Investors Could Be Concerned With Shenzhen Jinjia GroupLtd's (SZSE:002191) Returns On Capital
Investors Could Be Concerned With Shenzhen Jinjia GroupLtd's (SZSE:002191) Returns On Capital
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 combination can tell you that not only is the company investing less, it's earning less on what it does invest. Having said that, after a brief look, Shenzhen Jinjia GroupLtd (SZSE:002191) we aren't filled with optimism, but let's investigate further.
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。這意味着公司不僅投資較少，而且在所投資項上的收益也較低。然而，通過簡略查看深圳市金嘉科技股份有限公司（SZSE:002191），我們並不樂觀，因此讓我們進一步調查。
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 Shenzhen Jinjia GroupLtd is:
如果您以前沒有接觸過ROCE，它是一種用於衡量企業從其在業務中使用的資本中產生的“回報”（稅前利潤）的指標。該計算在深圳市金嘉科技股份有限公司的公式如下：
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。
0.042 = CN¥305m ÷ (CN¥9.2b - CN¥1.9b) (Based on the trailing twelve months to March 2024).
0.042 = 人民幣3.05億元 ÷ (人民幣92億元 - 人民幣19億元)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, Shenzhen Jinjia GroupLtd has an ROCE of 4.2%. In absolute terms, that's a low return but it's around the Packaging industry average of 4.7%.
因此，深圳市金嘉科技股份有限公司的ROCE爲4.2％。在絕對價值上，這是一個較低的回報率，但它大約與包裝行業的平均水平（4.7％）相同。
In the above chart we have measured Shenzhen Jinjia GroupLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen Jinjia GroupLtd .
在上圖中，我們對深圳市金嘉科技股份有限公司先前的ROCE與其先前的績效進行了比較，但未來才是最重要的。如果您想查看分析師對深圳市金嘉科技股份有限公司的預測，請查看我們的免費分析師報告。
So How Is Shenzhen Jinjia GroupLtd's ROCE Trending?
那麼，深圳市金嘉科技股份有限公司的ROCE如何？
There is reason to be cautious about Shenzhen Jinjia GroupLtd, given the returns are trending downwards. About five years ago, returns on capital were 13%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. 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 Shenzhen Jinjia GroupLtd becoming one if things continue as they have.
由於回報率正在下降，我們對深圳市金嘉科技股份有限公司持謹慎態度。大約五年前，資本回報率爲13％，然而正如我們上面所看到的，現在大幅低於該水平。在資本使用領域，該企業正在使用大致相同數量的資本，這種組合可能表明該成熟的企業仍有部署資本的領域，但由於新的競爭或較小的毛利率，所獲得的回報不高。因此，因爲這些趨勢通常不利於創造多倍收益，所以如果情況繼續下去，我們不會對深圳市金嘉科技股份有限公司的前景抱有太高期望。
The Bottom Line On Shenzhen Jinjia GroupLtd's ROCE
關於深圳市金嘉科技股份有限公司的ROCE底線：
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 68% over the last five years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
最終，資本回報率逐漸下降的趨勢通常並不意味着我們正在看一隻成長股。因此，股票在過去五年中下跌了68％，因此投資者意識到這些變化也並不奇怪。除非這些指標轉向更積極的軌跡，否則我們將尋找其他機會。
Shenzhen Jinjia GroupLtd does have some risks, we noticed 3 warning signs (and 2 which are potentially serious) we think you should know about.
深圳市金嘉科技股份有限公司確實存在一些風險，我們注意到了3個警示信號（其中有2個可能嚴重），我們認爲您應了解這些情況。
While Shenzhen Jinjia GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然深圳市金嘉科技股份有限公司的回報率不是最高的，但請查看這份免費公司列表，這些公司在具有 solide 平衡表的同時創造了高回報。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
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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