Shenzhen Han's CNC Technology (SZSE:301200) May Have Issues Allocating Its Capital
Shenzhen Han's CNC Technology (SZSE:301200) May Have Issues Allocating Its Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Shenzhen Han's CNC Technology (SZSE:301200), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,在調查了深圳大族數控科技(SZSE: 301200)之後,我們認爲目前的趨勢不適合多裝袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shenzhen Han's CNC Technology is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。深圳大族數控科技的計算公式爲:
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)
0.039 = CN¥200m ÷ (CN¥6.1b - CN¥1b) (Based on the trailing twelve months to September 2023).
0.039 = 2億元人民幣 ÷(61億元人民幣-1億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Shenzhen Han's CNC Technology has an ROCE of 3.9%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.0%.
因此,深圳大族數控科技的投資回報率爲3.9%。從絕對值來看,這是一個低迴報,其表現也低於機械行業6.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-536b860f2de8ccf4e45dfcf71be0f4c5-0-d093195362670223b27d687d7627c449.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're interested in investigating Shenzhen Han's CNC Technology's past further, check out this free graph covering Shenzhen Han's CNC Technology's past earnings, revenue and cash flow.
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。如果你有興趣進一步調查深圳大族數控科技的過去,請查看這張涵蓋深圳大族數控科技過去的收益、收入和現金流的免費圖表。
How Are Returns Trending?
退貨趨勢如何?
On the surface, the trend of ROCE at Shenzhen Han's CNC Technology doesn't inspire confidence. Over the last four years, returns on capital have decreased to 3.9% from 17% four years ago. And considering revenue has dropped while employing more capital, we'd be cautious. 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,深圳大族數控科技的ROCE趨勢並不能激發信心。在過去四年中,資本回報率從四年前的17%下降到3.9%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。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 related note, Shenzhen Han's CNC Technology has decreased its current liabilities to 16% of total assets. So we could link some of this to the decrease in ROCE. 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.
與此相關的是,深圳大族數控科技已將其流動負債減少至總資產的16%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。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。
Our Take On Shenzhen Han's CNC Technology's ROCE
我們對深圳大族數控科技ROCE的看法
In summary, we're somewhat concerned by Shenzhen Han's CNC Technology's diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 21% over the last year, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
總而言之,我們對深圳大族數控科技隨着資本金額的增加而產生的回報減少感到擔憂。因此,該股去年下跌了21%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。
One final note, you should learn about the 3 warning signs we've spotted with Shenzhen Han's CNC Technology (including 1 which doesn't sit too well with us) .
最後一點,你應該了解一下我們在深圳大族數控技術中發現的3個警告信號(包括一個對我們來說不太合適)。
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。
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