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Returns On Capital At Chengzhi (SZSE:000990) Paint A Concerning Picture

Returns On Capital At Chengzhi (SZSE:000990) Paint A Concerning Picture

誠志資本回報率(深圳證券交易所代碼:000990)描繪了一幅令人擔憂的畫面
Simply Wall St ·  01/03 11:35

If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at Chengzhi (SZSE:000990), we've spotted some signs that it could be struggling, so let's investigate.

如果我們想避開衰退的業務,有哪些趨勢可以提前警告我們?一家可能處於衰退狀態的企業通常表現出兩種趨勢,一個 返回 關於資本使用率(ROCE)正在下降,而且 基礎 使用的資本也在下降。基本上,該公司的投資收入減少了,而且總資產也在減少。有鑑於此,乍一看誠志(深交所股票代碼:000990),我們發現了一些可能陷入困境的跡象,所以讓我們來調查一下。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

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 Chengzhi, this is the formula:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算 Chengzhi 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)

0.026 = CN¥522m ÷ (CN¥25b - CN¥5.3b) (Based on the trailing twelve months to September 2023).

0.026 = 5.22億元人民幣 ÷(25億元人民幣-5.3億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Chengzhi has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.

因此,誠志的投資回報率爲2.6%。歸根結底,這是一個低迴報,其表現低於化工行業5.5%的平均水平。

View our latest analysis for Chengzhi

查看我們對 Chengzhi 的最新分析

roce
SZSE:000990 Return on Capital Employed January 3rd 2024
SZSE: 000990 2024 年 1 月 3 日動用資本回報率

In the above chart we have measured Chengzhi's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Chengzhi.

在上圖中,我們將承志先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的Chengzhi免費報告。

So How Is Chengzhi's ROCE Trending?

那麼成志的投資回報率如何走勢呢?

In terms of Chengzhi's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 4.9% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Chengzhi to turn into a multi-bagger.

就承志的歷史ROCE運動而言,這種趨勢並不能激發信心。不幸的是,資本回報率已從五年前的4.9%有所下降。在資本使用方面,該企業使用的資本量與當時大致相同。這種組合可能表明一家成熟的企業仍有資金部署的領域,但由於新的競爭或利潤率降低,獲得的回報並不那麼高。如果這些趨勢繼續下去,我們預計誠志不會變成一個多裝袋機。

The Key Takeaway

關鍵要點

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 29% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。因此,該股在過去五年中下跌了29%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

One more thing, we've spotted 2 warning signs facing Chengzhi that you might find interesting.

還有一件事,我們發現了 Chengzhi 面前的兩個警告標誌,你可能會覺得有趣。

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.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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