Guangdong Advertising GroupLtd's (SZSE:002400) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Guangdong Advertising GroupLtd's (SZSE:002400) Returns On Capital Tell Us There Is Reason To Feel Uneasy
0.032 = CN¥167m ÷ (CN¥8.8b - CN¥3.6b) (Based on the trailing twelve months to March 2024).To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount 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. And from a first read, things don't look too good at Guangdong Advertising GroupLtd (SZSE:002400), so let's see why.
爲了避免投資衰退的業務，有一些金融指標可以提供衰老的早期跡象。往往情況下，我們會看到資本佔用的下降。這表明業務不僅在縮小淨資產的規模，而且其回報也在下降。從第一篇文章的閱讀中可以看出，廣東廣告集團有限公司（SZSE：002400）的情況不太樂觀，所以讓我們來看看原因。資產回報率：它是什麼？其資本使用回報率（ROCE）和資本使用量降低。基本上，公司在其投資上賺的錢越來越少，同時還在減少其總資產。 ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。資本佔用正在下降。這不僅意味着公司縮小了淨資產的規模，而且回報也在下降。從第一篇文章的閱讀中可以看出，廣東廣告集團有限公司（SZSE：002400）的情況不太樂觀，所以讓我們來看看原因。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Guangdong Advertising GroupLtd is:
如果您之前沒有接觸過ROCE，它可以衡量公司在業務中使用的投入資本所帶來的“回報”（稅前利潤）。廣東廣告集團有限公司的這個計算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.032 = CN¥167m ÷ (CN¥8.8b - CN¥3.6b) (Based on the trailing twelve months to March 2024).
0.032 = 1.67億元 ÷ （88億元 - 36億元）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, Guangdong Advertising GroupLtd has an ROCE of 3.2%. Ultimately, that's a low return and it under-performs the Media industry average of 4.0%.
因此，廣東廣告集團有限公司的ROCE爲3.2％。總的來說，這是一個低迴報，低於4.0％的媒體行業平均水平。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Guangdong Advertising GroupLtd's past further, check out this free graph covering Guangdong Advertising GroupLtd's past earnings, revenue and cash flow.
雖然過去不代表未來，但了解公司的歷史表現可能會有幫助，這也是我們展示上述圖表的原因。如果您有興趣進一步調查廣東廣告集團有限公司的過去，請查看這個免費的圖表，涵蓋廣東廣告集團有限公司過去的收益、營業收入和現金流量。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
There is reason to be cautious about Guangdong Advertising GroupLtd, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 9.3% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Guangdong Advertising GroupLtd becoming one if things continue as they have.
廣東廣告集團有限公司的回報正在向下趨勢，這值得我們謹慎。不幸的是，資本回報已經從五年前的9.3％下降。此外，值得注意的是，企業所使用的資本保持相對穩定。這種組合可能表明這是一家成熟的公司，仍有一些地方可以投入資金，但由於可能存在新的競爭或更小的利潤，所以回報不高。因此，由於這些趨勢通常不利於創造多袋，如果事情繼續下去，我們不會把廣東廣告集團有限公司寄託希望成爲一個多袋。
On a separate but related note, it's important to know that Guangdong Advertising GroupLtd has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，廣東廣告集團有限公司的流動負債佔總資產的比例達到41％，我們認爲這相當高。這實際上意味着供應商（或短期債權人）爲業務的大部分資金提供資金。因此，請注意這可能會引入一些風險。理想情況下，我們希望看到這一比值降低，這意味着承擔風險的義務更少。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. However the stock has delivered a 73% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
總的來說，對於固定資產的同等回報率，回報率不高並不是合成機器的跡象。然而，在過去的五年裏，該股票爲股東提供了73％的回報，因此投資者可能期望趨勢會扭轉。不管怎麼樣，我們對基本面不太舒適，所以我們現在會避開這隻股票。
Guangdong Advertising GroupLtd does have some risks though, and we've spotted 1 warning sign for Guangdong Advertising GroupLtd that you might be interested in.
雖然如此，廣東廣告集團有限公司存在一些風險，我們已經發現這家公司存在1個警告標誌。您可能會感興趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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