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Investors Could Be Concerned With Guangzhou Tinci Materials Technology's (SZSE:002709) Returns On Capital

Investors Could Be Concerned With Guangzhou Tinci Materials Technology's (SZSE:002709) Returns On Capital

投资者可能会关注天赐材料(SZSE:002709)的资本回报。
Simply Wall St ·  2024/12/18 18:08

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. In light of that, when we looked at Guangzhou Tinci Materials Technology (SZSE:002709) and its ROCE trend, we weren't exactly thrilled.

如果我们想找到一只长期可增值的股票,我们应该关注哪些基本趋势? 通常,我们希望注意到资本回报率(ROCE)增长的趋势,以及与之相伴的投入资本基数的扩大。 基本上,这意味着一家公司拥有盈利的项目,可以继续进行再投资,这是复合增长机的特征。 鉴于此,当我们查看天赐材料(SZSE:002709)及其ROCE趋势时,并不太令人兴奋。

Return On Capital Employed (ROCE): What Is It?

资本回报率(ROCE):它是什么?

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. To calculate this metric for Guangzhou Tinci Materials Technology, this is the formula:

为了澄清一下,如果你不确定,ROCE是评估一家公司在其业务中投资的资本所赚取的税前收入(以百分比表示)的指标。 要计算天赐材料的这一指标,可以使用以下公式:

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)

0.04 = CN¥712m ÷ (CN¥24b - CN¥6.0b) (Based on the trailing twelve months to September 2024).

0.04 = CN¥71200万 ÷ (CN¥240亿 - CN¥6.0b)(基于截至2024年9月的过去12个月)。

Thus, Guangzhou Tinci Materials Technology has an ROCE of 4.0%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.

因此,天赐材料的ROCE为4.0%。 最终,这是一个较低的回报,且低于化学品行业的平均水平5.5%。

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SZSE:002709 Return on Capital Employed December 19th 2024
SZSE:002709 资本回报率 2024年12月19日

Above you can see how the current ROCE for Guangzhou Tinci Materials Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Guangzhou Tinci Materials Technology .

上面你可以看到天赐材料当前的投资资本回报率(ROCE)与其过去的资本回报相比,但从过去的表现中你能了解到的仅仅是这些。如果你感兴趣,可以在我们的免费分析师报告中查看天赐材料的分析师预测。

How Are Returns Trending?

回报率的趋势如何?

In terms of Guangzhou Tinci Materials Technology's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.0% from 5.2% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. 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.

就天赐材料的历史ROCE变化而言,趋势并不理想。在过去五年中,资本回报率从五年前的5.2%降至4.0%。考虑到营业收入在下降,而使用的资本却在增加,我们会保持谨慎。这可能意味着这项业务正在失去其竞争优势或市场份额,因为在投入更多资金于项目的同时,实际产生的回报却在降低——可以说是“性价比不高”。

On a side note, Guangzhou Tinci Materials Technology has done well to pay down its current liabilities to 25% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

顺便提一下,天赐材料已成功将其流动负债降低到总资产的25%。这部分可以解释ROCE为何下降。实际上,这意味着他们的供应商或短期债权人对业务的资金支持减少,这降低了一些风险因素。由于业务基本上是用自己的资金来资助更多的运营,你可以说这使得业务在产生ROCE方面的效率下降。

The Bottom Line On Guangzhou Tinci Materials Technology's ROCE

关于天赐材料的ROCE的结论

In summary, we're somewhat concerned by Guangzhou Tinci Materials Technology's diminishing returns on increasing amounts of capital. Since the stock has skyrocketed 267% over the last five years, it looks like investors have high expectations of the stock. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

总之,我们对天赐材料在增加资本时的回报下降感到有些担忧。由于该股票在过去五年中飙升了267%,这似乎表明投资者对该股票的期望很高。尽管如此,我们对基本面并不太有信心,因此暂时会避开这只股票。

One final note, you should learn about the 3 warning signs we've spotted with Guangzhou Tinci Materials Technology (including 1 which makes us a bit uncomfortable) .

最后一点,你应该了解我们发现的天赐材料的三个警告信号(其中一个让我们有点不安)。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果您想寻找具有良好收益的稳健公司,可以查看这份拥有良好资产负债表和令人印象深刻的股本回报率的免费公司列表。

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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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