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Investors Could Be Concerned With Tangshan Sunfar Silicon IndustriesLtd's (SHSE:603938) Returns On Capital

Investors Could Be Concerned With Tangshan Sunfar Silicon IndustriesLtd's (SHSE:603938) Returns On Capital

投资者可能会关注唐山峰士阳硅业公司(SHSE:603938)的资本回报率
Simply Wall St ·  2024/11/11 17:58

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Tangshan Sunfar Silicon IndustriesLtd (SHSE:603938), we don't think it's current trends fit the mold of a multi-bagger.

如果您在寻找一个开多潜力的股票,有几个要注意的地方。理想情况下,一个企业会展现两个趋势;首先是投入资本回报率(ROCE)增长,其次是资本投入的增加。如果您看到这一点,通常意味着这是一家拥有出色业务模式和丰富盈利再投资机会的公司。然而,经过对唐山森方硅业(SHSE:603938)的调查,我们认为其目前的趋势并不符合开多股票的模式。

Return On Capital Employed (ROCE): What Is It?

资本利用率(ROCE)是什么?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Tangshan Sunfar Silicon IndustriesLtd is:

为了澄清,如果您感到不确定,ROCE是评估公司在其业务中投资的资本上赚取多少税前收入(以百分比表示)的指标。唐山森方硅业Ltd进行此计算的公式是:

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)

0.031 = CN¥79m ÷ (CN¥3.3b - CN¥695m) (Based on the trailing twelve months to September 2024).

0.031 = 7900万人民币 ÷ (33亿人民币 - 6.95亿人民币)(截至2024年9月的最近十二个月)。

Therefore, Tangshan Sunfar Silicon IndustriesLtd has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.

因此,唐山森方硅业Ltd的ROCE为3.1%。就绝对值而言,这是很低的回报率,也低于化学品行业平均水平5.5%。

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SHSE:603938 Return on Capital Employed November 11th 2024
SHSE:603938 投入资本回报率2024年11月11号

Above you can see how the current ROCE for Tangshan Sunfar Silicon IndustriesLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Tangshan Sunfar Silicon IndustriesLtd .

以上您可以看到唐山三方硅业有限公司当前的ROCE与其之前的资本回报率相比,但从过去只能了解到那么多。如果您感兴趣,您可以查看我们为唐山三方硅业有限公司提供的免费分析师报告。

So How Is Tangshan Sunfar Silicon IndustriesLtd's ROCE Trending?

唐山三方硅业有限公司的ROCE趋势如何?

When we looked at the ROCE trend at Tangshan Sunfar Silicon IndustriesLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 8.9% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

当我们看到唐山三方硅业有限公司的ROCE趋势时,并没有增加我们的信心。更具体地,过去五年中,ROCE从8.9%下降。鉴于业务正在投入更多资本而营业收入下滑,这有点令人担忧。这可能意味着企业正在失去其竞争优势或市场份额,因为虽然投入更多资金进行投资,但实际上却产生了较低的回报 - "物有所值"相对较少。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 21%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. 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.

顺便说一下,我们注意到流动负债与总资产的比率已经上升到21%,这已经影响到ROCE。如果流动负债没有像它们那样大幅增加,ROCE实际上可能会更低。虽然比率目前并不太高,但值得关注,因为如果它变得特别高,企业可能将面临一些新的风险因素。

Our Take On Tangshan Sunfar Silicon IndustriesLtd's ROCE

我们对唐山三方硅业有限公司的ROCE看法

We're a bit apprehensive about Tangshan Sunfar Silicon IndustriesLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these poor fundamentals, the stock has gained a huge 110% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.

我们对唐山三方硅业有限公司有些担忧,因为尽管业务投入了更多资本,但资本回报率和销售额都下降了。然而,尽管基本面疲软,股价在过去五年中已大涨110%,因此投资者似乎非常乐观。无论如何,当前基本趋势对长期表现并不利,所以除非发生逆转,否则我们将开始寻找其他投资。

One more thing, we've spotted 1 warning sign facing Tangshan Sunfar Silicon IndustriesLtd that you might find interesting.

另外,我们发现唐山市三芳硅业有限公司面临1个警告信号,您可能会感兴趣。

While Tangshan Sunfar Silicon IndustriesLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

虽然唐山市三芳硅业有限公司的回报率不是最高的,但请查看这份免费的公司名单,这些公司在资产负债表上获得高回报率。

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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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