Shandong Zhangqiu Blower (SZSE:002598) Hasn't Managed To Accelerate Its Returns
Shandong Zhangqiu Blower (SZSE:002598) Hasn't Managed To Accelerate Its Returns
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Shandong Zhangqiu Blower (SZSE:002598), we don't think it's current trends fit the mold of a multi-bagger.
找到一家具有大幅增长潜力的企业并非易事,但如果我们看看几个关键的财务指标,这是可能的。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。不过,经过调查,山东章丘鼓风机(SZSE:002598),我们认为目前的趋势不适合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
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. The formula for this calculation on Shandong Zhangqiu Blower is:
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。山东章丘鼓风机的计算公式为:
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)
0.098 = CN¥116m ÷ (CN¥2.4b - CN¥1.2b) (Based on the trailing twelve months to June 2023).
0.098=CN元1.16亿?(CN元24亿-CN元12亿)(根据截至2023年6月的往绩12个月计算)。
Thus, Shandong Zhangqiu Blower has an ROCE of 9.8%. In absolute terms, that's a low return, but it's much better than the Machinery industry average of 6.4%.
因此,山东章丘鼓风机净资产收益率为9.8%。按绝对值计算,这是一个较低的回报率,但远好于机械行业6.4%的平均水平。
View our latest analysis for Shandong Zhangqiu Blower
查看我们对山东章丘鼓风机的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231021/0-c7fb2c3cc54e0d0f8e0901520bdf4f20-0-75c58a6168c7df015d00d57b5871ebe6.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shandong Zhangqiu Blower's ROCE against it's prior returns. If you're interested in investigating Shandong Zhangqiu Blower's past further, check out this free graph of past earnings, revenue and cash flow.
在研究一只股票时,历史表现是一个很好的起点,因为在历史表现上方,你可以看到山东章丘鼓风机相对于其先前回报的ROCE指标。如果你有兴趣进一步调查山东章丘鼓风机的过去,请查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何?
In terms of Shandong Zhangqiu Blower's historical ROCE trend, it doesn't exactly demand attention. The company has employed 43% more capital in the last five years, and the returns on that capital have remained stable at 9.8%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就山东章丘鼓风机的历史ROCE趋势而言,它并不完全值得关注。该公司在过去五年中增聘了43%的资本,这些资本的回报率一直稳定在9.8%。这种糟糕的ROCE目前并没有激发人们的信心,而且随着所用资本的增加,很明显,该公司没有将资金用于高回报投资。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 50% of total assets, this reported ROCE would probably be less than9.8% because total capital employed would be higher.The 9.8% ROCE could be even lower if current liabilities weren't 50% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另一点需要注意的是,我们注意到该公司在过去五年中增加了流动负债。这很耐人寻味,因为如果流动负债没有增加到总资产的50%,这个报告的ROCE可能会低于9.8%,因为使用的总资本会更高。如果流动负债不是总资产的50%,ROCE可能会更低,因为公式将显示使用的总资本的基数更大。因此,在当前负债水平如此之高的情况下,这实际上意味着供应商或短期债权人等人正在为业务的一个重要部分提供资金,在某些情况下,这可能会带来一些风险。
In Conclusion...
总之..。
Long story short, while Shandong Zhangqiu Blower has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 54% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
长话短说,尽管山东章丘鼓风机一直在对其资本进行再投资,但它产生的回报并没有增加。由于该股在过去五年中上涨了54%,投资者肯定认为未来会有更好的事情发生。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太大希望。
One more thing to note, we've identified 1 warning sign with Shandong Zhangqiu Blower and understanding this should be part of your investment process.
还有一件事需要注意,我们已经确定了1个警告标志与山东章丘鼓风机合作,了解这一点应该是您投资过程的一部分。
While Shandong Zhangqiu Blower isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然山东章丘鼓风机并没有获得最高的回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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。