Ningbo Marine's (SHSE:600798) Returns On Capital Not Reflecting Well On The Business
Ningbo Marine's (SHSE:600798) Returns On Capital Not Reflecting Well On The Business
What financial metrics can indicate to us that a company is maturing or even in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. And from a first read, things don't look too good at Ningbo Marine (SHSE:600798), so let's see why.
哪些財務指標可以向我們表明一家公司正在走向成熟甚至衰退?通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。這向我們表明,該企業不僅在縮小其淨資產規模,而且其回報率也在下降。從第一次讀起,寧波海運(SHSE: 600798)的情況看起來並不太好,所以讓我們看看原因。
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. The formula for this calculation on Ningbo Marine 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)。在寧波海事上進行此計算的公式爲:
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)
0.029 = CN¥177m ÷ (CN¥6.8b - CN¥685m) (Based on the trailing twelve months to September 2023).
0.029 = 1.77億元人民幣 ÷(68億元人民幣-6.85億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Ningbo Marine has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Shipping industry average of 9.0%.
因此,寧波海運的投資回報率爲2.9%。歸根結底,這是一個低迴報,其表現低於航運業9.0%的平均水平。
See our latest analysis for Ningbo Marine
查看我們對寧波海運的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240130/0-a172da0bf02bdd2fb6683198c0c22c0b-0-724e211a30a584cb23e24582c35be69f.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Ningbo Marine, check out these free graphs here.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您想深入了解寧波海運的歷史收益、收入和現金流,請在此處查看這些免費圖表。
How Are Returns Trending?
退貨趨勢如何?
There is reason to be cautious about Ningbo Marine, given the returns are trending downwards. To be more specific, the ROCE was 12% five years ago, but since then it has dropped noticeably. 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 Ningbo Marine to turn into a multi-bagger.
鑑於回報率呈下降趨勢,有理由對寧波海運持謹慎態度。更具體地說,五年前的投資回報率爲12%,但此後已明顯下降。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,我們預計寧波海運不會變成多袋裝船。
The Bottom Line On Ningbo Marine's ROCE
寧波海事投資回報率的底線
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. Investors must expect better things on the horizon though because the stock has risen 18% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments 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。但是,投資者必須期待更好的局面,因爲該股在過去五年中上漲了18%。無論哪種方式,我們都不是當前趨勢的忠實擁護者,因此我們認爲您可能會在其他地方找到更好的投資。
One more thing: We've identified 4 warning signs with Ningbo Marine (at least 1 which makes us a bit uncomfortable) , and understanding them would certainly be useful.
還有一件事:我們已經向寧波海運確定了4個警告標誌(至少有1個讓我們有點不舒服),了解它們肯定會很有用。
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.
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。