Be Wary Of Jiangsu Fengshan GroupLtd (SHSE:603810) And Its Returns On Capital
Be Wary Of Jiangsu Fengshan GroupLtd (SHSE:603810) And Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Jiangsu Fengshan GroupLtd (SHSE:603810), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,在調查了江蘇豐山集團有限公司(SHSE: 603810)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)
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. Analysts use this formula to calculate it for Jiangsu Fengshan GroupLtd:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算江蘇豐山集團有限公司的利潤:
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)
0.0023 = CN¥4.9m ÷ (CN¥2.7b - CN¥590m) (Based on the trailing twelve months to September 2023).
0.0023 = 490萬元人民幣 ÷(27億元人民幣-5.9億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Jiangsu Fengshan GroupLtd has an ROCE of 0.2%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,江蘇豐山集團有限公司的投資回報率爲0.2%。歸根結底,這是一個低迴報,其表現低於化工行業5.5%的平均水平。
View our latest analysis for Jiangsu Fengshan GroupLtd
查看我們對江蘇豐山集團有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240125/0-e1474e8f4b64a8b05a83e1506faa59b9-0-e8e223738615d2cb149430db063f9701.png/big)
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'd like to look at how Jiangsu Fengshan GroupLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你想在其他指標中查看江蘇豐山集團有限公司過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
So How Is Jiangsu Fengshan GroupLtd's ROCE Trending?
那麼江蘇豐山集團有限公司的投資回報率走勢如何?
In terms of Jiangsu Fengshan GroupLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 15% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就江蘇豐山集團有限公司的歷史ROCE走勢而言,這種趨勢並不理想。更具體地說,投資回報率已從過去五年的15%下降。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多的資金,但它產生的回報實際上更低—— “成本效益更低” 本身。
Our Take On Jiangsu Fengshan GroupLtd's ROCE
我們對江蘇豐山集團有限公司投資回報率的看法
We're a bit apprehensive about Jiangsu Fengshan GroupLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last five years have experienced a 10% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
我們對江蘇豐山集團有限公司有點擔心,因爲儘管向該業務投入了更多資金,但該資本的回報率和銷售額都下降了。在過去五年中持有該股的長期股東的投資貶值了10%,因此看來市場可能也不喜歡這些趨勢。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Jiangsu Fengshan GroupLtd (of which 1 can't be ignored!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得了解它們是什麼,我們已經發現了江蘇豐山集團有限公司的3個警告信號(其中1個不容忽視!)你應該知道的。
While Jiangsu Fengshan GroupLtd 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.
儘管江蘇豐山集團有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。