Slowing Rates Of Return At COSCO SHIPPING Technology (SZSE:002401) Leave Little Room For Excitement
Slowing Rates Of Return At COSCO SHIPPING Technology (SZSE:002401) Leave Little Room For Excitement
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating COSCO SHIPPING Technology (SZSE:002401), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要找到一个潜在的多头投资人,通常有一些潜在的趋势可以提供线索。理想情况下,一个业务将显示两个趋势;首先是资本雇用的增长。最终,这表明这是一个正在以递增的回报率重新投资利润的商业。然而,简要查看数字后,我们认为福建龙净环保(SHSE:600388)不具备未来的多头投资者特质,但让我们看看为什么。资产回报率:它是什么?资本使用率回报(ROCE)是什么?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。这表明它是一个复利机器,能够不断将盈利再投资于业务中,并且产生更高的回报。然而,在调查中远海科技(SZSE:002401)之后,我们认为它当前的趋势不符合多倍筹码的模式。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. Analysts use this formula to calculate it for COSCO SHIPPING Technology:
对于不确定ROCE是什么的人来说,它是衡量公司能够从业务中使用的资本获得的税前利润的量。分析师使用以下公式计算中远海科技的ROCE:
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。
0.093 = CN¥161m ÷ (CN¥2.8b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.093 = CN¥161m ÷ (CN¥2.8b - CN¥1.1b)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Therefore, COSCO SHIPPING Technology has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 3.9% generated by the IT industry, it's much better.
因此,中远海科技的ROCE为9.3%。单独看这个数字,回报率较低,但与IT行业平均3.9%相比,要好得多。

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 COSCO SHIPPING Technology's past further, check out this free graph covering COSCO SHIPPING Technology's past earnings, revenue and cash flow.
尽管过去不能代表未来,但了解一家公司的历史表现可能很有用,这就是我们上面所展示的图表原因。如果您有兴趣进一步调查中远海科技的过去,请查看涵盖中远海科技历史收益、营业收入和现金流的免费图表。
What Can We Tell From COSCO SHIPPING Technology's ROCE Trend?
从中远海科技的ROCE趋势中我们能学到什么?
In terms of COSCO SHIPPING Technology's historical ROCE trend, it doesn't exactly demand attention. The company has employed 88% more capital in the last five years, and the returns on that capital have remained stable at 9.3%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就中远海科技的ROCE历史趋势而言,它不会引起过多关注。公司在过去的五年中增加了88%的资本,并且这些资本的回报率一直稳定在9.3%左右。考虑到公司增加了资本的数量,似乎这些投资只是不能提供高额的资本回报。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 38% of total assets, is good to see from a business owner's perspective. Effectively suppliers now fund less of the business, which can lower some elements of risk.
还有一件事需要注意的是,尽管ROCE在过去的五年中保持相对稳定,但目前负债占总资产的38%的比例下降,从企业所有者的角度来看是件好事。实际上,现在供应商资助的企业较少,这可以降低某些风险因素。
What We Can Learn From COSCO SHIPPING Technology's ROCE
简而言之,尽管中远海科技一直在重新投资资本,但其所产生的回报并没有增加。由于该股票在过去的五年中取得了惊人的50%的涨幅,投资者必须认为未来会出现更好的机会。但是,如果这些潜在趋势的轨迹继续下去,我们认为它成为多倍筹码的可能性不高。
Long story short, while COSCO SHIPPING Technology has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 50% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
如果您想了解有关中远海科技的更多信息,请查看我们已经发现的两个警告标志,其中一个不应被忽视。
If you'd like to know more about COSCO SHIPPING Technology, we've spotted 2 warning signs, and 1 of them shouldn't be ignored.
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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