Returns On Capital At 37 Interactive Entertainment Network Technology Group (SZSE:002555) Paint A Concerning Picture
Returns On Capital At 37 Interactive Entertainment Network Technology Group (SZSE:002555) Paint A Concerning Picture
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at 37 Interactive Entertainment Network Technology Group (SZSE:002555) 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在长期内增加的股票,那么我们应该寻找哪些潜在趋势呢?其中一个普遍方法是尝试找到ROCE以及增长的资本雇用量都在增加的公司。最终,这证明了这是一个通过不断提高回报率来重新投资利润的业务。但是,当我们第一次浏览 三七互娱 (SZSE:002555) 时,我们并不对回报率的趋势感到激动,但让我们深入了解一下。
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。
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 37 Interactive Entertainment Network Technology Group, this is the formula:
对于那些不知道的人,ROCE是衡量公司年度税前利润(回报率)与业务中用到的资本雇用之间关系的指标。计算 三七互娱 的数据为:
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。
0.19 = CN¥2.7b ÷ (CN¥21b - CN¥6.9b) (Based on the trailing twelve months to March 2024).
0.19 = CN¥27亿 ÷ (CN¥210亿 - CN¥6.9b) (基于截至2024年3月的过去12个月算出)
Thus, 37 Interactive Entertainment Network Technology Group has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Entertainment industry average of 5.4% it's much better.
因此,三七互娱的ROCE为19%。在绝对值上,这是一个满意的回报值,但与娱乐行业的5.4%相比,它要好得多。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-22a9270c6cd981d860099ca18b7c2836-0-cb5d1eb77f71657ad56f953847d4f865.png/big)
In the above chart we have measured 37 Interactive Entertainment Network Technology Group's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering 37 Interactive Entertainment Network Technology Group for free.
在上面的图表中,我们测量了 三七互娱 上一年度的ROCE与其性能的对比情况,但未来可能更加重要。如果您‘喜 欢,’您可以免费查看分析师有关三七互娱的预测。
What Does the ROCE Trend For 37 Interactive Entertainment Network Technology Group Tell Us?
三七互娱的ROCE趋势对我们有何启示?
When we looked at the ROCE trend at 37 Interactive Entertainment Network Technology Group, we didn't gain much confidence. Around five years ago the returns on capital were 26%, but since then they've fallen to 19%. However it looks like 37 Interactive Entertainment Network Technology Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.
当我们观察三七互娱的ROCE趋势时,我们并没有太多信心。五年前,资本雇用回报率大约为26%,但自那以后,已经降至19%。但是,由于资本雇用量增加了,公司的销售额在过去的12个月里并没有多大的变化,看起来三七互娱可能正在对长期增长进行再投资。从这里开始,现在值得关注公司的收益情况,看看这些投资是否最终对利润形成贡献。
On a side note, 37 Interactive Entertainment Network Technology Group's current liabilities have increased over the last five years to 33% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 19%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
另外一方面,五年来,三七互娱的流动负债增加到总资产的33%,这在某种程度上扭曲了ROCE。如果没有这种增长,则ROCE可能比19%更低。因此,需要关注此比率,因为如果该指标过高,公司可能会遇到一些新的风险。
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。
Bringing it all together, while we're somewhat encouraged by 37 Interactive Entertainment Network Technology Group's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 14% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总而言之,尽管我们对三七互娱自身业务的再投资感到一定程度的鼓舞,但我们意识到回报率正在下降。毫不奇怪,该股在过去五年中仅获得14%的增长,这在潜在意味着投资者对该股未来的预期已被计入考虑。因此,如果您正在寻找多倍增长的股票,我们认为您在其他地方可能会有更多的机会。
If you'd like to know about the risks facing 37 Interactive Entertainment Network Technology Group, we've discovered 1 warning sign that you should be aware of.
如果您想了解三七互娱面临的风险,我们发现1个警示信号,值得您关注。
While 37 Interactive Entertainment Network Technology Group 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 三七互娱 目前的回报率并不是最高的,但我们编制了一份目前回报率超过25%的公司列表。您可以在此免费查看它。
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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 (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?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。