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Qingdao Gon Technology (SZSE:002768) May Have Issues Allocating Its Capital

Qingdao Gon Technology (SZSE:002768) May Have Issues Allocating Its Capital

青岛国恩科技(深圳证券交易所:002768)可能存在资金分配问题
Simply Wall St ·  2024/12/12 07:24

If you're looking for a multi-bagger, there's a few things to keep an eye out 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Qingdao Gon Technology (SZSE:002768) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

如果你在寻找能实现多倍收益的投资,有几个事情需要关注。一个常见的方法是尝试找到资本使用回报率(ROCE)正在上升的公司,同时资本投资量也在增长。如果你看到这种情况,通常意味着这是一个拥有出色商业模式和大量盈利再投资机会的公司。虽然如此,从初步观察国恩股份(深交所代码:002768)来看,我们并没有对其回报趋势感到兴奋,但让我们深入分析一下。

Understanding Return On Capital Employed (ROCE)

理解已投资资本回报率(ROCE)

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Qingdao Gon Technology:

对于那些不知道的人来说,ROCE是指公司每年的税前利润(其回报)与业务中投资的资本之间的比率。分析师使用这个公式来计算国恩股份的ROCE:

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)

0.067 = CN¥652m ÷ (CN¥16b - CN¥6.7b) (Based on the trailing twelve months to September 2024).

0.067 = CN¥65200万 ÷ (CN¥160亿 - CN¥6.7b)(基于截至2024年9月的过去十二个月数据)。

So, Qingdao Gon Technology has an ROCE of 6.7%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.

所以,国恩股份的ROCE为6.7%。就其本身而言,这是一个较低的回报率,但与化学品行业平均5.5%的回报相比,这个回报要好得多。

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SZSE:002768 Return on Capital Employed December 11th 2024
深交所代码:002768 资本使用回报率截至2024年12月11日

In the above chart we have measured Qingdao Gon Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Qingdao Gon Technology .

在上图中,我们测量了国恩股份之前的ROCE与其之前的表现,但未来的表现显然更为重要。如果您感兴趣,可以在我们的国恩股份免费分析师报告中查看分析师的预测。

What Does the ROCE Trend For Qingdao Gon Technology Tell Us?

国恩股份的ROCE趋势告诉我们什么?

When we looked at the ROCE trend at Qingdao Gon Technology, we didn't gain much confidence. To be more specific, ROCE has fallen from 19% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

当我们查看国恩股份的ROCE趋势时,并没有获得太多信心。更具体地说,ROCE在过去五年中从19%下降。然而,考虑到所投入的资本和营业收入都在增加,似乎该业务目前正在追求增长,以牺牲短期回报。如果这些投资成功,这将对长期股票表现非常有利。

On a separate but related note, it's important to know that Qingdao Gon Technology has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.

在一个相关但独立的方面,重要的是知道国恩股份的流动负债与总资产的比率为41%,我们认为这个水平相当高。这实际上意味着供应商(或短期债权人)在为公司资金的大部分提供支持,因此请注意,这可能会引入一些风险因素。理想情况下,我们希望看到这一比率降低,这将意味着更少的承担风险的义务。

What We Can Learn From Qingdao Gon Technology's ROCE

我们可以从国恩股份的ROCE中学到什么

While returns have fallen for Qingdao Gon Technology in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 4.0% gain to shareholders who've held over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.

尽管国恩股份最近的回报下降,但我们欣慰地看到销售在增长,且公司正在对其运营进行再投资。这些趋势开始得到投资者的认可,因为该股票在过去五年中为持有者带来了4.0%的收益。因此,如果其他基本面证明良好,这支股票仍可能是一个吸引人的投资机会。

On a final note, we've found 1 warning sign for Qingdao Gon Technology that we think you should be aware of.

最后需要提醒的是,我们发现国恩股份有一个警告信号,您应该注意。

While Qingdao Gon Technology may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

虽然国恩股份目前可能没有获得最高的回报,但我们整理了一份目前获得超过25%股本回报的公司的名单。在这里查看这个免费名单。

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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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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。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在提到的任何股票中均没有持仓。

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