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Guizhou Zhongyida (SHSE:600610) Could Be At Risk Of Shrinking As A Company

Guizhou Zhongyida (SHSE:600610) Could Be At Risk Of Shrinking As A Company

中毅达b(SHSE:600610)可能会面临作为一家公司缩小的风险
Simply Wall St ·  2024/10/30 06:28

When researching a stock for investment, what can tell us that the company is in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after we looked into Guizhou Zhongyida (SHSE:600610), the trends above didn't look too great.

在投资股票时进行研究,什么可以告诉我们公司正在衰退?通常,我们会看到资本雇用回报率(ROCE)的趋势下降,这通常与资本雇用金额减少相一致。这向我们表明,业务不仅在缩小净资产规模,而且其回报也在下降。所以在我们调查中毅达b(SHSE:600610)之后,上述趋势看起来并不理想。

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。

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Guizhou Zhongyida is:

如果您之前没有接触过ROCE,它衡量了公司从其业务中使用的资本创造的“回报”(税前利润)。在中毅达b这一计算的公式是:

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。

0.0065 = CN¥5.4m ÷ (CN¥1.0b - CN¥181m) (Based on the trailing twelve months to September 2024).

0.0065 = 人民币540万 ÷ (人民币10亿 - 人民币181百万) (基于2024年9月前十二个月)。

So, Guizhou Zhongyida has an ROCE of 0.7%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.

因此,中毅达b的ROCE为0.7%。最终,这是一个较低的回报,远低于化学品行业的平均水平5.5%。

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SHSE:600610 Return on Capital Employed October 29th 2024
SHSE:600610 资本雇用回报率2024年10月29日

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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Guizhou Zhongyida.

尽管过去并不能代表未来,但了解一家公司过去的表现可能会有所帮助,这也就是为什么我们在上方有这张图表。如果您想深入了解历史收益情况,请查看这些免费图表,详细介绍了中毅达的营业收入和现金流表现。

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。

We are a bit worried about the trend of returns on capital at Guizhou Zhongyida. About four years ago, returns on capital were 7.6%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Guizhou Zhongyida becoming one if things continue as they have.

我们对中毅达资本回报率的趋势有些担忧。大约四年前,资本回报率为7.6%,然而现在远低于此,正如我们上面所看到的。与此同时,企业中使用的资本在这段时期基本保持不变。表现出这些特征的公司往往并非在缩小规模,但可能已经成熟,并面临来自竞争的利润压力。因此,由于这些趋势通常不利于创造倍增收益,如果事情继续按照现状发展,我们对中毅达成为倍增机会并不抱有期待。

On a side note, Guizhou Zhongyida has done well to pay down its current liabilities to 18% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.

顺便说一句,中毅达已经做得很好,将其流动负债减少到总资产的18%。这在一定程度上解释了为何资本回报率下降。有效地意味着他们的供应商或短期债权人为企业提供的资金较少,这降低了一些风险。由于企业基本上越来越多地用自己的资金来资助其业务,您可以认为这使企业在创造资本回报率方面效率降低了。

In Conclusion...

最后,同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好,因此投资者不太可能表现友好。自五年前以来,该股下跌了32%。除非这些指标朝着更积极的轨迹转变,否则我们将继续寻找其他股票。

In summary, it's unfortunate that Guizhou Zhongyida is generating lower returns from the same amount of capital. This could explain why the stock has sunk a total of 71% in the last three years. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.

总之,遗憾的是,中毅达从同等资本中获得的回报较低。这可能解释了为什么股价在过去三年下跌了总计71%。除非这些指标出现更积极的转变,否则我们会寻找其他投资机会。

If you'd like to know about the risks facing Guizhou Zhongyida, we've discovered 1 warning sign that you should be aware of.

如果您想了解中毅达b面临的风险,我们已经发现了1个警告信号,您应该注意。

While Guizhou Zhongyida isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

虽然中毅达b的回报率不是最高的,但请查看这份免费的公司列表,这些公司在净资产方面获得了高回报,拥有稳固的资产负债表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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