Returns On Capital At Shenzhen Vital New Material (SZSE:301319) Paint A Concerning Picture
Returns On Capital At Shenzhen Vital New Material (SZSE:301319) Paint A Concerning Picture
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Shenzhen Vital New Material (SZSE:301319) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。话虽如此,乍一看深圳维塔尔新材(SZSE: 301319),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 Shenzhen Vital New Material is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。深圳维塔尔新材料的计算公式为:
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)
0.074 = CN¥82m ÷ (CN¥1.2b - CN¥127m) (Based on the trailing twelve months to September 2023).
0.074 = 82万元人民币 ÷(12亿元人民币-1.27亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Shenzhen Vital New Material has an ROCE of 7.4%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
因此,深圳维塔尔新材料的投资回报率为7.4%。就其本身而言,回报率很低,但与电子行业5.2%的平均回报率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240227/0-ac32f9df288577036aa33b1a6b639372-0-9795a8e27cc379fe7428f5458c7f35f2.png/big)
Above you can see how the current ROCE for Shenzhen Vital New Material compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen Vital New Material .
上面你可以看到深圳Vital New Material当前的投资回报率与之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。如果你想了解分析师对未来的预测,你应该查看我们为深圳Vital New Material提供的免费分析师报告。
What Does the ROCE Trend For Shenzhen Vital New Material Tell Us?
深圳维塔尔新材料的投资回报率趋势告诉我们什么?
When we looked at the ROCE trend at Shenzhen Vital New Material, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 7.4% from 20% four years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
当我们查看深圳维塔尔新材料的投资回报率趋势时,我们并没有获得太大的信心。在过去四年中,资本回报率从四年前的20%下降到7.4%。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。
On a side note, Shenzhen Vital New Material has done well to pay down its current liabilities to 10% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,深圳维塔尔新材料在偿还其流动负债至总资产的10%方面做得很好。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。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。
The Key Takeaway
关键要点
From the above analysis, we find it rather worrisome that returns on capital and sales for Shenzhen Vital New Material have fallen, meanwhile the business is employing more capital than it was four years ago. Investors haven't taken kindly to these developments, since the stock has declined 26% from where it was year ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
从上述分析来看,我们发现相当令人担忧的是,深圳维塔尔新材料的资本回报率和销售额有所下降,同时该业务雇用的资金比四年前还要多。投资者对这些事态发展并不友善,因为该股比去年同期下跌了26%。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。
Shenzhen Vital New Material does have some risks though, and we've spotted 1 warning sign for Shenzhen Vital New Material that you might be interested in.
但是,深圳维塔尔新材料确实存在一些风险,我们发现了深圳维塔尔新材料的一个警告信号,你可能会感兴趣。
While Shenzhen Vital New Material isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管深圳Vital New Material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。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。