Returns On Capital Signal Difficult Times Ahead For Shenzhen Topway Video Communication (SZSE:002238)
Returns On Capital Signal Difficult Times Ahead For Shenzhen Topway Video Communication (SZSE:002238)
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. So after we looked into Shenzhen Topway Video Communication (SZSE:002238), the trends above didn't look too great.
除了股價，企業什麼是衰退期的真正趨勢？衰退企業通常有兩種潛在趨勢：一是資本僱用回報率（ROCE）下降，二是資本僱用基礎下降。基本上，公司的投資回報減少，它也在減少總資產。因此，我們調查深圳天威視訊通信（SZSE：002238）後，以上趨勢看起來並不太好。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Shenzhen Topway Video Communication:
如果您以前沒有使用過ROCE，它衡量公司從業務中使用的資本中生成的「回報」（稅前利潤）。分析師使用以下公式計算深圳天威視訊通訊的ROCE：
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。
0.0077 = CN¥21m ÷ (CN¥4.3b - CN¥1.6b) (Based on the trailing twelve months to March 2024).
0.0077 = CN¥2100萬 ÷ (CN¥43億 - CN¥1.6b) （基於2024年3月的過去12個月）
So, Shenzhen Topway Video Communication has an ROCE of 0.8%. In absolute terms, that's a low return and it also under-performs the Media industry average of 4.0%.
所以，深圳天威視訊通訊的ROCE爲0.8％。就絕對值而言，這是一個低迴報，同時也低於媒體行業平均水平4.0％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Topway Video Communication'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 Shenzhen Topway Video Communication.
歷史表現是研究股票的好起點，因此您可以看到深圳天威視訊通信的ROCE與其之前的回報率相比的評估。如果您想深入了解歷史收益，請查看這些免費圖表，了解深圳天威視訊通信的收入和現金流表現。
What Can We Tell From Shenzhen Topway Video Communication's ROCE Trend?
我們可以從深圳天威視訊通訊的ROCE趨勢中得到什麼信息？
We are a bit worried about the trend of returns on capital at Shenzhen Topway Video Communication. To be more specific, the ROCE was 4.6% five years ago, but since then it has dropped noticeably. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Shenzhen Topway Video Communication becoming one if things continue as they have.
我們對深圳天威視訊通訊資本回報率的趨勢有些擔憂。更具體地說，五年前ROCE爲4.6％，但自那以後明顯下降。與此同時，公司僱用的資本在該時期內基本持平。表現這些屬性的公司往往不會萎縮，但它們可能是成熟的，並面臨來自競爭對手的利潤壓力。因此，由於這些趨勢通常不利於創造多倍股，所以如果事態繼續發展，我們不會對深圳天威視訊通訊成爲多倍股抱以厚望。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 38%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 0.8%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
談到這個話題，我們注意到流動負債與總資產的比率已上升至38％，這影響了ROCE。如果沒有這種增加，ROCE很可能比0.8％還要低。儘管比率目前並不太高，但值得關注的是，如果它特別高，企業可能會面臨一些新的風險因素。
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。
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. However the stock has delivered a 66% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
最終，同等資本的較低迴報趨勢通常不表明我們正在尋找的是成長股。然而，過去五年中，股票爲股東提供了66％的回報，因此投資者可能希望這些趨勢會扭轉。無論如何，當前的潛在趨勢對長期表現無益，因此，除非它們改變，否則我們應該尋找其他股票。
On a final note, we found 3 warning signs for Shenzhen Topway Video Communication (1 doesn't sit too well with us) you should be aware of.
最後，我們發現深圳天威視訊通信有3個警告信號（其中1個不太合適），您應該注意。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。