Digital China Information Service Group (SZSE:000555) Has Some Difficulty Using Its Capital Effectively
Digital China Information Service Group (SZSE:000555) Has Some Difficulty Using Its Capital Effectively
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after glancing at the trends within Digital China Information Service Group (SZSE:000555), we weren't too hopeful.
忽略公司的股价,告诉我们企业已经过了增长阶段的潜在趋势是什么?衰退的企业通常有两个潜在的趋势,首先是下滑 返回 论资本使用率(ROCE)和下降情况 基础 所用资本的比例。这向我们表明,该企业不仅在缩小其净资产规模,而且其回报率也在下降。因此,在看了神州数码信息服务集团(SZSE: 000555)内部的趋势之后,我们并不抱太大希望。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Digital China Information Service Group is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。神州数码信息服务集团的计算公式为:
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)
0.026 = CN¥168m ÷ (CN¥12b - CN¥5.3b) (Based on the trailing twelve months to June 2023).
0.026 = 1.68亿元人民币 ÷(12亿元人民币-5.3亿元人民币) (基于截至 2023 年 6 月的过去十二个月)。
Therefore, Digital China Information Service Group has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the IT industry average of 3.9%.
因此,神州数码信息服务集团的投资回报率为2.6%。归根结底,这是一个低回报,其表现低于IT行业3.9%的平均水平。
View our latest analysis for Digital China Information Service Group
查看我们对神州数码信息服务集团的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231021/0-59781decd0134b0272bbe733cde84bb1-0-78f32ed83958dc1865682d25796e9b82.png/big)
In the above chart we have measured Digital China Information Service Group'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 Digital China Information Service Group here for free.
在上图中,我们将神州信息服务集团先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,可以在这里免费查看报道神州信息服务集团的分析师的预测。
What Can We Tell From Digital China Information Service Group's ROCE Trend?
我们可以从神州信息服务集团的投资回报率趋势中得出什么?
We are a bit worried about the trend of returns on capital at Digital China Information Service Group. To be more specific, the ROCE was 6.8% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Digital China Information Service Group to turn into a multi-bagger.
我们对神州信息服务集团的资本回报率趋势有些担忧。更具体地说,五年前的投资回报率为6.8%,但此后已明显下降。最重要的是,值得注意的是,企业内部使用的资本量一直保持相对稳定。由于回报率下降且该企业的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中没有太大的增长。如果这些趋势继续下去,我们预计神州数码信息服务集团不会变成一个多包子公司。
On a side note, Digital China Information Service Group's current liabilities are still rather high at 45% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句,神州数码信息服务集团的流动负债仍然相当高,占总资产的45%。这可能会带来一些风险,因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。理想情况下,我们希望看到这种情况减少,因为这意味着承担风险的债务减少。
The Bottom Line On Digital China Information Service Group's ROCE
神州数码信息服务集团投资回报率的底线
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Despite the concerning underlying trends, the stock has actually gained 18% over the last five years, so it might be that the investors are expecting the trends to reverse. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
归根结底,相同数量的资本回报率下降的趋势通常并不表示我们正在考虑成长型股票。尽管潜在趋势令人担忧,但该股在过去五年中实际上已经上涨了18%,因此投资者可能预计趋势将逆转。无论哪种方式,我们都不是当前趋势的忠实拥护者,因此我们认为您可能会在其他地方找到更好的投资。
One more thing, we've spotted 1 warning sign facing Digital China Information Service Group that you might find interesting.
还有一件事,我们发现了神州数码信息服务集团面前的一个警告标志,你可能会觉得有趣。
While Digital China Information Service Group 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.
尽管神州数码信息服务集团目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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