Returns On Capital At Qinhuangdao Port (HKG:3369) Have Stalled
Returns On Capital At Qinhuangdao Port (HKG:3369) Have Stalled
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Qinhuangdao Port (HKG:3369) and its ROCE trend, we weren't exactly thrilled.
您是否知道,有些财务指标可以提供潜在多倍股的线索?在完美的情况下,我们希望看到公司将更多的资本投入业务,并且最好从这些资本中获得的回报也在增加。如果您看到这一点,通常这意味着这是一家拥有很好业务模式并且有大量盈利再投资机会的公司。在这样的情况下,当我们研究了秦港股份(HKG:3369)和其ROCE趋势时,我们并不感到兴奋。
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。
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. To calculate this metric for Qinhuangdao Port, this is the formula:
对于那些不知道的人来说,ROCE是一个年度税前利润(即回报率),相对于公司业务中使用的资本量的衡量标准。要为秦港股份计算此指标,按照以下公式进行:
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¥1.7b ÷ (CN¥28b - CN¥3.0b) (Based on the trailing twelve months to March 2024).
0.067 = CN¥17亿 ÷ (CN¥280亿 - CN¥3.0b) (基于截至2024年3月的过去12个月)。
Thus, Qinhuangdao Port has an ROCE of 6.7%. In absolute terms, that's a low return but it's around the Infrastructure industry average of 6.0%.
因此,秦港股份的ROCE为6.7%。在绝对值上,这是一个低回报,但它大致处于制造行业平均水平的6.0%左右。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240719/0-75143eb97185852b6f28f54c65bec253-0-cfd8e888cac78ff1cd89f15b1114bd95.png/big)
In the above chart we have measured Qinhuangdao Port's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Qinhuangdao Port .
在上面的图表中,我们已经测量了秦港股份之前的ROCE相对于之前的表现,但未来可能更加重要。如果您想了解分析师对未来的预测,请查看我们的免费分析师报告。
So How Is Qinhuangdao Port's ROCE Trending?
那么秦港股份的ROCE趋势如何?
There hasn't been much to report for Qinhuangdao Port's returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So don't be surprised if Qinhuangdao Port doesn't end up being a multi-bagger in a few years time.
过去五年间,秦港股份的回报和使用的资本量都保持稳定,因此没有太多可以报告的。这告诉我们,该公司没有在自身再投资,因此很可能已经过了成长阶段。因此,如果在未来几年里秦港股份没有成为多倍股,也不要感到惊讶。
The Bottom Line On Qinhuangdao Port's ROCE
秦港股份的ROCE底线是什么?
We can conclude that in regards to Qinhuangdao Port's returns on capital employed and the trends, there isn't much change to report on. Since the stock has gained an impressive 77% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
我们可以得出结论,就秦港股份的资本回报率和趋势而言,并没有太多变化可以报告。鉴于该股票在过去五年中上涨了77%,投资者一定认为未来会有更好的表现。然而,除非这些潜在趋势变得更加积极,否则我们不应抱有过高的期望。
Qinhuangdao Port does have some risks though, and we've spotted 1 warning sign for Qinhuangdao Port that you might be interested in.
秦港股份确实存在一些风险,我们已经发现了一项针对秦港股份的警告信号,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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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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