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Returns On Capital Signal Tricky Times Ahead For Xiamen Comfort Science&Technology Group (SZSE:002614)

Returns On Capital Signal Tricky Times Ahead For Xiamen Comfort Science&Technology Group (SZSE:002614)

資本回報預示着廈門康輝科技集團(SZSE:002614)未來的艱難時期
Simply Wall St ·  01/18 08:51

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. In light of that, when we looked at Xiamen Comfort Science&Technology Group (SZSE:002614) and its ROCE trend, we weren't exactly thrilled.

你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。有鑑於此,當我們查看廈門康輝科技集團(SZSE:002614)及其投資回報率趨勢時,我們並不十分興奮。

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

資本使用回報率(ROCE):這是什麼?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Xiamen Comfort Science&Technology Group, this is the formula:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算廈門康輝科技集團的這一指標,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)

0.027 = CN¥149m ÷ (CN¥8.0b - CN¥2.4b) (Based on the trailing twelve months to June 2023).

0.027 = 1.49億元人民幣 ÷(8.0億元人民幣-24億元人民幣) (基於截至 2023 年 6 月的過去十二個月)

Therefore, Xiamen Comfort Science&Technology Group has an ROCE of 2.7%. Ultimately, that's a low return and it under-performs the Leisure industry average of 6.2%.

因此,廈門康福特科技集團的投資回報率爲2.7%。歸根結底,這是一個低迴報,其表現低於休閒行業6.2%的平均水平。

View our latest analysis for Xiamen Comfort Science&Technology Group

查看我們對廈門康輝科技集團的最新分析

roce
SZSE:002614 Return on Capital Employed January 18th 2024
SZSE: 002614 2024 年 1 月 18 日動用資本回報率

In the above chart we have measured Xiamen Comfort Science&Technology Group'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 Xiamen Comfort Science&Technology Group.

在上圖中,我們將廈門康福特科技集團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,你應該查看我們爲廈門康福特科技集團提供的免費報告。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

On the surface, the trend of ROCE at Xiamen Comfort Science&Technology Group doesn't inspire confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 2.7%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.

從表面上看,廈門康輝科技集團的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲12%,但此後已降至2.7%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多的資金,但它產生的回報實際上更低—— “成本效益更低” 本身。

On a side note, Xiamen Comfort Science&Technology Group has done well to pay down its current liabilities to 31% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.

順便說一句,廈門康輝科技集團在償還其流動負債佔總資產的31%方面做得很好。因此,我們可以將其中一些與ROCE的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此你可以爭辯說,這降低了企業產生投資回報的效率。

The Key Takeaway

關鍵要點

We're a bit apprehensive about Xiamen Comfort Science&Technology Group because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last five years have experienced a 39% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

我們對廈門康福特科技集團有點擔心,因爲儘管向該業務投入了更多資金,但該資本的回報率和銷售額都下降了。在過去五年中持有該股的長期股東的投資貶值了39%,因此看來市場可能也不喜歡這些趨勢。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。

On a final note, we've found 1 warning sign for Xiamen Comfort Science&Technology Group that we think you should be aware of.

最後,我們發現了廈門康輝科技集團的1個警告標誌,我們認爲你應該注意這個標誌。

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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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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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。

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