China Railway Tielong Container Logistics (SHSE:600125) Could Be At Risk Of Shrinking As A Company
China Railway Tielong Container Logistics (SHSE:600125) Could Be At Risk Of Shrinking As A Company
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? 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. 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 China Railway Tielong Container Logistics (SHSE:600125), we weren't too upbeat about how things were going.
忽略公司的股價,有哪些潛在趨勢告訴我們企業已經過了增長階段?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。值得注意的是,縱觀中鐵鐵龍集裝箱物流(SHSE: 600125),我們對情況並不太樂觀。
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 China Railway Tielong Container Logistics 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)。中鐵鐵龍集裝箱物流的計算公式爲:
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)
0.078 = CN¥642m ÷ (CN¥10b - CN¥1.7b) (Based on the trailing twelve months to December 2023).
0.078 = 6.42億元人民幣 ÷(10億元人民幣-17億元人民幣) (基於截至2023年12月的過去十二個月)。
So, China Railway Tielong Container Logistics has an ROCE of 7.8%. On its own that's a low return, but compared to the average of 4.3% generated by the Transportation industry, it's much better.
因此,中鐵鐵龍集裝箱物流的投資回報率爲7.8%。就其本身而言,回報率很低,但與運輸行業4.3%的平均回報率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240501/0-1a9dc361d04f294e4dad887aec83506d-0-862c815916d330693560d1f25dc038a6.png/big)
In the above chart we have measured China Railway Tielong Container Logistics' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for China Railway Tielong Container Logistics .
在上圖中,我們將中鐵鐵龍集裝箱物流先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們的免費中鐵鐵龍集裝箱物流分析師報告中查看分析師的預測。
So How Is China Railway Tielong Container Logistics' ROCE Trending?
那麼,中鐵鐵龍集裝箱物流的ROCE趨勢如何?
There is reason to be cautious about China Railway Tielong Container Logistics, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 10% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. 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 China Railway Tielong Container Logistics to turn into a multi-bagger.
鑑於回報率呈下降趨勢,有理由對中鐵鐵龍集裝箱物流持謹慎態度。不幸的是,資本回報率已從五年前的10%有所下降。最重要的是,值得注意的是,企業內部使用的資本量一直保持相對穩定。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,我們預計中鐵鐵龍集裝箱物流不會變成多裝袋。
On a related note, China Railway Tielong Container Logistics has decreased its current liabilities to 17% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
與此相關的是,中鐵鐵龍集裝箱物流已將其流動負債減少至總資產的17%。因此,我們可以將其中一些與ROCE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。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此你可以爭辯說,這降低了企業產生投資回報的效率。
The Bottom Line On China Railway Tielong Container Logistics' ROCE
中鐵鐵龍集裝箱物流ROCE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. And long term shareholders have watched their investments stay flat over the last five years. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking 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。在過去的五年中,長期股東一直目睹他們的投資保持不變。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 China Railway Tielong Container Logistics and understanding it should be part of your investment process.
還有一件事需要注意,我們已經向中鐵鐵龍集裝箱物流確定了1個警告標誌,我們知道這應該是您投資過程的一部分。
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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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。