Returns On Capital At Shenzhen Zesum TechnologyLtd (SZSE:301486) Paint A Concerning Picture
Returns On Capital At Shenzhen Zesum TechnologyLtd (SZSE:301486) Paint A Concerning Picture
What trends should we look for it we want to identify stocks that can 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. 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 Shenzhen Zesum TechnologyLtd (SZSE:301486) and its ROCE trend, we weren't exactly thrilled.
如果想要找到能够在长期内成倍增长的股票,应该寻找什么趋势?首先,我们希望看到一种已经证明的资本回报率(ROCE)逐渐增加;其次,资本雇用的扩大。简单来说,这些类型的企业是复合机器,意味着它们在以日益增长的回报率不断再投资其收益。考虑到这一点,当我们看着深圳泽森科技股份有限公司(SZSE:301486)及其ROCE趋势时,我们并不是特别高兴。
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. Analysts use this formula to calculate it for Shenzhen Zesum TechnologyLtd:
对于那些不知道的人,ROCE是公司年度税前利润(其收益)与业务中使用资本的相对数量的衡量标准。分析师使用这个公式来计算深圳泽森科技股份有限公司的ROCE:
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。
0.024 = CN¥64m ÷ (CN¥2.9b - CN¥256m) (Based on the trailing twelve months to March 2024).
0.024 = CN¥6400万 ÷(CN¥29亿 - CN¥256m)(基于过去12个月截至2024年3月)。
Therefore, Shenzhen Zesum TechnologyLtd has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.2%.
因此,深圳泽森科技股份有限公司的ROCE为2.4%。就绝对值而言,这是一个较低的回报,它也不如电子行业的平均值5.2%。
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Above you can see how the current ROCE for Shenzhen Zesum TechnologyLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Shenzhen Zesum TechnologyLtd for free.
您可以看到深圳泽森科技股份有限公司当前的ROCE与其过去的资本回报率的比较,但是从过去只能得到有限的信息。如果您愿意,您可以免费查看覆盖深圳泽森科技股份有限公司的分析师的预测。
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。
In terms of Shenzhen Zesum TechnologyLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 22%, but since then they've fallen to 2.4%. However it looks like Shenzhen Zesum TechnologyLtd 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 may take some time before the company starts to see any change in earnings from these investments.
就深圳泽森科技股份有限公司的ROCE历史变化而言,趋势并不太乐观。大约五年前,资本回报率为22%,但此后已经下降至2.4%。然而看起来深圳泽森科技股份有限公司可能会为了长期增长而再次进行再投资,因为虽然资本雇用已经增加,但公司的销售在过去的12个月中没有多大变化。可能需要一些时间才能看到这些投资带来的收益变化。
On a side note, Shenzhen Zesum TechnologyLtd has done well to pay down its current liabilities to 8.8% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺带一提,深圳泽森科技股份有限公司已经成功支付下了其总资产的8.8%的流动负债。这可能在一定程度上解释了ROCE的下降。更重要的是,这可以减少业务的某些风险,因为现在公司的供应商或短期债权人资助其经营的较少。由于这家企业基本上是用自己的钱来资助更多的经营活动,因此您可以认为这使得这家企业在产生ROCE方面效率变低。
The Bottom Line On Shenzhen Zesum TechnologyLtd's ROCE
关于深圳泽森科技股份有限公司的ROCE的结论
To conclude, we've found that Shenzhen Zesum TechnologyLtd is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 26% in the last year. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总之,我们发现深圳泽森科技股份有限公司正在进行再投资,但回报率正在下降。投资者似乎不太确定趋势是否会好转,因为股票在过去一年中下跌了26%。总体来说,内在趋势并不是倍增器的典型,因此如果您需要这样的股票,我们认为您可能在其他地方有更多的运气。
One more thing, we've spotted 4 warning signs facing Shenzhen Zesum TechnologyLtd that you might find interesting.
还有一件事,我们发现深圳泽森科技股份有限公司面临着4个警示性问题,您可能会感兴趣。
While Shenzhen Zesum TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然深圳泽森科技股份有限公司的回报率不是很高,但是请查看这个免费的公司名单,这些公司的回报率高,且财务状况良好。
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