Be Wary Of China Railway Hi-tech Industry (SHSE:600528) And Its Returns On Capital
Be Wary Of China Railway Hi-tech Industry (SHSE:600528) And Its Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at China Railway Hi-tech Industry (SHSE:600528) and its ROCE trend, we weren't exactly thrilled.
如果你想找到一只翻倍股,有一些事情需要关注。通常,我们要注意不断增长的资本回报率(ROCE)的趋势,以及与此同时逐渐扩大的资本规模。简而言之,这些类型的企业是复利机器,意味着他们不断地以越来越高的回报率重新投资其收益。鉴于此,当我们看到中铁高科技(SHSE:600528)及其ROCE趋势时,并不是完全满意。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on China Railway Hi-tech Industry is:
对于不了解ROCE是什么的人来说,ROCE是衡量企业每年实现税前利润(其回报率)相对于业务中使用的资本的一种指标。在中国中铁高科技进行ROCE计算时,公式为:
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。
0.067 = CN¥1.8b ÷ (CN¥59b - CN¥32b) (Based on the trailing twelve months to March 2024).
0.067 = CN¥18亿 ÷ (CN¥590亿 - CN¥32b)(以2024年3月的过去十二个月为基础)。
Thus, China Railway Hi-tech Industry has an ROCE of 6.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.5%.
因此,中国中铁高科技的ROCE为6.7%。单独看这一点是资本回报率偏低,但与行业平均收益率6.5%相符合。
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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 China Railway Hi-tech Industry's past further, check out this free graph covering China Railway Hi-tech Industry's past earnings, revenue and cash flow.
尽管过去并不能代表未来,但了解一家公司历史表现可以帮助我们更好地了解该公司。因此,我们提供上面的图表,如果您有兴趣进一步调查中国中铁高科技的过去,请查看此免费图表,其中涵盖了中国中铁高科技的过去收入、营业收入和现金流。
What Can We Tell From China Railway Hi-tech Industry's ROCE Trend?
从中国中铁高科技的ROCE趋势中,我们能得到哪些信息?
On the surface, the trend of ROCE at China Railway Hi-tech Industry doesn't inspire confidence. To be more specific, ROCE has fallen from 8.6% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.
从表面上看,中国中铁高科技的ROCE趋势并没有让人充满信心。更具体地说,ROCE在过去五年中下降了8.6%。同时,公司使用的资本更多了,但过去12个月的销售额并没有太大变化,因此这可能反映了较长期的投资。从现在开始,值得密切关注公司的收益,以确定这些投资是否最终对公司产生了贡献。
On a separate but related note, it's important to know that China Railway Hi-tech Industry has a current liabilities to total assets ratio of 54%, 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
在另一个相关的注意事项中,了解中国中铁高科技的流动负债与总资产比率为54%是很重要的,我们认为这相当高。这实际上意味着供应商(或短期债权人)正在为业务提供大量资金,因此请注意这可能会引入一些风险。虽然这不一定是一件坏事,但如果这个比率较低,可能会更有益。
Our Take On China Railway Hi-tech Industry's ROCE
关于中国中铁高科技的ROCE,我们的看法是
To conclude, we've found that China Railway Hi-tech Industry is reinvesting in the business, but returns have been falling. Since the stock has declined 26% over the last five years, investors may not be too optimistic on this trend improving either. 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,我们发现中国中铁高科技在重新投资业务,但回报率已经下降。由于该股票在过去五年中下跌了26%,投资者可能对这种趋势改善并不乐观。总体而言,我们对基本趋势并不太有信心,认为可能有更好的机会在其他地方找到翻倍的机会。
One more thing to note, we've identified 1 warning sign with China Railway Hi-tech Industry and understanding it should be part of your investment process.
还有一件事要注意,我们已经发现中国中铁高科技存在1个警告信号,理解这一点应该成为您的投资过程的一部分。
While China Railway Hi-tech Industry 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.
尽管中国中铁高科技可能并未实现最高收益,但我们已经编制了一份目前获得超过25%股本回报率的公司的列表。在此处查看此免费列表。
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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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。