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.
在研究股票進行投資時,什麼能告訴我們該公司正在衰退?衰落的企業通常有兩個潛在趨勢,首先是衰退 返回 論資本使用率(ROCE)和下降情況 基礎 所用資本的比例。這向我們表明,該企業不僅在縮小其淨資產規模,而且其回報率也在下降。就此而言,縱觀浙江華策影視(深圳證券交易所代碼:300133),我們對事情的發展並不太樂觀。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算浙江華策影視的這個指標,公式如下:
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)
0.04 = CN¥297m ÷ (CN¥10b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.04 = 2.97億元人民幣 ÷(10億元人民幣-27億元人民幣) (基於截至2023年9月的過去十二個月)。
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,浙江華策影視的投資回報率爲4.0%。儘管它與3.8%的行業平均水平一致,但其本身的回報率仍然很低。
![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華策影視目前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們的浙江華策影視免費分析師報告中查看分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
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.
鑑於回報率呈下降趨勢,有理由對浙江華策影視持謹慎態度。大約五年前,資本回報率爲13%,但現在已大大低於我們在上面看到的水平。在資本使用方面,該企業使用的資本量與當時大致相同。表現出這些屬性的公司往往不會萎縮,但它們可能已經成熟,面臨競爭對利潤的壓力。因此,由於這些趨勢通常不利於創造一個多口袋,因此,如果事情繼續保持現狀,我們就不會屏住呼吸等待浙江華策影視合而爲一。
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.
順便說一句,浙江華策影視在償還其佔總資產27%的流動負債方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
Our Take On Zhejiang Huace Film & TV's ROCE
我們對浙江華策影視的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.
總而言之,不幸的是,浙江華策影視從相同數量的資本中獲得的回報較低。投資者對這些事態發展並不友善,因爲該股已比五年前下跌了35%。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。
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.
如果你想繼續研究浙江華策影視,你可能有興趣了解我們的分析發現的兩個警告信號。
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.
儘管浙江華策影視的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。