Investors Could Be Concerned With Ningbo Changhong Polymer Scientific and Technical's (SHSE:605008) Returns On Capital
Investors Could Be Concerned With Ningbo Changhong Polymer Scientific and Technical's (SHSE:605008) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Ningbo Changhong Polymer Scientific and Technical (SHSE:605008), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 已動用資本的百分比。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,當我們研究寧波長虹高分子科學技術有限公司(SHSE: 605008)時,它似乎並未滿足所有這些方框。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Ningbo Changhong Polymer Scientific and Technical:
對於那些不確定ROCE是什麼的人來說,它衡量的是公司從業務中使用的資本中可以產生的稅前利潤額。分析師使用以下公式爲寧波長虹高分子科技有限公司計算得出:
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)
0.0028 = CN¥7.7m ÷ (CN¥4.4b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.0028 = 770萬元人民幣 ≤(CN¥44b——CN¥17.7b) (基於截至2023年9月的過去十二個月)。
Thus, Ningbo Changhong Polymer Scientific and Technical has an ROCE of 0.3%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.
因此,寧波長虹高分子科技有限公司的投資回報率爲0.3%。從絕對值來看,這是一個低迴報,而且表現也低於化工行業5.5%的平均水平。
Check out our latest analysis for Ningbo Changhong Polymer Scientific and Technical
查看我們對寧波長虹高分子科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231123/0-08e5413f97eb8992683a863cc76b2dd0-0-de6397e6d39662d24c71ca894b76c2a3.png/big)
Above you can see how the current ROCE for Ningbo Changhong Polymer Scientific and Technical compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Ningbo Changhong Polymer Scientific and Technical here for free.
上面你可以看到寧波長虹聚合物科技目前的投資回報率與之前的資本回報率相比如何,但你只能從過去看出來那麼多。如果你願意,你可以在這裏免費查看報道寧波長虹高分子科技的分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
In terms of Ningbo Changhong Polymer Scientific and Technical's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 0.3% from 21% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
就寧波長虹高分子科技的歷史投資回報率走勢而言,這種趨勢並不理想。在過去五年中,資本回報率已從五年前的21%降至0.3%。而且,考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。如果這種情況持續下去,你可能會看到一家試圖進行再投資以實現增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 38%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
在談到這個問題時,我們注意到流動負債與總資產的比率已上升至38%,這影響了ROCE。如果流動負債沒有像以前那樣增加,那麼投資回報率實際上可能會更低。請留意這個比率,因爲如果該指標過高,企業可能會遇到一些新的風險。
The Bottom Line On Ningbo Changhong Polymer Scientific and Technical's ROCE
寧波長虹高分子科技有限公司投資回報率的底線
In summary, we're somewhat concerned by Ningbo Changhong Polymer Scientific and Technical's diminishing returns on increasing amounts of capital. Investors haven't taken kindly to these developments, since the stock has declined 28% from where it was three years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
總而言之,我們對寧波長虹高分子科技在不斷增加的資本中回報遞減感到有些擔憂。投資者對這些事態發展並不友善,因爲該股已從三年前下跌了28%。除非這些指標轉向更積極的軌跡,否則我們會將目光投向其他地方。
If you want to know some of the risks facing Ningbo Changhong Polymer Scientific and Technical we've found 2 warning signs (1 doesn't sit too well with us!) that you should be aware of before investing here.
如果你想知道寧波長虹高分子科技有限公司面臨的一些風險,我們找到了兩個警告標誌(其中一個對我們來說不太合適!)在這裏投資之前,你應該意識到這一點。
While Ningbo Changhong Polymer Scientific and Technical 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.
儘管寧波長虹高分子科技目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這份免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。