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Be Wary Of Shandong Longji MachineryLtd (SZSE:002363) And Its Returns On Capital

Be Wary Of Shandong Longji MachineryLtd (SZSE:002363) And Its Returns On Capital

警惕山東隆基機械有限公司(深圳證券交易所:002363)及其資本回報率
Simply Wall St ·  03/16 06:50

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. On that note, looking into Shandong Longji MachineryLtd (SZSE:002363), we weren't too upbeat about how things were going.

爲了避免投資衰退的企業,有一些財務指標可以提供衰老的早期跡象。通常,我們會看到下降 返回 論資本使用率(ROCE)和下降情況 金額 所用資本的比例。這樣的趨勢最終意味着該企業正在減少投資,同時也減少了其投資的收益。綜上所述,縱觀山東隆基機械有限公司(深圳證券交易所:002363),我們對事態發展並不太樂觀。

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

資本使用回報率(ROCE):這是什麼?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Shandong Longji MachineryLtd, this is the formula:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算山東隆基機械有限公司的這個指標,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)

0.0088 = CN¥20m ÷ (CN¥3.4b - CN¥1.2b) (Based on the trailing twelve months to September 2023).

0.0088 = 2,000萬元人民幣 ÷(34億元人民幣-12億元人民幣) (基於截至2023年9月的過去十二個月)

Thus, Shandong Longji MachineryLtd has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 5.9%.

因此,山東隆基機械有限公司的投資回報率爲0.9%。從絕對值來看,這是一個低迴報,其表現也低於汽車零部件行業平均水平的5.9%。

roce
SZSE:002363 Return on Capital Employed March 15th 2024
SZSE: 002363 2024 年 3 月 15 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Shandong Longji MachineryLtd's ROCE against it's prior returns. If you're interested in investigating Shandong Longji MachineryLtd's past further, check out this free graph covering Shandong Longji MachineryLtd's past earnings, revenue and cash flow.

歷史表現是研究股票的絕佳起點,因此在上面你可以看到山東隆基機械有限公司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山東隆基機械有限公司的過去,請查看這張涵蓋山東隆基機械有限公司過去的收益、收入和現金流的免費圖表。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

We are a bit worried about the trend of returns on capital at Shandong Longji MachineryLtd. About five years ago, returns on capital were 3.5%, 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. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Shandong Longji MachineryLtd to turn into a multi-bagger.

我們對山東隆基機械有限公司的資本回報率趨勢有些擔憂。大約五年前,資本回報率爲3.5%,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。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。如果這些趨勢繼續下去,我們預計山東隆基機械有限公司不會變成一家多裝袋機。

What We Can Learn From Shandong Longji MachineryLtd's ROCE

我們可以從山東隆基機械有限公司的ROCE中學到什麼

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. Despite the concerning underlying trends, the stock has actually gained 28% over the last five years, so it might be that the investors are expecting the trends to reverse. Regardless, we don't like the trends as they are and if they persist, 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。儘管潛在趨勢令人擔憂,但該股在過去五年中實際上已經上漲了28%,因此投資者可能預計趨勢將逆轉。無論如何,我們不喜歡當前的趨勢,如果趨勢持續下去,我們認爲您可能會在其他地方找到更好的投資。

Shandong Longji MachineryLtd does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...

但是,山東隆基機械有限公司確實存在一些風險,我們在投資分析中發現了3個警告信號,其中一個不太適合我們...

While Shandong Longji MachineryLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

儘管山東隆基機械有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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。

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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