Nanjing TDH TechnologyLtd (SZSE:301378) Might Be Having Difficulty Using Its Capital Effectively
Nanjing TDH TechnologyLtd (SZSE:301378) Might Be Having Difficulty Using Its Capital Effectively
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. 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Nanjing TDH TechnologyLtd (SZSE:301378), it didn't seem to tick all of these boxes.
要找到一个有潜力大幅增长的企业并不容易,但如果我们查看一些关键的财务指标是可能的。在一个完美的世界中,我们希望看到一个公司投入更多资本到其业务中,并且理想情况下,从该资本获得的回报也在增加。最终,这表明这是一个以递增的回报率重新投资利润的企业。尽管,当我们看了南京TDH科技有限公司(SZSE:301378)时,似乎并没有符合所有这些条件。
Return On Capital Employed (ROCE): What Is It?
资本利用率(ROCE)是什么?
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 Nanjing TDH TechnologyLtd is:
如果您以前没有接触过ROCE,它衡量了公司从其业务中使用的资本所生成的“回报”(税前利润)。Nanjing TDH TechnologyLtd的计算公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)
0.0029 = CN¥4.1m ÷ (CN¥1.6b - CN¥211m) (Based on the trailing twelve months to September 2024).
0.0029 = 410万人民币 ÷ (16亿人民币 - 2.11亿人民币)(截至2024年9月的过去十二个月)。
So, Nanjing TDH TechnologyLtd has an ROCE of 0.3%. In absolute terms, that's a low return and it also under-performs the Software industry average of 2.4%.
因此,南京TDH TechnologyLtd的ROCE为0.3%。就绝对值而言,这是一个低回报率,并且也低于软件行业平均水平2.4%。
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 Nanjing TDH TechnologyLtd.
过去并不能代表未来,但了解公司过去的业绩可能会有所帮助,这就是我们在上面有这个图表的原因。如果您想深入了解历史收益,请查看这些免费图表,详细介绍南京TDH科技有限公司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。
When we looked at the ROCE trend at Nanjing TDH TechnologyLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 33% over the last five years. However it looks like Nanjing TDH 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.
当我们看到南京TDH科技有限公司的ROCE趋势时,并没有给我们太多信心。具体来说,过去五年ROCE已经下降了33%。然而,看起来南京TDH科技有限公司可能正在为长期增长进行再投资,因为虽然投入资本已经增加,但公司的销售在过去12个月并没有太大变化。可能需要一些时间,公司才能从这些投资中看到收益的变化。
On a side note, Nanjing TDH TechnologyLtd has done well to pay down its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外,南京TDH科技有限公司成功地将其流动负债降至总资产的13%。因此,我们认为这部分原因可以与ROCE的下降联系起来。此外,这可以减少业务风险的一些方面,因为现在公司的供应商或短期债权人资助公司运营的资金较少。有人会认为,这降低了公司通过自有资金赚取ROCE的效率,因为现在公司用更多自有资金资助运营的一部分。
The Key Takeaway
重要提示
In summary, Nanjing TDH TechnologyLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 1.0% to shareholders over the last year. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
概括地说,南京TDH科技有限公司正在将资金重新投资到业务中以促进增长,但不幸的是,看起来销售额还没有大幅增长。投资者可能正在认识到这些趋势,因为股票过去一年仅为股东们创造了总计1.0%的回报。因此,如果您正在寻找潜力股,我们建议考虑其他选择。
One final note, you should learn about the 5 warning signs we've spotted with Nanjing TDH TechnologyLtd (including 4 which are potentially serious) .
最后一点,您应该了解我们发现的南京泰德浩科技有限公司的5个警告信号(包括4个潜在严重的)。
While Nanjing TDH 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.
尽管南京泰德浩科技有限公司的回报率不是最高的,但请查看这个免费的公司列表,这些公司在股权回报率和资产负债表方面都表现出色。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。