Shenzhen Strongteam Decoration Engineering (SZSE:002989) Could Be Struggling To Allocate Capital
Shenzhen Strongteam Decoration Engineering (SZSE:002989) Could Be Struggling To Allocate Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Although, when we looked at Shenzhen Strongteam Decoration Engineering (SZSE:002989), it didn't seem to tick all of these boxes.
如果你正在寻找一个多包裹公司，有几件事情要注意。 其中之一是，我们希望看到两件事情。 首先是，投入资本要不断增长。 基本上这意味着一家公司有盈利的项目，可以继续投资，这是一个复合机器的特征。然而，当我们看着松下医疗设备（SZSE：300633）时，它似乎没有满足所有这些条件。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。如果您看到这个，那通常意味着这是一个拥有出色商业模式和充足盈利再投资机会的公司。尽管，当我们研究深圳市中天精装饰工程股份有限公司（SZSE:002989）时，它似乎并没有完全符合这些要点。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Shenzhen Strongteam Decoration Engineering is:
对于那些不确定ROCE是什么的人来说，它衡量的是公司从业务中使用的资本所能产生的税前利润。在深圳市中天精装饰工程股份有限公司的计算公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.027 = CN¥60m ÷ (CN¥3.2b - CN¥956m) (Based on the trailing twelve months to September 2023).
0.027 = 6,000万元人民币 ÷ (32亿元人民币 - 9.56亿人民币)因此，金钼股份的ROCE为22%。绝对而言，这是一个很好的回报，甚至比贵金属矿业行业板块的平均水平6.2%还要好。.
Therefore, Shenzhen Strongteam Decoration Engineering has an ROCE of 2.7%. Ultimately, that's a low return and it under-performs the Commercial Services industry average of 5.8%.
因此，深圳市中天精装饰工程股份有限公司的ROCE为2.7%。最终，这是一个低回报率，并表现不及5.8%的商业服务业行业平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Strongteam Decoration Engineering's ROCE against it's prior returns. If you'd like to look at how Shenzhen Strongteam Decoration Engineering has performed in the past in other metrics, you can view this free graph of Shenzhen Strongteam Decoration Engineering's past earnings, revenue and cash flow.
历史业绩是研究股票的良好起点，因此您可以查看上面深圳市中天精装饰工程股份有限公司的ROCE与其先前收益的比较。如果您想了解深圳市中天精装饰工程股份有限公司在其他指标上的过去表现，您可以查看深圳市中天精装饰工程股份有限公司过去收益、营业收入和现金流的免费图形。
So How Is Shenzhen Strongteam Decoration Engineering's ROCE Trending?
那么深圳市中天精装饰工程股份有限公司的ROCE趋势如何？
On the surface, the trend of ROCE at Shenzhen Strongteam Decoration Engineering doesn't inspire confidence. Around five years ago the returns on capital were 23%, but since then they've fallen to 2.7%. 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.
表面上，深圳市中天精装饰工程股份有限公司的ROCE趋势并不令人信服。大约五年前，资本收益率为23%，但自那以后它们下降到了2.7%。考虑到企业在营收下滑的同时使用了更多的资金，这有点令人担忧。这可能意味着企业正在失去其竞争优势或市场份额，因为虽然更多的资金被投入到企业中，但实际上却产生了更低的回报 - "一分钱一分货"。
On a related note, Shenzhen Strongteam Decoration Engineering has decreased its current liabilities to 30% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
此外，深圳市中天精装饰工程股份有限公司将其流动负债减少到总资产的30%。因此，我们可以将其中一部分与ROCE的下降联系起来。更重要的是，这可以减少企业某些方面的风险，因为现在公司的供应商或短期债权人正在为其运营提供的资金更少。由于企业基本上正在使用自己的资金资助更多的运营，因此可以认为这使企业在产生ROCE方面变得不那么高效。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
We're a bit apprehensive about Shenzhen Strongteam Decoration Engineering because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Investors haven't taken kindly to these developments, since the stock has declined 36% from where it was three years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
我们对深圳市中天精装饰工程股份有限公司有些担忧，因为尽管企业在业务中投入了更多的资本，但资本回报率和销售额都下降了。投资者并不赞同这些发展，因为股票已经从三年前的水平下降了36%。既然如此，除非基础趋势恢复到更积极的轨迹，否则我们会考虑寻找其他投资机会。
If you'd like to know more about Shenzhen Strongteam Decoration Engineering, we've spotted 4 warning signs, and 1 of them is a bit concerning.
如果您想了解更多关于深圳市中天精装饰工程股份有限公司的信息，我们已经发现了4个警告信号，其中1个令人有些担忧。
While Shenzhen Strongteam Decoration Engineering 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.
虽然深圳市中天精装饰工程股份有限公司目前的回报率不是最高的，但我们已经编制了一个当前收益率超过25%的公司列表。在这里查看免费列表。
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