Capital Allocation Trends At ChinaEtek Service & Technology (SZSE:301208) Aren't Ideal
Capital Allocation Trends At ChinaEtek Service & Technology (SZSE:301208) Aren't Ideal
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at ChinaEtek Service & Technology (SZSE:301208), it didn't seem to tick all of these boxes.
要找到一个增长多倍的股票,我们应该在业务中寻找哪些潜在趋势?在完美世界中,我们希望看到公司投入更多资本到业务中,理想情况下,从该资本获得的回报也在增加。这向我们表明这是一个复利机器,能够持续将其收益再投资到业务中并产生更高的回报。然而,当我们看中国怡科服务与科技(SZSE:301208)时,似乎并没有完全符合这些要求。
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。
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. Analysts use this formula to calculate it for ChinaEtek Service & Technology:
只是为了澄清,如果您不确定,ROCE是评估公司在其业务中投入的资本所获得的税前收入(以百分比表示)的指标。分析师使用此公式为中国怡科服务与科技进行计算:
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)
0.078 = CN¥117m ÷ (CN¥1.9b - CN¥371m) (Based on the trailing twelve months to September 2024).
0.078 = 11700万人民币 ÷(19亿人民币 - 3.71亿人民币)(基于截至2024年9月的过去十二个月)。
So, ChinaEtek Service & Technology has an ROCE of 7.8%. On its own that's a low return, but compared to the average of 3.7% generated by the IT industry, it's much better.
因此,中国怡科服务与科技的ROCE为7.8%。单独看来这是一个较低的回报,但与IT行业平均3.7%相比,要好得多。
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'd like to look at how ChinaEtek Service & Technology has performed in the past in other metrics, you can view this free graph of ChinaEtek Service & Technology's past earnings, revenue and cash flow.
尽管过去并不代表未来,但了解公司历史表现可能很有帮助,这就是我们提供上面图表的原因。如果您想了解中国易达科服务与技术在过去的其他指标上的表现,可以查看中国易达科服务与技术过去收益、营业收入和现金流的免费图表。
So How Is ChinaEtek Service & Technology's ROCE Trending?
那么中国易达科服务与技术的ROCE趋势如何?
In terms of ChinaEtek Service & Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 25% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就中国易达科服务与技术的历史ROCE走势而言,这一趋势并不理想。具体来说,过去五年中ROCE已经从25%下降。考虑到业务使用的资本增加而营业收入下滑,这有些令人担忧。这可能意味着业务正在失去竞争优势或市场份额,因为尽管投入更多资金到项目中,却实际产生了较低的回报 - 就像“一分钱不值”一样。
On a related note, ChinaEtek Service & Technology has decreased its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
相关的是,中国易达科服务与技术将其流动负债减少至总资产的20%。因此,我们可以将部分原因归功于ROCE的下降。实际上,这意味着他们的供应商或短期债权人资助业务减少,从而减少了某些风险因素。有人会认为这降低了业务以自有资金进行运营而产生ROCE的效率,因为现在更多的运营资金来自自身资金。
Our Take On ChinaEtek Service & Technology's ROCE
我们对中国易达科服务与技术的ROCE看法
From the above analysis, we find it rather worrisome that returns on capital and sales for ChinaEtek Service & Technology have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 17% return to shareholders over the last year, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
从以上分析中,我们发现中国易达科服务与技术的资本和销售回报率下降,而与五年前相比,业务使用的资本更多。然而,股票在过去一年中为股东提供了17%的回报,因此投资者可能期待趋势好转。无论如何,当前的基本趋势对长期绩效不利,所以除非逆转,否则我们将开始寻找其他地方。
If you want to know some of the risks facing ChinaEtek Service & Technology we've found 3 warning signs (2 are concerning!) that you should be aware of before investing here.
如果您想了解中国铁科服务与技术面临的一些风险,我们已经发现了3个警示信号(其中2个令人担忧!),在进行投资前您应该意识到这些。
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权益回报的公司免费列表。
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。