Xiamen Jihong Technology (SZSE:002803) Could Be Struggling To Allocate Capital
Xiamen Jihong Technology (SZSE:002803) Could Be Struggling To Allocate Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Xiamen Jihong Technology (SZSE:002803) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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?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。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。話雖如此,乍一看廈門繼宏科技(SZSE:002803),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Xiamen Jihong Technology is:
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)。廈門繼宏科技的計算公式爲:
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)
0.16 = CN¥395m ÷ (CN¥3.3b - CN¥743m) (Based on the trailing twelve months to September 2023).
0.16 = 3.95億元人民幣 ÷(33億元人民幣-7.43億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Xiamen Jihong Technology has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Media industry average of 4.9% it's much better.
因此,廈門繼宏科技的投資回報率爲16%。從絕對值來看,這是一個令人滿意的回報,但與媒體行業平均水平的4.9%相比,回報要好得多。
View our latest analysis for Xiamen Jihong Technology
查看我們對廈門繼宏科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-a82ec4b9b1daeedc38da03ee7edff5a1-0-3cf011054da7779427b4dd9ec4b7f9c3.png/big)
Above you can see how the current ROCE for Xiamen Jihong Technology 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 Xiamen Jihong Technology here for free.
上面你可以看到廈門繼宏科技當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看報道廈門繼宏科技的分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
In terms of Xiamen Jihong Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 38% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就廈門繼宏科技的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的38%下降。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東都將受益。
On a side note, Xiamen Jihong Technology has done well to pay down its current liabilities to 23% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,廈門繼宏科技在償還其流動負債佔總資產的23%方面做得很好。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line
底線
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Xiamen Jihong Technology. And long term investors must be optimistic going forward because the stock has returned a huge 134% to shareholders in the last five years. So should these growth trends continue, we'd be optimistic on the stock going forward.
儘管短期內資本回報率有所下降,但我們認爲廈門繼宏科技的收入和所用資本均有所增加是有希望的。長期投資者必須對未來持樂觀態度,因爲該股在過去五年中向股東回報了134%的巨額回報。因此,如果這些增長趨勢繼續下去,我們將對該股的未來持樂觀態度。
If you want to continue researching Xiamen Jihong Technology, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果你想繼續研究廈門繼宏科技,你可能有興趣了解我們的分析發現的兩個警告信號。
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。