Here's What's Concerning About Shenzhen Kingdom Sci-Tech's (SHSE:600446) Returns On Capital
Here's What's Concerning About Shenzhen Kingdom Sci-Tech's (SHSE:600446) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. However, after briefly looking over the numbers, we don't think Shenzhen Kingdom Sci-Tech (SHSE:600446) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 已動用資本的百分比。如果你看到這一點,那通常意味着它是一家擁有良好商業模式和大量有利可圖的再投資機會的公司。但是,在簡短地看完這些數字之後,我們認爲深圳金德科技(SHSE: 600446)不具備未來的多功能優勢,但讓我們來看看爲什麼會這樣。
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. To calculate this metric for Shenzhen Kingdom Sci-Tech, this is the formula:
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。要計算深圳王國科技的這個指標,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)
0.035 = CN¥130m ÷ (CN¥6.8b - CN¥3.0b) (Based on the trailing twelve months to September 2023).
0.035 = 1.3 億元人民幣 ¼(CN¥68 億元人民幣-人民幣 3.0 億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Shenzhen Kingdom Sci-Tech has an ROCE of 3.5%. Even though it's in line with the industry average of 2.6%, it's still a low return by itself.
因此,深圳金德科技的投資回報率爲3.5%。儘管它與2.6%的行業平均水平一致,但它本身的回報率仍然很低。
See our latest analysis for Shenzhen Kingdom Sci-Tech
查看我們對深圳王國科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231125/0-522af7cdc63fbb09c347ced34be9f7eb-0-d035c48d5a84a330d67a0b147d248535.png/big)
In the above chart we have measured Shenzhen Kingdom Sci-Tech'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 report on analyst forecasts for the company.
在上面的圖表中,我們對深圳金德科技之前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
What Can We Tell From Shenzhen Kingdom Sci-Tech's ROCE Trend?
從深圳王國科技的ROCE趨勢中我們可以看出什麼?
On the surface, the trend of ROCE at Shenzhen Kingdom Sci-Tech doesn't inspire confidence. Around five years ago the returns on capital were 10%, but since then they've fallen to 3.5%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
從表面上看,深圳金德科技的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲10%,但此後已降至3.5%。另一方面,去年,該公司一直在使用更多資金,但銷售額沒有相應改善,這可能表明這些投資是長期投資。值得關注該公司的收益,看看這些投資最終能否爲利潤做出貢獻。
On a side note, Shenzhen Kingdom Sci-Tech's current liabilities are still rather high at 45% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
順便說一句,深圳金德科技的流動負債仍然相當高,佔總資產的45%。這可能會帶來一些風險,因爲該公司的運營基本上相當依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。
What We Can Learn From Shenzhen Kingdom Sci-Tech's ROCE
我們可以從深圳金德科技的ROCE中學到什麼
In summary, Shenzhen Kingdom Sci-Tech is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 17% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之,深圳王國科技正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。而且,在過去五年中,該股向股東的回報率僅爲17%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一款多功能遊戲,那麼潛在的趨勢表明你在其他地方可能有更好的機會。
Like most companies, Shenzhen Kingdom Sci-Tech does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,深圳金德科技確實存在一些風險,我們發現了一個警告信號,你應該注意。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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。