Offcn Education Technology (SZSE:002607) Will Be Hoping To Turn Its Returns On Capital Around
Offcn Education Technology (SZSE:002607) Will Be Hoping To Turn Its Returns On Capital Around
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. 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. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. On that note, looking into Offcn Education Technology (SZSE:002607), we weren't too upbeat about how things were going.
在投資時,還有一些有用的財務指標可以提醒我們,當一項業務潛在面臨困境時。通常,我們將看到兩個趨勢: 資產回報率:它是什麼?絕對是一個低迴報率,也低於消費耐用品行業平均水平的15%。ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。資本投入的收益率和商業資本利用率的趨勢。最終,這意味着公司每投入一美元所賺取的收益越來越少,此外,還縮小了其商業資本利用率的基礎。 因此,通過對中公教育技術(SZSE:002607)的研究,我們對其發展情況並不樂觀。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)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. The formula for this calculation on Offcn Education Technology is:
對於那些不確定什麼是ROCE的人,它是衡量公司能從其業務中使用的商業資本產生多少稅前利潤的指標。對於中公教育技術(Offcn Education Technology)的計算公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.13 = CN¥256m ÷ (CN¥7.3b - CN¥5.3b) (Based on the trailing twelve months to March 2024).
0.13 = CN¥25600萬 ÷ (CN¥73億 - CN¥5.3b) 因此,中公教育技術的ROCE爲13%。在絕對值上,這是一個令人滿意的回報率,但與消費服務行業的11%相比,它更好。 在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
Thus, Offcn Education Technology has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Consumer Services industry average of 11% it's much better.
SZSE:002607資本利用率回報率2024年5月22日
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-2e20564059cb0c1895e7922481c45eb8-0-16fd4e14f3e9c79f8d838f03a5a19907.png/big)
Above you can see how the current ROCE for Offcn Education Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Offcn Education Technology .
我們對中公教育技術的ROCE趨勢有些擔憂。具體而言,今天的ROCE是五年前的45%,但現在已降至13%。此外,業務在運營中利用的資本降低了38%。ROCE和商業資本利用率的下降結合在一起,可能表明企業可能面臨一些競爭壓力或其市場份額可能遭到侵蝕。 通常,表現出這些特徵的商業機構不太可能長期繁榮,因爲從統計學上講,它們已經經歷了生命週期的增長階段。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
We are a bit anxious about the trends of ROCE at Offcn Education Technology. To be more specific, today's ROCE was 45% five years ago but has since fallen to 13%. On top of that, the business is utilizing 38% less capital within its operations. The combination of lower ROCE and less capital employed can indicate that a business is likely to be facing some competitive headwinds or seeing an erosion to its moat. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
順便說一句,中公教育技術目前的流動負債仍然相當高,佔總資產的73%。這實際上意味着供應商(或短期債權人)資助了業務的很大一部分,因此請注意,這可能會帶來某些風險。 理想情況下,我們希望看到這些負債減少,因爲這意味着承擔風險的義務更少。
On a side note, Offcn Education Technology's current liabilities are still rather high at 73% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
我們可以從中公教育技術的ROCE中學到什麼 看到中公教育技術在減少業務中的商業資本投入和降低迴報率的同時,令人擔憂。我們預計這導致股價在過去五年中暴跌78%。鑑於這種情況,除非基本趨勢恢復到更積極的軌跡,否則我們應該考慮另尋他處。
What We Can Learn From Offcn Education Technology's ROCE
中公教育科技ROCE的降低,伴隨着回報的減少,這是令人擔憂的,我們預計這導致股票在最後五年暴跌了78%。如果基本趨勢沒有恢復到更積極的軌跡,我們會考慮尋找其他方法。
To see Offcn Education Technology reducing the capital employed in the business in tandem with diminishing returns, is concerning. We expect this has contributed to the stock plummeting 78% during the last five years. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
中公教育技術確實存在一些風險,我們發現了一個關於中公教育科技的警告信號,您可能會對此感興趣。
Offcn Education Technology does have some risks though, and we've spotted 1 warning sign for Offcn Education Technology that you might be interested in.
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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