Zhejiang Huace Film & TV (SZSE:300133) Will Be Looking To Turn Around Its Returns
Zhejiang Huace Film & TV (SZSE:300133) Will Be Looking To Turn Around Its Returns
When researching a stock for investment, what can tell us that the company is in decline? 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. On that note, looking into Zhejiang Huace Film & TV (SZSE:300133), we weren't too upbeat about how things were going.
在研究股票进行投资时,什么能告诉我们该公司正在衰退?衰落的企业通常有两个潜在趋势,首先是衰退 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。就此而言,纵观浙江华策影视(深圳证券交易所代码:300133),我们对事情的发展并不太乐观。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Zhejiang Huace Film & TV, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算浙江华策影视的这个指标,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)
0.04 = CN¥297m ÷ (CN¥10b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.04 = 2.97亿元人民币 ÷(10亿元人民币-27亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Zhejiang Huace Film & TV has an ROCE of 4.0%. Even though it's in line with the industry average of 3.8%, it's still a low return by itself.
因此,浙江华策影视的投资回报率为4.0%。尽管它与3.8%的行业平均水平一致,但其本身的回报率仍然很低。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240221/0-34755cfd9585356ac0e6ba1a4037d88e-0-e38d194699819118a3b82f5978e4beba.png/big)
Above you can see how the current ROCE for Zhejiang Huace Film & TV compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Zhejiang Huace Film & TV .
上面你可以看到浙江华策影视目前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们的浙江华策影视免费分析师报告中查看分析师的预测。
The Trend Of ROCE
ROCE 的趋势
There is reason to be cautious about Zhejiang Huace Film & TV, given the returns are trending downwards. About five years ago, returns on capital were 13%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Zhejiang Huace Film & TV becoming one if things continue as they have.
鉴于回报率呈下降趋势,有理由对浙江华策影视持谨慎态度。大约五年前,资本回报率为13%,但现在已大大低于我们在上面看到的水平。在资本使用方面,该企业使用的资本量与当时大致相同。表现出这些属性的公司往往不会萎缩,但它们可能已经成熟,面临竞争对利润的压力。因此,由于这些趋势通常不利于创造一个多口袋,因此,如果事情继续保持现状,我们就不会屏住呼吸等待浙江华策影视合而为一。
On a side note, Zhejiang Huace Film & TV has done well to pay down its current liabilities to 27% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句,浙江华策影视在偿还其占总资产27%的流动负债方面做得很好。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
Our Take On Zhejiang Huace Film & TV's ROCE
我们对浙江华策影视的ROCE的看法
In summary, it's unfortunate that Zhejiang Huace Film & TV is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 35% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
总而言之,不幸的是,浙江华策影视从相同数量的资本中获得的回报较低。投资者对这些事态发展并不友善,因为该股已比五年前下跌了35%。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
If you want to continue researching Zhejiang Huace Film & TV, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果你想继续研究浙江华策影视,你可能有兴趣了解我们的分析发现的两个警告信号。
While Zhejiang Huace Film & TV isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管浙江华策影视的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。