Investors Met With Slowing Returns on Capital At Astro-century Education&TechnologyLtd (SZSE:300654)
Investors Met With Slowing Returns on Capital At Astro-century Education&TechnologyLtd (SZSE:300654)
0.06 = CN¥52m ÷ (CN¥1.2b - CN¥316m) 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Astro-century Education&TechnologyLtd (SZSE:300654) 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可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？一种常见的方法是尝试寻找一家动用资本回报率（ROCE）不断增加且所用资本不断增加的公司。基本上，这意味着公司拥有可以继续进行再投资的盈利计划，这是复合机器的特征。话虽如此，乍一看Astro-Century Education&TechnologyLtd（深圳证券交易所代码：300654），我们并不是对回报率的走势不屑一顾，但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Astro-century Education&TechnologyLtd is:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。Astro-Century Education&TechnologyLtd 的计算公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益（EBIT）÷（总资产-流动负债）
0.06 = CN¥52m ÷ (CN¥1.2b - CN¥316m) (Based on the trailing twelve months to September 2024).
0.06 = 5200万元人民币 ÷（12元人民币至3.16亿元人民币）（基于截至2024年9月的过去十二个月）。
Therefore, Astro-century Education&TechnologyLtd has an ROCE of 6.0%. On its own, that's a low figure but it's around the 5.2% average generated by the Media industry.
因此，天文世纪教育与技术有限公司的投资回报率为6.0％。就其本身而言，这是一个很低的数字，但大约是媒体行业产生的5.2％的平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Astro-century Education&TechnologyLtd's ROCE against it's prior returns. If you're interested in investigating Astro-century Education&TechnologyLtd's past further, check out this free graph covering Astro-century Education&TechnologyLtd's past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点，因此在上方您可以看到Astro-Century Education&TechnologyLtd的投资回报率与先前回报率的对比。如果你有兴趣进一步调查Astro-Century Education&TechnologyLtd的过去，请查看这张涵盖Astro-Century Education&TechnologyLtd过去的收益、收入和现金流的免费图表。
So How Is Astro-century Education&TechnologyLtd's ROCE Trending?
那么 Astro-Century Education&TechnologyLtd 的 ROCE 趋势
In terms of Astro-century Education&TechnologyLtd's historical ROCE trend, it doesn't exactly demand attention. The company has employed 76% more capital in the last five years, and the returns on that capital have remained stable at 6.0%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就Astro-Century Education&TechnologyLtd的历史投资回报率趋势而言，这并不完全值得关注。在过去五年中，该公司雇用的资本增加了76％，该资本的回报率一直稳定在6.0％。鉴于该公司增加了动用资本金额，看来已经进行的投资根本无法提供很高的资本回报率。
The Bottom Line On Astro-century Education&TechnologyLtd's ROCE
天文世纪教育科技有限公司ROCE的底线
Long story short, while Astro-century Education&TechnologyLtd has been reinvesting its capital, the returns that it's generating haven't increased. Yet to long term shareholders the stock has gifted them an incredible 136% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
长话短说，尽管Astro-Century Education&TechnologyLtd一直在对其资本进行再投资，但其产生的回报并没有增加。然而，对于长期股东来说，该股在过去五年中为他们带来了令人难以置信的136％的回报率，因此市场似乎对其未来持乐观态度。但是，如果这些潜在趋势的发展轨迹继续下去，我们认为从现在起它成为多股势力的可能性并不高。
While Astro-century Education&TechnologyLtd doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 300654 on our platform.
尽管Astro-Century Education&TechnologyLtd在这方面表现不佳，但该公司是否以诱人的价格进行交易仍然值得一看。您可以在我们的平台上通过我们对300654的免费内在价值估算中找到答案。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人，请查看这份具有稳健资产负债表和高股本回报率的公司的免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。
