Slowing Rates Of Return At COSCO SHIPPING Technology (SZSE:002401) Leave Little Room For Excitement
Slowing Rates Of Return At COSCO SHIPPING Technology (SZSE:002401) Leave Little Room For Excitement
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating COSCO SHIPPING Technology (SZSE:002401), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要找到一個潛在的多頭投資人,通常有一些潛在的趨勢可以提供線索。理想情況下,一個業務將顯示兩個趨勢;首先是資本僱用的增長。最終,這表明這是一個正在以遞增的回報率重新投資利潤的商業。然而,簡要查看數字後,我們認爲福建龍淨環保(SHSE:600388)不具備未來的多頭投資者特質,但讓我們看看爲什麼。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?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。這表明它是一個複利機器,能夠不斷將盈利再投資於業務中,並且產生更高的回報。然而,在調查中遠海科技(SZSE:002401)之後,我們認爲它當前的趨勢不符合多倍籌碼的模式。
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. Analysts use this formula to calculate it for COSCO SHIPPING Technology:
對於不確定ROCE是什麼的人來說,它是衡量公司能夠從業務中使用的資本獲得的稅前利潤的量。分析師使用以下公式計算中遠海科技的ROCE:
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。
0.093 = CN¥161m ÷ (CN¥2.8b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.093 = CN¥161m ÷ (CN¥2.8b - CN¥1.1b)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。.
Therefore, COSCO SHIPPING Technology has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 3.9% generated by the IT industry, it's much better.
因此,中遠海科技的ROCE爲9.3%。單獨看這個數字,回報率較低,但與IT行業平均3.9%相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-1710baa0732c0e9eeef8a04139fbf61d-0-50e88be2d059c04d8a6f66e547e24258.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 COSCO SHIPPING Technology's past further, check out this free graph covering COSCO SHIPPING Technology's past earnings, revenue and cash flow.
儘管過去不能代表未來,但了解一家公司的歷史表現可能很有用,這就是我們上面所展示的圖表原因。如果您有興趣進一步調查中遠海科技的過去,請查看涵蓋中遠海科技歷史收益、營業收入和現金流的免費圖表。
What Can We Tell From COSCO SHIPPING Technology's ROCE Trend?
從中遠海科技的ROCE趨勢中我們能學到什麼?
In terms of COSCO SHIPPING Technology's historical ROCE trend, it doesn't exactly demand attention. The company has employed 88% more capital in the last five years, and the returns on that capital have remained stable at 9.3%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就中遠海科技的ROCE歷史趨勢而言,它不會引起過多關注。公司在過去的五年中增加了88%的資本,並且這些資本的回報率一直穩定在9.3%左右。考慮到公司增加了資本的數量,似乎這些投資只是不能提供高額的資本回報。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 38% of total assets, is good to see from a business owner's perspective. Effectively suppliers now fund less of the business, which can lower some elements of risk.
還有一件事需要注意的是,儘管ROCE在過去的五年中保持相對穩定,但目前負債佔總資產的38%的比例下降,從企業所有者的角度來看是件好事。實際上,現在供應商資助的企業較少,這可以降低某些風險因素。
What We Can Learn From COSCO SHIPPING Technology's ROCE
簡而言之,儘管中遠海科技一直在重新投資資本,但其所產生的回報並沒有增加。由於該股票在過去的五年中取得了驚人的50%的漲幅,投資者必須認爲未來會出現更好的機會。但是,如果這些潛在趨勢的軌跡繼續下去,我們認爲它成爲多倍籌碼的可能性不高。
Long story short, while COSCO SHIPPING Technology has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 50% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
如果您想了解有關中遠海科技的更多信息,請查看我們已經發現的兩個警告標誌,其中一個不應被忽視。
If you'd like to know more about COSCO SHIPPING Technology, we've spotted 2 warning signs, and 1 of them shouldn't be ignored.
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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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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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