JC Finance & Tax Interconnect Holdings (SZSE:002530) Will Be Looking To Turn Around Its Returns
JC Finance & Tax Interconnect Holdings (SZSE:002530) Will Be Looking To Turn Around Its Returns
What underlying fundamental trends can indicate that a company might be in decline? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at JC Finance & Tax Interconnect Holdings (SZSE:002530), we've spotted some signs that it could be struggling, so let's investigate.
哪些基本的趨勢可以表明一家公司可能正在衰退? 衰退中的企業通常有兩個基本趨勢,首先是資本回報率(ROCE)下降,第二是使用的資本基礎下降。 基本上,公司在其投資上的收益減少,同時也在減少其總資產。 鑑於此,初步觀察金財互聯控股(SZSE:002530),我們發現了一些可能處於困境的跡象,因此讓我們進一步研究。
Understanding Return On Capital Employed (ROCE)
理解已投資資本回報率(ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for JC Finance & Tax Interconnect Holdings:
爲了澄清,如果你不確定,ROCE是評估一家公司在其業務中投資資本所獲得的稅前收入(以百分比表示)的指標。 分析師使用這個公式來計算金財互聯控股的ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.0085 = CN¥14m ÷ (CN¥2.6b - CN¥969m) (Based on the trailing twelve months to September 2024).
0.0085 = CN¥1400萬 ÷ (CN¥26億 - CN¥969m) (基於截止2024年9月的過去12個月)。
Therefore, JC Finance & Tax Interconnect Holdings has an ROCE of 0.8%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.2%.
因此,金財互聯控股的ROCE爲0.8%。最終,這個回報率較低,低於機械行業的平均水平5.2%。
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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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of JC Finance & Tax Interconnect Holdings.
雖然過去不能代表未來,但了解一家公司歷史上的表現是有幫助的,這就是我們上面提供這個圖表的原因。如果您想深入了解歷史收益,請查看這些免費的圖表,詳細說明金財互聯控股的營業收入和現金流表現。
What Does the ROCE Trend For JC Finance & Tax Interconnect Holdings Tell Us?
金財互聯控股的ROCE趨勢告訴我們什麼?
The trend of returns that JC Finance & Tax Interconnect Holdings is generating are raising some concerns. Unfortunately, returns have declined substantially over the last five years to the 0.8% we see today. In addition to that, JC Finance & Tax Interconnect Holdings is now employing 65% less capital than it was five years ago. When you see both ROCE and capital employed diminishing, it can often be a sign of a mature and shrinking business that might be in structural decline. If these underlying trends continue, we wouldn't be too optimistic going forward.
金財互聯控股產生的回報趨勢引起了一些擔憂。不幸的是,過去五年回報大幅下降至我們今天看到的0.8%。此外,金財互聯控股現在所使用的資本比五年前降低了65%。當你看到ROCE和使用資本都在減少時,這通常是一個成熟且萎縮的企業可能處於結構性衰退的跡象。如果這些基本趨勢持續下去,我們將對未來不抱太樂觀的態度。
On a side note, JC Finance & Tax Interconnect Holdings' current liabilities have increased over the last five years to 38% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 0.8%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
順便提一下,金財互聯控股的流動負債在過去五年中增加到佔總資產的38%,在一定程度上扭曲了ROCE。沒有這一增加,ROCE可能會更低於0.8%。雖然目前這個比例並不算太高,但值得關注,因爲如果這個比例變得特別高,企業可能會面臨一些新的風險因素。
The Key Takeaway
關鍵要點
In summary, it's unfortunate that JC Finance & Tax Interconnect Holdings is shrinking its capital base and also generating lower returns. It should come as no surprise then that the stock has fallen 12% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
總之,金財互聯控股縮減資本基礎並且也產生了較低的回報,這是不幸的。因此,股票在過去五年中下跌了12%並不令人驚訝,看來投資者正在認識到這些變化。由於這些領域的基本趨勢並不理想,我們會考慮尋找其他選擇。
JC Finance & Tax Interconnect Holdings could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 002530 on our platform quite valuable.
金財互聯控股在其他方面可能以有吸引力的價格進行交易,因此您可能會覺得我們平台上002530的免費內在價值估算非常有價值。
While JC Finance & Tax Interconnect Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然金財互聯控股的回報並不是最高的,但可以查看這份免費公司名單,名單上的公司在股本回報方面表現出色,且資產負債表穩健。
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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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。