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Some Investors May Be Worried About Chengdu Spaceon Electronics' (SZSE:002935) Returns On Capital

Some Investors May Be Worried About Chengdu Spaceon Electronics' (SZSE:002935) Returns On Capital

一些投资者可能对天奥电子(SZSE:002935)的资本回报感到担忧
Simply Wall St ·  2024/12/12 11:59

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Chengdu Spaceon Electronics (SZSE:002935), it didn't seem to tick all of these boxes.

如果你在寻找一只大涨股,有几个方面需要注意。理想情况下,一家业务会显示出两个趋势;首先是资本回报率(ROCE)的增长,其次是资本使用量的增加。简单来说,这类业务是复利机器,这意味着它们会不断以更高的回报率再投资其收益。尽管如此,当我们查看天奥电子(SZSE:002935)时,它似乎没有满足所有这些条件。

Understanding Return On Capital Employed (ROCE)

理解已投资资本回报率(ROCE)

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 Chengdu Spaceon Electronics is:

如果你以前没有接触过ROCE,它衡量的是一个公司从其业务中使用的资本所产生的“回报”(税前利润)。天奥电子的计算公式是:

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)

0.047 = CN¥75m ÷ (CN¥2.7b - CN¥1.1b) (Based on the trailing twelve months to September 2024).

0.047 = CN¥7500万 ÷ (CN¥27亿 - CN¥11亿)(基于截至2024年9月的过去十二个月)。

So, Chengdu Spaceon Electronics has an ROCE of 4.7%. In absolute terms, that's a low return but it's around the Communications industry average of 4.1%.

因此,天奥电子的ROCE为4.7%。从绝对值来看,这是一个较低的回报,但它略高于通信行业的平均水平4.1%。

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SZSE:002935 Return on Capital Employed December 12th 2024
SZSE:002935 资本回报率 2024年12月12日

In the above chart we have measured Chengdu Spaceon Electronics' 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 Chengdu Spaceon Electronics .

在上述图表中,我们测量了天奥电子之前的资本回报率(ROCE)与其之前的表现,但未来无疑更为重要。如果你感兴趣,可以查看我们为天奥电子提供的免费分析师报告中的预测。

What Can We Tell From Chengdu Spaceon Electronics' ROCE Trend?

从天奥电子的ROCE趋势中,我们能得出什么?

On the surface, the trend of ROCE at Chengdu Spaceon Electronics doesn't inspire confidence. To be more specific, ROCE has fallen from 8.0% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

表面上,天奥电子的ROCE趋势并不令人信心十足。具体来说,ROCE在过去五年中从8.0%下降了。考虑到该业务正在投入更多资本,而营业收入却有所下滑,这让人有些担忧。如果这种情况继续下去,你可能会看到一家试图再投资以实现增长,但实际上却在失去市场份额的公司,因为销售没有增加。

On a side note, Chengdu Spaceon Electronics' current liabilities have increased over the last five years to 40% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 4.7%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.

顺便提一下,天奥电子的流动负债在过去五年中增加到总资产的40%,在某种程度上有效扭曲了ROCE。如果没有这种增加,ROCE可能会低于4.7%。这意味着实际上,公司的相当大一部分业务是由公司的供应商或短期债权人提供资金,这本身可能带来一些风险。

The Bottom Line

总结

From the above analysis, we find it rather worrisome that returns on capital and sales for Chengdu Spaceon Electronics have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 72% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

从以上分析中,我们发现天奥电子的资本回报率和销售额下降令人担忧,与此同时,业务投入的资本比五年前更多。然而,这只股票在过去五年中为股东提供了72%的回报,因此投资者可能期待趋势会好转。无论如何,我们对基本面并不太放心,因此目前我们会避开这只股票。

If you want to continue researching Chengdu Spaceon Electronics, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果你想继续研究天奥电子,你可能会对我们分析发现的一个警告信号感兴趣。

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.

对于喜欢投资于稳健公司的投资者,可以查看这个免费的稳健资产负债表和高股本回报率公司的列表。

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.

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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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