GuoCheng MiningLTD (SZSE:000688) Is Reinvesting At Lower Rates Of Return
GuoCheng MiningLTD (SZSE:000688) Is Reinvesting At Lower Rates Of Return
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. However, after briefly looking over the numbers, we don't think GuoCheng MiningLTD (SZSE:000688) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要找到一个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。然而,在简单地看了一下数字之后,我们认为国成矿业有限公司(SZSE:000688)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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 GuoCheng MiningLTD, this is the formula:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算国成MiningLTD的此指标,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)
0.0035 = CN¥20m ÷ (CN¥8.1b - CN¥2.5b) (Based on the trailing twelve months to June 2023).
0.0035=2000万元?(81亿元-25亿元)(根据截至2023年6月的往绩12个月计算)。
So, GuoCheng MiningLTD has an ROCE of 0.4%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.4%.
所以,国成矿业LTD的ROCE为0.4%。按绝对值计算,这是一个较低的回报率,也低于金属和矿业6.4%的平均水平。
Check out our latest analysis for GuoCheng MiningLTD
查看我们对国成矿业LTD的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231019/0-e4a1f7fb6db1de357ba88b1bf8d9280a-0-0affd550931ceb0cde9bd328a01439bf.png/big)
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 GuoCheng MiningLTD's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你有兴趣进一步调查国成矿业有限公司的过去,请查看以下内容免费过去收益、收入和现金流的图表。
What Can We Tell From GuoCheng MiningLTD's ROCE Trend?
从国成矿业的ROCE趋势中,我们可以看出什么?
Unfortunately, the trend isn't great with ROCE falling from 23% five years ago, while capital employed has grown 138%. That being said, GuoCheng MiningLTD raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence GuoCheng MiningLTD might not have received a full period of earnings contribution from it.
不幸的是,这一趋势并不乐观,净资产收益率从五年前的23%下降,而已动用资本增长了138%。话虽如此,国成矿业有限公司在最新财报公布前筹集了一些资本,因此这可能在一定程度上解释了已动用资本的增加。目前看来,募集的资金不太可能全部投入使用,因此,国成矿业有限公司可能没有从该公司获得完整的盈利贡献。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 31%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在这个问题上,我们注意到流动负债占总资产的比例上升到31%,这对ROCE造成了影响。如果流动负债没有像以前那样增加,净资产收益率实际上可能会更低。虽然目前这一比率不是太高,但值得密切关注,因为如果比率变得特别高,业务可能会面临一些新的风险因素。
Our Take On GuoCheng MiningLTD's ROCE
我们对国成矿业有限公司ROCE的看法
We're a bit apprehensive about GuoCheng MiningLTD because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 14% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
我们对国成矿业有限公司有点担心,因为尽管该业务投入了更多资本,但资本回报率和销售额都有所下降。因此,该公司股价在过去五年中下跌了14%也就不足为奇了,所以看起来投资者正在意识到这些变化。鉴于这些领域的潜在趋势不是很好,我们会考虑将目光投向其他地方。
GuoCheng MiningLTD does have some risks, we noticed 4 warning signs (and 1 which shouldn't be ignored) we think you should know about.
国成矿业LTD确实存在一些风险,我们注意到4个警示标志(还有一点不可忽视)我们认为你应该知道这一点。
While GuoCheng MiningLTD isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然国成MiningLTD并没有获得最高的回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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