Returns On Capital Signal Tricky Times Ahead For Digital China Group (SZSE:000034)
Returns On Capital Signal Tricky Times Ahead For Digital China Group (SZSE:000034)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Digital China Group (SZSE:000034), it didn't seem to tick all of these boxes.
尋找有潛力大幅增長的企業並不容易，但若關注幾個關鍵的財務指標是有可能實現的。理想情況下，一家企業應該呈現出兩個趨勢；首先是資本回報率（ROCE）的增長，其次是資本投入的不斷增加。最終，這表明這是一家在以不斷提高的回報率重新投資利潤的企業。儘管如此，當我們研究神州數碼集團（SZSE: 000034）時，它似乎並未具備這些方面的優勢。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Digital China Group:
如果您之前沒有接觸過ROCE，那麼它衡量的是公司從其業務中所投入的資本中產生的“回報”（稅前利潤）。分析師利用此公式爲神州數碼計算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。
0.15 = CN¥2.3b ÷ (CN¥45b - CN¥30b) (Based on the trailing twelve months to March 2024).
0.15 = CN¥23億 ÷ (CN¥450億 - CN¥30b)（截至2024年3月的過去十二個月的數據）。
Thus, Digital China Group has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 3.9% generated by the IT industry.
因此，神州數碼的ROCE爲15%。單獨看這個數值，它是一個標準的回報率，但比IT行業的3.9%要好得多。
Above you can see how the current ROCE for Digital China Group 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 Digital China Group .
如上圖所示，您可以比較神州數碼目前的ROCE與以前的資本收益率。但過去只能告訴我們這麼多。如果您想看看分析師未來的預測，可以查看我們的神州數碼免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
When we looked at the ROCE trend at Digital China Group, we didn't gain much confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 15%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
當我們觀察神州數碼的ROCE趨勢時，並沒有讓我們太有信心。大約五年前，資本回報率爲22％，但自那以後就下降至15％。同時，企業正在利用更多的資本，但在過去12個月內，這並沒有對銷售產生很大的影響，因此這可能反映了長期投資。公司可能需要一些時間才能從這些投資中看到收益的變化。
On a side note, Digital China Group has done well to pay down its current liabilities to 66% 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
另外，神州數碼已經成功地將其流動負債減少到總資產的66％。因此，我們可以將ROCE的下降與此聯繫在一起。實際上，這意味着他們的供應商或短期債權人爲企業提供的資金減少了，這減少了某些風險因素。有些人認爲，這減少了企業用自己的資金資助運營的效率，從而減少了企業的ROCE。無論哪種情況，它們仍處於相當高的水平，因此如果可能的話，我們希望它們進一步下降。
What We Can Learn From Digital China Group's ROCE
我們從神州數碼的ROCE可以學到什麼？
In summary, Digital China Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 101% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之，神州數碼正在爲了增長而將資金重新投資到業務中，不幸的是，目前看來銷售額似乎並沒有顯著增長。投資者必須認爲會有更好的未來，因爲股票在過去五年中爲股東創造了101％的收益。但如果這些潛在趨勢繼續下去，我們認爲它從此處成爲多倍資產的可能性不高。
One final note, you should learn about the 2 warning signs we've spotted with Digital China Group (including 1 which is significant) .
最後，請了解我們發現的兩個警告信號，其中一個很重要。
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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對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至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
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。