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Tongding Interconnection Information's (SZSE:002491) Returns Have Hit A Wall

Tongding Interconnection Information's (SZSE:002491) Returns Have Hit A Wall

通鼎互通信息(SZSE:002491)的退货已触壁
Simply Wall St ·  04/08 21:21

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. In light of that, when we looked at Tongding Interconnection Information (SZSE:002491) and its ROCE trend, we weren't exactly thrilled.

如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。有鉴于此,当我们查看通鼎互联信息(SZSE:002491)及其投资回报率趋势时,我们并不感到非常兴奋。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

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 Tongding Interconnection Information is:

对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。通鼎互连信息的计算公式为:

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)

0.10 = CN¥262m ÷ (CN¥6.0b - CN¥3.5b) (Based on the trailing twelve months to September 2023).

0.10 = 2.62亿元人民币 ÷(6.0亿元人民币-3.5亿元人民币) (基于截至2023年9月的过去十二个月)

So, Tongding Interconnection Information has an ROCE of 10%. On its own, that's a standard return, however it's much better than the 4.4% generated by the Communications industry.

因此,通鼎互联信息的投资回报率为10%。就其本身而言,这是标准回报率,但要比通信行业产生的4.4%好得多。

roce
SZSE:002491 Return on Capital Employed April 9th 2024
SZSE: 002491 2024 年 4 月 9 日动用资本回报率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Tongding Interconnection Information's ROCE against it's prior returns. If you'd like to look at how Tongding Interconnection Information has performed in the past in other metrics, you can view this free graph of Tongding Interconnection Information's past earnings, revenue and cash flow.

历史表现是研究股票的绝佳起点,因此在上方您可以看到通鼎互连信息的投资回报率与先前回报对比的指标。如果你想在其他指标中查看通鼎互联信息过去的表现,你可以查看这张关于通鼎互联信息过去收益、收入和现金流的免费图表。

How Are Returns Trending?

退货趋势如何?

We've noticed that although returns on capital are flat over the last five years, the amount of capital employed in the business has fallen 56% in that same period. To us that doesn't look like a multi-bagger because the company appears to be selling assets and it's returns aren't increasing. You could assume that if this continues, the business will be smaller in a few year time, so probably not a multi-bagger.

我们注意到,尽管在过去五年中资本回报率持平,但同期该业务使用的资本金额下降了56%。对我们来说,这看起来不像是多管齐下,因为该公司似乎在出售资产,而且回报没有增加。你可以假设,如果这种情况继续下去,业务将在几年内缩小,因此可能不是一个多口袋企业。

On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 58% of total assets, this reported ROCE would probably be less than10% because total capital employed would be higher.The 10% ROCE could be even lower if current liabilities weren't 58% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.

另一方面,尽管投资回报率趋势的变化可能不会引起人们的关注,但有趣的是,在过去五年中,流动负债实际上一直在增加。这很有趣,因为如果流动负债没有增加到总资产的58%,那么报告的投资回报率可能会低于10%,因为所使用的总资本会更高。如果流动负债不占总资产的58%,10%的投资回报率可能会更低,因为该公式将显示所用资本的总基础更大。此外,如此高的流动负债水平并不理想,因为这意味着公司的供应商(或短期债权人)实际上正在为业务的很大一部分提供资金。

In Conclusion...

总之...

Overall, we're not ecstatic to see Tongding Interconnection Information reducing the amount of capital it employs in the business. And in the last five years, the stock has given away 52% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

总的来说,看到通鼎互连信息减少了其在业务中使用的资本,我们并不欣喜若狂。在过去的五年中,该股已经下跌了52%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。总而言之,多装袋机的固有趋势并不常见,因此,如果您想要这样做,我们认为您在其他地方可能会有更多的运气。

Tongding Interconnection Information does have some risks though, and we've spotted 1 warning sign for Tongding Interconnection Information that you might be interested in.

但是,通鼎互连信息确实存在一些风险,我们发现了通鼎互连信息的1个警告信号,您可能会对此感兴趣。

While Tongding Interconnection Information 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.

尽管通鼎互联信息目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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