Some Investors May Be Worried About China Shanshui Cement Group's (HKG:691) Returns On Capital
Some Investors May Be Worried About China Shanshui Cement Group's (HKG:691) Returns On Capital
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. Having said that, from a first glance at China Shanshui Cement Group (HKG:691) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
找到一家具有大幅增长潜力的企业并不容易，但是如果我们看一些关键的财务指标，这是可能的。通常，我们会想注意到增长的趋势 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。归根结底，这表明这是一家以更高的回报率对利润进行再投资的企业。话虽如此，乍一看中国山水水泥集团（HKG: 691），我们并不是对回报趋势不屑一顾，但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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. To calculate this metric for China Shanshui Cement Group, this is the formula:
为了澄清一下你是否不确定，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。要计算中国山水水泥集团的这一指标，公式如下：
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）
0.066 = CN¥1.4b ÷ (CN¥33b - CN¥12b) (Based on the trailing twelve months to June 2023).
0.066 = 14亿元人民币 ÷（33亿元人民币-12亿元人民币） （基于截至 2023 年 6 月的过去十二个月）。
Therefore, China Shanshui Cement Group has an ROCE of 6.6%. In absolute terms, that's a low return, but it's much better than the Basic Materials industry average of 4.2%.
因此，中国山水水泥集团的投资回报率为6.6％。从绝对值来看，回报率很低，但比基础材料行业平均水平的4.2％要好得多。
Check out our latest analysis for China Shanshui Cement Group
查看我们对中国山水水泥集团的最新分析
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating China Shanshui Cement Group's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来，但了解一家公司的历史表现可能会有所帮助，这就是我们上面有这张图表的原因。如果你有兴趣进一步调查中国山水水泥集团的过去，请查看这张过去收益、收入和现金流的免费图表。
So How Is China Shanshui Cement Group's ROCE Trending?
那么中国山水水泥集团的投资回报率走势如何？
In terms of China Shanshui Cement Group's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 53%, but since then they've fallen to 6.6%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就中国山水水泥集团的历史ROCE走势而言，这一趋势并不理想。大约五年前，资本回报率为53％，但此后已降至6.6％。考虑到在雇用更多资本的同时收入有所下降，我们会谨慎行事。如果这种情况继续下去，你可能会看到一家试图进行再投资以促进增长，但由于销售额没有增加，实际上正在失去市场份额的公司。
On a side note, China Shanshui Cement Group has done well to pay down its current liabilities to 37% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句，中国山水水泥集团在偿还其流动负债占总资产的37％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。有人会声称这降低了企业产生投资回报的效率，因为该公司现在正在用自己的资金为更多的业务提供资金。
Our Take On China Shanshui Cement Group's ROCE
我们对中国山水水泥集团投资回报率的看法
From the above analysis, we find it rather worrisome that returns on capital and sales for China Shanshui Cement Group have fallen, meanwhile the business is employing more capital than it was five years ago. Unsurprisingly then, the stock has dived 72% over the last five years, so investors are recognizing these changes and don't like the company's prospects. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
从上述分析来看，我们发现相当令人担忧的是，中国山水水泥集团的资本回报率和销售回报率有所下降，同时该业务雇用的资本比五年前还要多。因此，毫不奇怪，该股在过去五年中下跌了72％，因此投资者意识到了这些变化，不喜欢该公司的前景。除非这些指标转向更积极的轨迹，否则我们将把目光投向其他地方。
China Shanshui Cement Group does come with some risks though, we found 4 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
但是，中国山水水泥集团确实存在一些风险，我们在投资分析中发现了4个警告信号，其中一个有点令人不快...
While China Shanshui Cement Group 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.
尽管中国山水水泥集团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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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提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。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，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。