Shenzhen Sea Star Technology (SZSE:002137) Is Finding It Tricky To Allocate Its Capital
Shenzhen Sea Star Technology (SZSE:002137) Is Finding It Tricky To Allocate Its Capital
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 reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. In light of that, from a first glance at Shenzhen Sea Star Technology (SZSE:002137), we've spotted some signs that it could be struggling, so let's investigate.
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。這表明該公司之所以沒有增加股東財富,是因爲回報率下降且淨資產基礎在萎縮。有鑑於此,乍一看深圳海星科技(SZSE:002137),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。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. To calculate this metric for Shenzhen Sea Star Technology, 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)。要計算深圳海星科技的這個指標,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)
0.015 = CN¥25m ÷ (CN¥2.0b - CN¥334m) (Based on the trailing twelve months to September 2023).
0.015 = 250萬元人民幣 ÷(2.0億元人民幣-3.34億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Shenzhen Sea Star Technology has an ROCE of 1.5%. In absolute terms, that's a low return and it also under-performs the Software industry average of 2.7%.
因此,深圳海星科技的投資回報率爲1.5%。從絕對值來看,這是一個低迴報,它的表現也低於軟件行業2.7%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240223/0-c049dba73cd8bea3070f87cdfd006092-0-e8e4270feb7061dc44d568479cb70469.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Sea Star Technology's ROCE against it's prior returns. If you're interested in investigating Shenzhen Sea Star Technology's past further, check out this free graph covering Shenzhen Sea Star Technology's past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到深圳海星科技的投資回報率與先前回報的對比。如果你有興趣進一步調查深圳海星科技的過去,請查看這張涵蓋深圳海星科技過去的收益、收入和現金流的免費圖表。
So How Is Shenzhen Sea Star Technology's ROCE Trending?
那麼深圳海星科技的投資回報率趨勢如何呢?
We are a bit worried about the trend of returns on capital at Shenzhen Sea Star Technology. About five years ago, returns on capital were 3.3%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. 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. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Shenzhen Sea Star Technology becoming one if things continue as they have.
我們對深圳海星科技的資本回報率趨勢有些擔憂。大約五年前,資本回報率爲3.3%,但現在已大大低於我們在上面看到的水平。同時,在此期間,該業務使用的資本基本保持不變。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。因此,由於這些趨勢通常不利於創建多袋機,因此,如果一切照原樣下去,我們就不會屏住呼吸等待深圳海星科技成爲一體。
The Bottom Line On Shenzhen Sea Star Technology's ROCE
深圳海星科技投資回報率的底線
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 28% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總而言之,使用相同數量的資本所產生的較低迴報並不完全是複利機器的跡象。因此,該股在過去五年中下跌了28%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。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。
One more thing to note, we've identified 1 warning sign with Shenzhen Sea Star Technology and understanding this should be part of your investment process.
還有一件事需要注意,我們已經確定了深圳海星科技的1個警告信號,我們知道這應該是您投資過程的一部分。
While Shenzhen Sea Star Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管深圳海星科技的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。