Returns On Capital At Guangdong Ellington Electronics TechnologyLtd (SHSE:603328) Paint A Concerning Picture
Returns On Capital At Guangdong Ellington Electronics TechnologyLtd (SHSE:603328) Paint A Concerning Picture
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. On that note, looking into Guangdong Ellington Electronics TechnologyLtd (SHSE:603328), we weren't too upbeat about how things were going.
当我们研究一家公司时,有时很难找到警告信号,但是有一些财务指标可以帮助及早发现问题。一家可能处于衰退状态的企业通常会呈现出两种趋势, 返回 关于资本使用率(ROCE)正在下降,而且 基础 的已用资本也在下降。这种组合可以告诉你,公司不仅减少了投资,而且投资收益也减少了。就此而言,纵观广东艾灵顿电子科技有限公司(SHSE:603328),我们对事态发展并不太乐观。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Guangdong Ellington Electronics TechnologyLtd, this is the formula:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算广东艾灵顿电子科技有限公司的这个指标,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)
0.089 = CN¥340m ÷ (CN¥5.1b - CN¥1.2b) (Based on the trailing twelve months to September 2023).
0.089 = CN¥340m ≤(CN¥5.1b-CN¥1.2b) (基于截至2023年9月的过去十二个月)。
Thus, Guangdong Ellington Electronics TechnologyLtd has an ROCE of 8.9%. In absolute terms, that's a low return, but it's much better than the Electronic industry average of 5.0%.
因此,广东艾灵顿电子科技有限公司的投资回报率为8.9%。从绝对值来看,回报率很低,但比电子行业平均水平的5.0%要好得多。
View our latest analysis for Guangdong Ellington Electronics TechnologyLtd
查看我们对广东埃灵顿电子科技有限公司的最新分析
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're interested in investigating Guangdong Ellington Electronics TechnologyLtd's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查广东艾灵顿电子科技有限公司的过去,请查看这张过去收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
We are a bit worried about the trend of returns on capital at Guangdong Ellington Electronics TechnologyLtd. Unfortunately the returns on capital have diminished from the 16% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. 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 Guangdong Ellington Electronics TechnologyLtd to turn into a multi-bagger.
我们对广东艾灵顿电子科技有限公司的资本回报率趋势有些担忧。不幸的是,资本回报率已从五年前的16%有所下降。在资本使用方面,该企业使用的资本量与当时大致相同。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,我们预计广东艾灵顿电子科技有限公司不会变成一家多袋公司。
What We Can Learn From Guangdong Ellington Electronics TechnologyLtd's ROCE
我们可以从广东艾灵顿电子科技有限公司的ROCE中学到什么
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. And long term shareholders have watched their investments stay flat over the last five years. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总而言之,使用相同数量的资本所产生的较低回报并不完全是复利机器的迹象。在过去的五年中,长期股东的投资一直保持不变。由于这些领域的潜在趋势并不好,我们会考虑将目光投向其他地方。
If you want to know some of the risks facing Guangdong Ellington Electronics TechnologyLtd we've found 2 warning signs (1 doesn't sit too well with us!) that you should be aware of before investing here.
如果你想知道广东艾灵顿电子科技有限公司面临的一些风险,我们找到了两个警告标志(其中一个对我们来说不太合适!)在这里投资之前,你应该意识到这一点。
While Guangdong Ellington Electronics TechnologyLtd 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.
尽管广东艾灵顿电子科技有限公司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。在这里查看这份免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。