Returns On Capital Signal Tricky Times Ahead For China SpacesatLtd (SHSE:600118)
Returns On Capital Signal Tricky Times Ahead For China SpacesatLtd (SHSE:600118)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at China SpacesatLtd (SHSE:600118), it didn't seem to tick all of these boxes.
如果我們想要識別下一個多袋子,有幾個關鍵趨勢需要尋找。在一個完美的世界裡,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中賺取的回報也在增加。基本上,這意味著一家公司有盈利的舉措,可以繼續進行再投資,這是復合機器的一個特點。雖然,當我們看到中國空間衛星有限公司(上海證券交易所:600118),它似乎沒有勾選所有這些框。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
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. To calculate this metric for China SpacesatLtd, this is the formula:
對於那些不知道的人來說,ROCE是一家公司的年度稅前利潤(其回報)相對於業務資本的衡量標準。要計算中國空間衛星有限公司的此指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.017 = CN¥147m ÷ (CN¥15b - CN¥6.1b) (Based on the trailing twelve months to June 2023).
0.017=人民幣1.47億?(人民幣15億元-人民幣61億元)(根據截至2023年6月的往績12個月計算)。
Therefore, China SpacesatLtd has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Aerospace & Defense industry average of 4.3%.
所以呢,中國航太股份有限公司的淨資產收益率為1.7%。按絕對值計算,這是一個較低的回報率,也低於航空航太和國防行業4.3%的平均水準。
Check out our latest analysis for China SpacesatLtd
查看我們對中國空間衛星有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231010/0-cd16dcbb8fa31a6e23318df609fc132d-0-fe2815ed7330c5c83249d398925e2cc1.png/big)
Above you can see how the current ROCE for China SpacesatLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for China SpacesatLtd.
上面你可以看到中國空間有限公司目前的淨資產收益率與其先前的資本回報率相比如何,但從過去你只能看出這麼多。如果您想查看分析師對未來的預測,您應該查看我們的免費中國空間衛星有限公司報道。
The Trend Of ROCE
ROCE的發展趨勢
In terms of China SpacesatLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 1.7% from 7.7% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就中國航太有限公司歷史上的ROCE運動而言,這一趨勢並不美妙。過去五年,資本回報率從五年前的7.7%降至1.7%。與此同時,該公司正在利用更多資本,但這在過去12個月的銷售額方面沒有太大變化,因此這可能反映了較長期的投資。從現在開始,值得密切關注該公司的收益,看看這些投資最終是否真的為利潤做出了貢獻。
On a separate but related note, it's important to know that China SpacesatLtd 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.
在另一個相關的問題上,重要的是要知道中國空間有限公司的流動負債與總資產的比率為41%,我們認為這個比率相當高。這實際上意味著供應商(或短期債權人)正在為很大一部分業務提供資金,因此只需意識到這可能會帶來一些風險因素。理想情況下,我們希望看到這一比例降低,因為這將意味著承擔風險的債務更少。
The Bottom Line On China SpacesatLtd's ROCE
中國航太股份有限公司ROCE的底線
In summary, China SpacesatLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 67% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之,中國空間有限公司正在將資金再投資到業務中,以實現增長,但不幸的是,銷售額似乎還沒有增加多少。儘管市場肯定預計這些趨勢會有所改善,因為該股在過去五年中上漲了67%。歸根結底,如果潛在的趨勢持續下去,我們不會屏息於它是一個多袋子未來。
If you want to continue researching China SpacesatLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究中國空間衛星有限公司,您可能有興趣瞭解一下2個個警告標誌我們的分析發現。
While China SpacesatLtd 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.
雖然中國空間有限公司目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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