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Some Investors May Be Worried About Qingdao Citymedia Co's (SHSE:600229) Returns On Capital

Some Investors May Be Worried About Qingdao Citymedia Co's (SHSE:600229) Returns On Capital

一些投资者可能会担心青岛城市传媒公司(SHSE:600229)的资本回报率
Simply Wall St ·  11/01 18:13

When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. In light of that, from a first glance at Qingdao Citymedia Co (SHSE:600229), we've spotted some signs that it could be struggling, so let's investigate.

当我们正在研究一家公司时,有时很难找到警示信号,但有一些财务指标可以帮助及早发现问题。当我们看到资本使用回报率(ROCE)在下降的同时,资本使用基数也在下降,这通常是一家成熟企业显示衰老迹象的方式。最终,这意味着公司每投入一美元收益更少,而且,公司正在缩减其资本使用基数。鉴于此,我们初步观察到青岛城市传媒股份有限公司(SHSE:600229)可能正在经历困境,所以让我们进行调查。

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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Qingdao Citymedia Co:

对于那些不了解的人,ROCE是一家公司每年税前利润(其回报)与业务中使用的资本相关的度量。分析师使用这个公式来计算青岛城市传媒股份有限公司的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.063 = CN¥206m ÷ (CN¥4.4b - CN¥1.2b) (Based on the trailing twelve months to September 2024).

0.063 = 人民币20600万 ÷ (人民币44亿 - 人民币12亿)(基于截至2024年9月的过去十二个月)。

Thus, Qingdao Citymedia Co has an ROCE of 6.3%. In absolute terms, that's a low return, but it's much better than the Media industry average of 5.2%.

因此,青岛城市传媒股份有限公司的ROCE为6.3%。从绝对角度来看,这是一种较低的回报,但比媒体行业的平均水平5.2%要好得多。

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SHSE:600229 Return on Capital Employed November 1st 2024
SHSE:600229 资本使用回报率2024年11月1日

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'd like to look at how Qingdao Citymedia Co has performed in the past in other metrics, you can view this free graph of Qingdao Citymedia Co's past earnings, revenue and cash flow.

尽管过去不能代表未来,了解一家公司过去的表现可以很有帮助,这就是我们为什么放置这个图表的原因。如果你想了解青岛城市传媒在其他指标上的历史表现,可以查看青岛城市传媒以往的盈利、营业收入和现金流的免费图表。

What Does the ROCE Trend For Qingdao Citymedia Co Tell Us?

青岛城市传媒的ROCE趋势告诉我们什么?

We are a bit worried about the trend of returns on capital at Qingdao Citymedia Co. About five years ago, returns on capital were 9.9%, however they're now substantially lower than that as we saw above. 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. If these trends continue, we wouldn't expect Qingdao Citymedia Co to turn into a multi-bagger.

我们对青岛城市传媒资本回报率的趋势有些担忧。大约五年前,资本回报率为9.9%,然而现在远低于此,如上所述。另外,值得注意的是,企业中使用的资本金额保持相对稳定。这种组合可能表明这是一家仍有资本可投放但由于可能面临新竞争或利润较小,所获得回报不高的成熟企业。如果这些趋势持续下去,我们不会期望青岛城市传媒成为暴利股。

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。

All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors must expect better things on the horizon though because the stock has risen 15% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.

总的来说,同等资本投入获得较低回报并不是复合增长机器的迹象。然而投资者应该期待未来有更好的情况,因为这家公司的股价在过去五年上涨了15%。无论如何,我们并不支持当前的趋势,因此我们认为你可能会在其他地方找到更好的投资机会。

Qingdao Citymedia Co does have some risks though, and we've spotted 2 warning signs for Qingdao Citymedia Co that you might be interested in.

尽管青岛城市传媒存在一些风险,我们已经发现了2个或许会对你感兴趣的关于青岛城市传媒的警告信号。

While Qingdao Citymedia Co 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.

虽然青岛城市传媒目前的回报率可能并不是最高的,但我们已经整理了一份目前回报率超过25%的公司名单。请查看这个免费名单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

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