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Capital Allocation Trends At ZJMI Environmental Energy (SHSE:603071) Aren't Ideal

Capital Allocation Trends At ZJMI Environmental Energy (SHSE:603071) Aren't Ideal

ZJMI Environment Energy(SHSE: 603071)的资本配置趋势并不理想
Simply Wall St ·  2023/08/07 19:22

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So when we looked at ZJMI Environmental Energy (SHSE:603071), they do have a high ROCE, but we weren't exactly elated from how returns are trending.

如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。所以当我们看着ZJMI环境能源(上海证券交易所:603071),它们确实有很高的净资产收益率,但我们并不完全对回报的趋势感到高兴。

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

资本回报率(ROCE):它是什么?

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. The formula for this calculation on ZJMI Environmental Energy is:

对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。ZJMI环境能量的计算公式为:

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

已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)

0.23 = CN¥1.4b ÷ (CN¥10b - CN¥4.3b) (Based on the trailing twelve months to March 2023).

0.23=CN元14亿?(CN元10B-CN元43亿)(根据截至2023年3月的往绩12个月计算)

So, ZJMI Environmental Energy has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Oil and Gas industry average of 15%.

所以,ZJMI环境能源的净资产收益率为23%。按绝对值计算,这是一个很高的回报率,甚至好于石油和天然气行业15%的平均水平。

Check out our latest analysis for ZJMI Environmental Energy

查看我们对ZJMI环境能源的最新分析

roce
SHSE:603071 Return on Capital Employed August 7th 2023
上证所:2023年8月7日的资本回报率为603071

Above you can see how the current ROCE for ZJMI Environmental Energy compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering ZJMI Environmental Energy here for free.

上面你可以看到ZJMI环境能源公司目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果你愿意,你可以在这里查看ZJMI环境能源分析师的预测免费的。

What The Trend Of ROCE Can Tell Us

ROCE的走势告诉我们什么

In terms of ZJMI Environmental Energy's historical ROCE movements, the trend isn't fantastic. While it's comforting that the ROCE is high, four years ago it was 32%. 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.

就ZJMI环境能源公司历史上的ROCE运动而言,这一趋势并不美妙。虽然令人欣慰的是,ROCE很高,但四年前是32%。考虑到该公司在收入下滑的情况下雇佣了更多的资本,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,因为虽然更多的资金被投入到风险投资中,但实际上它产生的回报更低--本身就是“更少的回报”。

On a side note, ZJMI Environmental Energy has done well to pay down its current liabilities to 42% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.

另外,ZJMI环境能源在偿还当前负债至总资产的42%方面做得很好。这可能在一定程度上解释了ROCE下降的原因。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。无论如何,它们仍处于相当高的水平,所以如果可能的话,我们希望看到它们进一步下跌。

The Bottom Line

底线

From the above analysis, we find it rather worrisome that returns on capital and sales for ZJMI Environmental Energy have fallen, meanwhile the business is employing more capital than it was four years ago. And, the stock has remained flat over the last year, so investors don't seem too impressed either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

从以上分析中,我们发现,ZJMI环境能源的资本回报率和销售额下降,同时该业务雇佣的资本比四年前更多,这相当令人担忧。而且,该股在过去一年里一直持平,因此投资者似乎也没有太大的印象。在这种情况下,除非潜在趋势恢复到更积极的轨道,否则我们会考虑将目光投向其他地方。

On a separate note, we've found 1 warning sign for ZJMI Environmental Energy you'll probably want to know about.

另外,我们发现1个ZJMI环境能源警示标志你可能会想知道。

If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.

如果你想搜索更多高回报的股票,看看这个免费资产负债表稳健,股本回报率也很高的股票名单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。

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