Transfar Zhilian (SZSE:002010) Is Reinvesting At Lower Rates Of Return
Transfar Zhilian (SZSE:002010) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Transfar Zhilian (SZSE:002010), it didn't seem to tick all of these boxes.
如果你在尋找下一款多袋裝機時不確定從哪裏開始,那麼你應該注意一些關鍵趨勢。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。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,當我們查看Transfar Zhilian(深圳證券交易所:002010)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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 Transfar Zhilian:
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傳化智聯的金額:
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)
0.037 = CN¥1.1b ÷ (CN¥42b - CN¥13b) (Based on the trailing twelve months to September 2023).
0.037 = 11億元人民幣 ÷(42億元人民幣-13億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Transfar Zhilian has an ROCE of 3.7%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 6.0%.
因此,傳化智聯的投資回報率爲3.7%。從絕對值來看,這是一個低迴報,其表現也低於化工行業6.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-e04c9fef9833cb1920e4717281ebf489-0-97d7d34d58593ccaba574d87ce66b057.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Transfar Zhilian's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Transfar Zhilian.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到Transfar Zhilian的投資回報率與先前回報率的對比。如果您想深入研究歷史收益,請查看這些免費圖表,詳細說明Transfar Zhilian的收入和現金流表現。
How Are Returns Trending?
退貨趨勢如何?
In terms of Transfar Zhilian's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 7.5%, but since then they've fallen to 3.7%. 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Transfar Zhilian的歷史ROCE運動而言,這種趨勢並不理想。大約五年前,資本回報率爲7.5%,但此後已降至3.7%。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。
What We Can Learn From Transfar Zhilian's ROCE
我們可以從Transfar Zhilian的ROCE中學到什麼
In summary, we're somewhat concerned by Transfar Zhilian's diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 47% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
總而言之,我們對Transfar Zhilian增加資本後回報的減少感到有些擔憂。因此,該股在過去五年中下跌了47%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。
If you want to know some of the risks facing Transfar Zhilian we've found 4 warning signs (1 is a bit unpleasant!) that you should be aware of before investing here.
如果你想知道Transfar Zhilian面臨的一些風險,我們發現了4個警告信號(1個有點不愉快!)在這裏投資之前,您應該注意這一點。
While Transfar Zhilian 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Transfar Zhilian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。