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Some Investors May Be Worried About Shenzhen Zhaowei Machinery & Electronics' (SZSE:003021) Returns On Capital

Some Investors May Be Worried About Shenzhen Zhaowei Machinery & Electronics' (SZSE:003021) Returns On Capital

一些投资者可能会担心深圳兆威机电(SZSE:003021)的资本回报率
Simply Wall St ·  05/21 23:41

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Shenzhen Zhaowei Machinery & Electronics (SZSE:003021), it didn't seem to tick all of these boxes.

如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,当我们查看深圳兆威机电(SZSE:003021)时,它似乎并没有勾选所有这些方框。

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. Analysts use this formula to calculate it for Shenzhen Zhaowei Machinery & Electronics:

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。分析师使用这个公式来计算深圳兆威机电的价格:

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)

0.04 = CN¥130m ÷ (CN¥3.8b - CN¥603m) (Based on the trailing twelve months to March 2024).

0.04 = 1.3亿元人民币 ÷(38亿元人民币-6.03亿元人民币) (基于截至2024年3月的过去十二个月)

Therefore, Shenzhen Zhaowei Machinery & Electronics has an ROCE of 4.0%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.0%.

因此,深圳兆威机电的投资回报率为4.0%。从绝对值来看,这是一个低回报,其表现也低于电气行业6.0%的平均水平。

roce
SZSE:003021 Return on Capital Employed May 22nd 2024
SZSE: 003021 2024 年 5 月 22 日动用资本回报率

In the above chart we have measured Shenzhen Zhaowei Machinery & Electronics' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shenzhen Zhaowei Machinery & Electronics for free.

在上图中,我们将深圳兆威机电先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,你可以免费查看报道深圳兆威机电的分析师的预测。

What Can We Tell From Shenzhen Zhaowei Machinery & Electronics' ROCE Trend?

我们可以从深圳兆威机电的ROCE趋势中得出什么?

On the surface, the trend of ROCE at Shenzhen Zhaowei Machinery & Electronics doesn't inspire confidence. Over the last five years, returns on capital have decreased to 4.0% from 47% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.

从表面上看,深圳兆威机电的ROCE趋势并不能激发信心。在过去五年中,资本回报率从五年前的47%降至4.0%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。

On a side note, Shenzhen Zhaowei Machinery & Electronics has done well to pay down its current liabilities to 16% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.

顺便说一句,深圳兆威机电在偿还其流动负债占总资产的16%方面做得很好。因此,我们可以将其中一些与ROCE的下降联系起来。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。由于该企业基本上是用自己的资金为其运营提供更多资金,因此你可以争辩说,这降低了企业产生投资回报的效率。

Our Take On Shenzhen Zhaowei Machinery & Electronics' ROCE

我们对深圳兆威机电的ROCE的看法

In summary, despite lower returns in the short term, we're encouraged to see that Shenzhen Zhaowei Machinery & Electronics is reinvesting for growth and has higher sales as a result. And the stock has followed suit returning a meaningful 27% to shareholders over the last three years. So should these growth trends continue, we'd be optimistic on the stock going forward.

总而言之,尽管短期内回报较低,但令我们感到鼓舞的是,深圳兆威机电正在进行再投资以实现增长,并因此实现了更高的销售额。在过去的三年中,该股紧随其后,向股东带来了可观的27%的回报。因此,如果这些增长趋势继续下去,我们将对该股的未来持乐观态度。

Shenzhen Zhaowei Machinery & Electronics does have some risks though, and we've spotted 2 warning signs for Shenzhen Zhaowei Machinery & Electronics that you might be interested in.

不过,深圳兆威机电确实存在一些风险,我们发现了两个您可能会感兴趣的深圳兆威机电警告标志。

While Shenzhen Zhaowei Machinery & Electronics isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管深圳兆威机电的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。

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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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