (CN¥45亿 - CN¥1.1b) (基于截至2024年3月的过去十二个月)。
Thus, GDH Supertime Group has an ROCE of 6.8%. Ultimately, that's a low return and it under-performs the Beverage industry average of 17%.
因此，神州数码集团股份有限公司的ROCE为6.8%。最终，这是一个较低的回报率，表现不及饮料行业平均水平(17%)。
Historical performance is a great place to start when researching a stock so above you can see the gauge for GDH Supertime Group's ROCE against it's prior returns. If you're interested in investigating GDH Supertime Group's past further, check out this free graph covering GDH Supertime Group's past earnings, revenue and cash flow.
历史业绩是研究股票的良好起点，因此您可以在上面看到神州数码集团股份有限公司ROCE与其之前的回报的比较。如果您对神州数码集团股份有限公司的过去更加感兴趣，可以查看这个免费的图表，涵盖了神州数码集团股份有限公司的过去收益、营收和现金流。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
When we looked at the ROCE trend at GDH Supertime Group, we didn't gain much confidence. To be more specific, ROCE has fallen from 9.7% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
当我们查看神州数码集团股份有限公司的ROCE趋势时，我们并没有获得很多信心。更具体地说，ROCE在过去五年中已经从9.7%下降。另一方面，公司在过去一年中增加了更多的资本，但销售额没有相应提升，这可能表明这些投资是较为长期的。值得关注的是，从这里开始观察公司的盈利情况，看看这些投资是否最终为底线做出贡献。
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。
In summary, GDH Supertime Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last year, the stock has given away 41% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总之，神州数码集团股份有限公司正在将资金重新投资到业务中以推动增长，但不幸的是，销售额看起来还没有明显提高。另外，在过去一年中，该股已跌去41%，因此市场似乎不太看好这些趋势会很快变得更为强劲。总体而言，我们对该公司的潜在趋势并不太有信心，我们认为可能有更好的机会在其他地方寻找多倍增长的公司。
On a final note, we've found 1 warning sign for GDH Supertime Group that we think you should be aware of.
最后要注意的是，我们发现了一项GDH神州数码集团应该注意的1个警告信号。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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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？关注内容？请直接与我们联系。或者，发送电子邮件至editorial-team@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
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