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Shandong Zhangqiu Blower (SZSE:002598) Hasn't Managed To Accelerate Its Returns

Shandong Zhangqiu Blower (SZSE:002598) Hasn't Managed To Accelerate Its Returns

山東章丘鼓風機 (SZSE: 002598) 未能加速回報
Simply Wall St ·  2023/10/20 18:42

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Shandong Zhangqiu Blower (SZSE:002598), we don't think it's current trends fit the mold of a multi-bagger.

找到一傢俱有大幅增長潛力的企業並非易事,但如果我們看看幾個關鍵的財務指標,這是可能的。通常,我們會注意到一種增長的趨勢退貨關於已使用資本(ROCE)以及與之相伴隨的是不斷擴大的基地已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。不過,經過調查,山東章丘鼓風機(SZSE:002598),我們認為目前的趨勢不適合多袋子模式。

Understanding Return On Capital Employed (ROCE)

瞭解資本回報率(ROCE)

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. The formula for this calculation on Shandong Zhangqiu Blower is:

對於那些不知道的人來說,ROCE是一家公司的年度稅前利潤(其回報)相對於業務資本的衡量標準。山東章丘鼓風機的計算公式為:

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

已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)

0.098 = CN¥116m ÷ (CN¥2.4b - CN¥1.2b) (Based on the trailing twelve months to June 2023).

0.098=CN元1.16億?(CN元24億-CN元12億)(根據截至2023年6月的往績12個月計算)

Thus, Shandong Zhangqiu Blower has an ROCE of 9.8%. In absolute terms, that's a low return, but it's much better than the Machinery industry average of 6.4%.

因此,山東章丘鼓風機淨資產收益率為9.8%。按絕對值計算,這是一個較低的回報率,但遠好於機械行業6.4%的平均水準。

View our latest analysis for Shandong Zhangqiu Blower

查看我們對山東章丘鼓風機的最新分析

roce
SZSE:002598 Return on Capital Employed October 20th 2023
深圳證交所:2023年10月20日資本回報率002598

Historical performance is a great place to start when researching a stock so above you can see the gauge for Shandong Zhangqiu Blower's ROCE against it's prior returns. If you're interested in investigating Shandong Zhangqiu Blower's past further, check out this free graph of past earnings, revenue and cash flow.

在研究一隻股票時,歷史表現是一個很好的起點,因為在歷史表現上方,你可以看到山東章丘鼓風機相對於其先前回報的ROCE指標。如果你有興趣進一步調查山東章丘鼓風機的過去,請查看以下內容免費過去收益、收入和現金流的圖表。

How Are Returns Trending?

回報趨勢如何?

In terms of Shandong Zhangqiu Blower's historical ROCE trend, it doesn't exactly demand attention. The company has employed 43% more capital in the last five years, and the returns on that capital have remained stable at 9.8%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.

就山東章丘鼓風機的歷史ROCE趨勢而言,它並不完全值得關注。該公司在過去五年中增聘了43%的資本,這些資本的回報率一直穩定在9.8%。這種糟糕的ROCE目前並沒有激發人們的信心,而且隨著所用資本的增加,很明顯,該公司沒有將資金用於高回報投資。

Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 50% of total assets, this reported ROCE would probably be less than9.8% because total capital employed would be higher.The 9.8% ROCE could be even lower if current liabilities weren't 50% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.

另一點需要注意的是,我們注意到該公司在過去五年中增加了流動負債。這很耐人尋味,因為如果流動負債沒有增加到總資產的50%,這個報告的ROCE可能會低於9.8%,因為使用的總資本會更高。如果流動負債不是總資產的50%,ROCE可能會更低,因為公式將顯示使用的總資本的基數更大。因此,在當前負債水準如此之高的情況下,這實際上意味著供應商或短期債權人等人正在為業務的一個重要部分提供資金,在某些情況下,這可能會帶來一些風險。

In Conclusion...

總之..。

Long story short, while Shandong Zhangqiu Blower has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 54% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.

長話短說,儘管山東章丘鼓風機一直在對其資本進行再投資,但它產生的回報並沒有增加。由於該股在過去五年中上漲了54%,投資者肯定認為未來會有更好的事情發生。然而,除非這些潛在趨勢變得更加積極,否則我們不會抱太大希望。

One more thing to note, we've identified 1 warning sign with Shandong Zhangqiu Blower and understanding this should be part of your investment process.

還有一件事需要注意,我們已經確定了1個個警告標誌與山東章丘鼓風機合作,瞭解這一點應該是您投資過程的一部分。

While Shandong Zhangqiu Blower isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

雖然山東章丘鼓風機並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。

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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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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.

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