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Zhongshan Public Utilities GroupLtd's (SZSE:000685) Returns Have Hit A Wall

Zhongshan Public Utilities GroupLtd's (SZSE:000685) Returns Have Hit A Wall

中山公用事業集團有限公司(深圳證券交易所代碼:000685)的回報已觸壁
Simply Wall St ·  01/04 07:26

What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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 Zhongshan Public Utilities GroupLtd (SZSE:000685), we don't think it's current trends fit the mold of a multi-bagger.

我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,在調查了中山公用事業集團有限公司(SZSE: 000685)之後,我們認爲目前的趨勢不符合多袋機的模式。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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 Zhongshan Public Utilities GroupLtd is:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。中山公用事業集團有限公司的計算公式爲:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益(EBIT)÷(總資產-流動負債)

0.022 = CN¥452m ÷ (CN¥27b - CN¥6.7b) (Based on the trailing twelve months to September 2023).

0.022 = 4.52億元人民幣 ÷(27億元人民幣-6.7億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Zhongshan Public Utilities GroupLtd has an ROCE of 2.2%. In absolute terms, that's a low return and it also under-performs the Water Utilities industry average of 7.1%.

因此,中山公用事業集團有限公司的投資回報率爲2.2%。從絕對值來看,這是一個低迴報,其表現也低於水務行業7.1%的平均水平。

View our latest analysis for Zhongshan Public Utilities GroupLtd

查看我們對中山公用事業集團有限公司的最新分析

roce
SZSE:000685 Return on Capital Employed January 3rd 2024
SZSE: 000685 2024 年 1 月 3 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhongshan Public Utilities GroupLtd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Zhongshan Public Utilities GroupLtd, check out these free graphs here.

歷史表現是研究股票的絕佳起點,因此在上面你可以看到中山公用事業集團股份有限公司的投資回報率與先前的回報率對比的指標。如果您想深入了解中山公用事業集團有限公司的歷史收益、收入和現金流,請在此處查看這些免費圖表。

The Trend Of ROCE

ROCE 的趨勢

There are better returns on capital out there than what we're seeing at Zhongshan Public Utilities GroupLtd. The company has consistently earned 2.2% for the last five years, and the capital employed within the business has risen 41% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.

那裏的資本回報比我們在中山公用事業集團有限公司看到的要好。在過去五年中,該公司的收入一直爲2.2%,在此期間,公司內部使用的資本增長了41%。鑑於該公司增加了動用資本金額,看來已經進行的投資根本無法提供很高的資本回報率。

On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 24% of total assets, this reported ROCE would probably be less than2.2% because total capital employed would be higher.The 2.2% ROCE could be even lower if current liabilities weren't 24% of total assets, because the the formula would show a larger base of total capital employed. So while current liabilities isn't high right now, keep an eye out in case it increases further, because this can introduce some elements of risk.

另一方面,儘管投資回報率趨勢的變化可能不會引起人們的關注,但有趣的是,在過去五年中,流動負債實際上一直在增加。這很有趣,因爲如果流動負債沒有增加到總資產的24%,則報告的投資回報率可能低於2.2%,因爲使用的總資本會更高。如果流動負債不佔總資產的24%,2.2%的投資回報率可能會更低,因爲該公式將顯示動用總資本的基數更大。因此,儘管目前的流動負債並不高,但要注意以防其進一步增加,因爲這可能會帶來一些風險因素。

Our Take On Zhongshan Public Utilities GroupLtd's ROCE

我們對中山公用事業集團有限公司ROCE的看法

In conclusion, Zhongshan Public Utilities GroupLtd has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 20% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

總之,中山公用事業集團有限公司一直在向該業務投入更多資金,但該資本的回報率並未增加。投資者可能會意識到這些趨勢,因爲在過去五年中,該股總共只給股東帶來了20%的回報。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。

One more thing to note, we've identified 2 warning signs with Zhongshan Public Utilities GroupLtd and understanding them should be part of your investment process.

還有一件事需要注意,我們已經確定了中山公用事業集團有限公司的兩個警告信號,並了解它們應該成爲您投資過程的一部分。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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