Shanghai New Centurion Network Information Technology (SHSE:605398) May Have Issues Allocating Its Capital
Shanghai New Centurion Network Information Technology (SHSE:605398) May Have Issues Allocating Its Capital
0.041 = CN¥43m ÷ (CN¥1.2b - CN¥148m) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Shanghai New Centurion Network Information Technology (SHSE:605398), it didn't seem to tick all of these boxes.
找到一个潜在增长巨大的业务并不容易，但如果我们观察一些关键的财务指标，这是可能的。首先，我们希望看到资本使用回报率（ROCE）在增长，其次是资本使用的扩大基础。如果你看到这一点，通常意味着这是一家拥有良好商业模式和许多有利可图的再投资机会的公司。尽管，当我们查看上海新胜捷网络信息科技（SHSE:605398）时，并没有似乎符合所有这些条件。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shanghai New Centurion Network Information Technology is:
只是为了澄清，如果您不确定，ROCE是一个评估公司在其业务中投资的资本所赚取的税前收入（以百分比表示）的度量标准。在上海新胜捷网络信息科技上进行此计算的公式为:
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。
0.041 = CN¥43m ÷ (CN¥1.2b - CN¥148m) (Based on the trailing twelve months to June 2024).
0.041 = 4.3亿人民币 ÷（120亿人民币 - 1.48亿人民币）（截至2024年6月的过去十二个月）。
Thus, Shanghai New Centurion Network Information Technology has an ROCE of 4.1%. Even though it's in line with the industry average of 3.8%, it's still a low return by itself.
因此，上海新胜捷网络信息科技的ROCE为4.1%。尽管与3.8%的行业平均水平相符，但这仍然是一个相对较低的回报。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shanghai New Centurion Network Information Technology's ROCE against it's prior returns. If you'd like to look at how Shanghai New Centurion Network Information Technology has performed in the past in other metrics, you can view this free graph of Shanghai New Centurion Network Information Technology's past earnings, revenue and cash flow.
历史表现是研究股票的好起点，您可以看到上海新胜捷企业网络信息技术公司的ROCE与其之前的回报率的对比。如果您想了解上海新胜捷企业网络信息技术公司在其他指标上的过去表现，可以查看上海新胜捷企业网络信息技术公司过去收入、营业收入和现金流的免费图表。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
When we looked at the ROCE trend at Shanghai New Centurion Network Information Technology, we didn't gain much confidence. Around five years ago the returns on capital were 35%, but since then they've fallen to 4.1%. However it looks like Shanghai New Centurion Network Information Technology 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.
当我们查看上海新胜捷企业网络信息技术公司的ROCE趋势时，并没有获得太多的信心。大约五年前，资本回报率为35%，但此后下降至4.1%。然而，看起来上海新胜捷企业网络信息技术公司可能正在进行长期增长的再投资，因为尽管投入的资本增加了，但公司的销售在过去12个月内没有太大变化。公司可能需要一些时间才能从这些投资中看到收益的变化。
On a side note, Shanghai New Centurion Network Information Technology has done well to pay down its current liabilities to 12% 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.
另外，上海新胜捷企业网络信息技术公司已经成功地将其流动负债降低至总资产的12%。这在一定程度上可以解释ROCE下降的原因。而且，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为其经营提供的资金较少。由于业务基本上更多地使用自己的资金来投资经营，您可以认为这使得业务在产生ROCE方面不太高效。
What We Can Learn From Shanghai New Centurion Network Information Technology's ROCE
从上海新胜捷企业网络信息技术公司的ROCE我们可以学到什么
Bringing it all together, while we're somewhat encouraged by Shanghai New Centurion Network Information Technology's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 21% to shareholders over the last three years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
综上所述，虽然我们对上海新胜捷企业网络信息技术公司对其自身业务的再投资感到有些鼓舞，但我们意识到回报正在减少。而投资者可能正在意识到这些趋势，因为该股过去三年只为股东带来了总计21%的回报。因此，如果您正在寻找成倍增长的股票，我们认为您可以在其他地方更有运气。
On a final note, we found 2 warning signs for Shanghai New Centurion Network Information Technology (1 is potentially serious) you should be aware of.
最后我们发现上海新胜捷网络信息科技有 2 个警告信号（其中 1 个可能非常严重），您应该注意。
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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