Returns On Capital Signal Tricky Times Ahead For PNC Process Systems (SHSE:603690)
Returns On Capital Signal Tricky Times Ahead For PNC Process Systems (SHSE:603690)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at PNC Process Systems (SHSE:603690), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票？除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 金額 所用資本的比例。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。但是，當我們查看PNC過程系統（SHSE: 603690）時，它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for PNC Process Systems, this is the formula:
如果你以前沒有與ROCE合作過，它會衡量公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。要計算 PNC 過程系統的此指標，公式如下：
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）
0.054 = CN¥365m ÷ (CN¥12b - CN¥5.0b) (Based on the trailing twelve months to September 2023).
0.054 = 3.65億元人民幣 ÷（12億元人民幣-5.0億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, PNC Process Systems has an ROCE of 5.4%. In absolute terms, that's a low return but it's around the Machinery industry average of 6.1%.
因此，PNC工藝系統的投資回報率爲5.4％。從絕對值來看，回報率很低，但約爲機械行業的平均水平6.1％。
In the above chart we have measured PNC Process Systems' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for PNC Process Systems .
在上圖中，我們將PNC工藝系統先前的投資回報率與先前的表現進行了比較，但可以說，未來更爲重要。如果您想了解分析師對未來的預測，則應查看我們的免費PNC過程系統分析師報告。
How Are Returns Trending?
退貨趨勢如何？
We weren't thrilled with the trend because PNC Process Systems' ROCE has reduced by 56% over the last five years, while the business employed 1,229% more capital. Usually this isn't ideal, but given PNC Process Systems conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with PNC Process Systems' earnings and if they change as a result from the capital raise. Also, we found that by looking at the company's latest EBIT, the figure is within 10% of the previous year's EBIT so you can basically assign the ROCE drop primarily to that capital raise.
我們對這一趨勢並不感到興奮，因爲PNC過程系統的投資回報率在過去五年中下降了56％，而該業務使用的資本增加了1,229％。這通常並不理想，但鑑於PNC Process Systems在發佈最新業績之前進行了融資，這可能至少部分地促進了已動用資本數字的增加。籌集的資金可能尚未投入使用，因此值得關注的是，PNC Process Systems的收益未來會發生什麼，以及這些收益是否會因籌集資金而發生變化。此外，我們還發現，通過查看該公司最新的息稅前利潤，該數字在去年息稅前利潤的10％以內，因此您基本上可以將投資回報率下降主要歸因於該次融資。
On a related note, PNC Process Systems has decreased its current liabilities to 42% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Keep in mind 42% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是，PNC過程系統已將其流動負債減少至總資產的42％。因此，我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是，這可以降低業務風險的某些方面，因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。請記住，42％仍然很高，因此這些風險仍然有些普遍。
In Conclusion...
總之...
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for PNC Process Systems. And the stock has followed suit returning a meaningful 43% to shareholders over the last five years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
儘管短期內資本回報率有所下降，但我們認爲PNC工藝系統的收入和所用資本均有所增加是有希望的。在過去五年中，該股緊隨其後，股東的回報率高達43％。因此，儘管投資者似乎意識到了這些令人鼓舞的趨勢，但我們將進一步研究該股，以確保其他指標證明正面觀點是合理的。
On a separate note, we've found 2 warning signs for PNC Process Systems you'll probably want to know about.
另一方面，我們發現了兩個你可能想知道的 PNC 過程系統的警告信號。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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