Be Wary Of Shenzhen Urban Transport Planning Center (SZSE:301091) And Its Returns On Capital
Be Wary Of Shenzhen Urban Transport Planning Center (SZSE:301091) And Its Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Shenzhen Urban Transport Planning Center (SZSE:301091) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一只多袋股票，我们应该在一家企业中寻找什么潜在趋势？在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复合机器的一个特点。话虽如此，从第一眼看深圳市城市交通规划中心(SZSE：301091)我们不会因为回报率的趋势而从椅子上跳起来，但让我们更深入地看看。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE)：它是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Shenzhen Urban Transport Planning Center, this is the formula:
对于那些不知道的人来说，ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。要计算深圳市城市交通规划中心的这一指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.031 = CN¥70m ÷ (CN¥3.0b - CN¥685m) (Based on the trailing twelve months to June 2023).
0.031=7000万加元？(30亿加元-6.85亿加元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Shenzhen Urban Transport Planning Center has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Professional Services industry average of 5.1%.
所以呢，深圳市城市交通规划中心净资产收益率为3.1%。按绝对值计算，这是一个较低的回报率，也低于5.1%的专业服务行业平均水平。
See our latest analysis for Shenzhen Urban Transport Planning Center
查看我们对深圳城市交通规划中心的最新分析
In the above chart we have measured Shenzhen Urban Transport Planning Center's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shenzhen Urban Transport Planning Center here for free.
在上面的图表中，我们衡量了深圳城市交通规划中心之前的净资产收益率和之前的业绩，但可以说，未来更重要。如果你愿意，你可以在这里查看深圳城市交通规划中心分析师的预测免费的。
What Can We Tell From Shenzhen Urban Transport Planning Center's ROCE Trend?
从深圳市城市交通规划中心的ROCE趋势中我们可以看出什么？
On the surface, the trend of ROCE at Shenzhen Urban Transport Planning Center doesn't inspire confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 3.1%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看，深圳市城市交通规划中心ROCE的走势并没有鼓舞信心。大约五年前，资本回报率为20%，但自那以来已降至3.1%。然而，鉴于已动用资本和收入都有所增加，该业务目前似乎正在追求增长，这是短期回报的结果。如果增加的资本产生额外的回报，从长远来看，企业和股东都将受益。
On a related note, Shenzhen Urban Transport Planning Center has decreased its current liabilities to 23% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外，深圳市城市交通规划中心已将流动负债降至总资产的23%。这可能在一定程度上解释了ROCE下降的原因。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金，你可以说这降低了企业产生净资产收益率的效率。
The Bottom Line On Shenzhen Urban Transport Planning Center's ROCE
深圳市城市交通规划中心ROCE的底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Shenzhen Urban Transport Planning Center. And the stock has followed suit returning a meaningful 57% to shareholders over the last year. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
尽管资本回报率在短期内有所下降，但我们发现深圳城市交通规划中心的收入和使用资本都有所增加，这是有希望的。过去一年，该公司股票也纷纷向股东返还了57%。因此，虽然潜在的趋势可能已经被投资者所解释，但我们仍然认为这只股票值得进一步研究。
On a final note, we found 2 warning signs for Shenzhen Urban Transport Planning Center (1 is concerning) you should be aware of.
最后，我们发现2深圳市城市交通规划中心警示标志(1是关于的)你应该知道。
While Shenzhen Urban Transport Planning Center may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管深圳市城市交通规划中心目前的回报率可能不是最高的，但我们编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。