Returns On Capital At Sunwave CommunicationsLtd (SZSE:002115) Paint A Concerning Picture
Returns On Capital At Sunwave CommunicationsLtd (SZSE:002115) Paint A Concerning Picture
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. So after we looked into Sunwave CommunicationsLtd (SZSE:002115), the trends above didn't look too great.
如果我們想避免尋找萎縮的業務,那麼哪些趨勢可以提前警告我們呢?萎縮的業務通常有兩個潛在趨勢,首先是在利用資本方面下降。這樣的趨勢最終意味着企業在減少投資,並且也在減少其所投資的收益。所以在我們調查完新波通信股份有限公司 (深圳證券交易所:002115) 後,上述趨勢看起來並不太好。資產回報率:它是什麼?其資本使用回報率(ROCE)和資本使用量降低。基本上,公司在其投資上賺的錢越來越少,同時還在減少其總資產。 資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)佔用資本的退化趨勢。像這樣的趨勢最終意味着企業正在減少其投資,並且在所投資的資金上賺取更少的利潤。所以在我們調查完新波通信股份有限公司 (深圳證券交易所:002115) 後,上述趨勢看起來並不太好。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Sunwave CommunicationsLtd is:
對於那些不確定什麼是 ROCE 的人來說,它是衡量公司可以從其業務中所使用的資本所產生的稅前利潤數量的指標。在新波通信股份有限公司中進行此計算的公式是:0.025 = 人民幣 6800 萬元 ÷ (人民幣 44 億元 - 人民幣 16 億元)
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。
0.025 = CN¥68m ÷ (CN¥4.4b - CN¥1.6b) (Based on the trailing twelve months to March 2024).
因此,新波通信股份有限公司的 ROCE 爲 2.5%。最終,這是一個較低的回報,低於行業平均水平 4.0%。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。.
So, Sunwave CommunicationsLtd has an ROCE of 2.5%. Ultimately, that's a low return and it under-performs the Media industry average of 4.0%.
深圳證券交易所:002115 佔用資本回報 2024年6月8日 在上面的圖表中,我們已經測量了新波通信股份有限公司的先前 ROCE 與其先前表現進行對比,但未來可能更重要。如果您有興趣,可以查看我們爲新波通信股份有限公司提供的免費分析師報告中的分析師預測。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-4a58dd7db55b36b59fe7c26824b73b01-0-6af7c6e27f63815e004ad277d2962324.png/big)
In the above chart we have measured Sunwave CommunicationsLtd's 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 Sunwave CommunicationsLtd .
在上面的圖表中,我們已經測量了新波通信股份有限公司的先前 ROCE 與其先前表現進行對比,但未來可能更重要。如果您有興趣,可以查看我們爲新波通信股份有限公司提供的免費分析師報告中的分析師預測。
What Can We Tell From Sunwave CommunicationsLtd's ROCE Trend?
從新波通信股份有限公司的 ROCE 趨勢中,我們能得出什麼結論?
We are a bit worried about the trend of returns on capital at Sunwave CommunicationsLtd. About five years ago, returns on capital were 6.7%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Sunwave CommunicationsLtd to turn into a multi-bagger.
我們有一點擔心新波通信股份有限公司的資本回報率的趨勢。大約五年前,資本回報率爲 6.7%,但如上所述,現在遠低於該水平。在資本使用方面,企業利用的資本與五年前大致相同。表現出這些特徵的公司往往不會萎縮,但它們可能過度成熟並面臨來自競爭對手的利潤壓力。如果這些趨勢持續下去,我們不希望新波通信股份有限公司變成多重收益器。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
In summary, it's unfortunate that Sunwave CommunicationsLtd is generating lower returns from the same amount of capital. It should come as no surprise then that the stock has fallen 48% over the last five years, 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.
總之,令人遺憾的是,新波通信股份有限公司從相同的資本中獲得的回報較低。由此股票在過去五年中下跌了 48%,因此投資者似乎意識到了這些變化。除非這些指標有更積極的變化趨勢,否則我們將看向其他地方。
If you want to continue researching Sunwave CommunicationsLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究新波通信股份有限公司,您可能想知道我們分析中發現的 2 種警告信號。
While Sunwave CommunicationsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管新波通信股份有限公司未獲得最高的回報,但請查看此具有堅實資產負債表並獲得高回報的公司的免費列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。