The Returns On Capital At Guangdong Yuehai Feeds GroupLtd (SZSE:001313) Don't Inspire Confidence
The Returns On Capital At Guangdong Yuehai Feeds GroupLtd (SZSE:001313) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Guangdong Yuehai Feeds GroupLtd (SZSE:001313), it didn't seem to tick all of these boxes.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。虽然,当我们看到广东粤海饲料集团有限公司(SZSE:001313),它似乎没有勾选所有这些框。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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. To calculate this metric for Guangdong Yuehai Feeds GroupLtd, this is the formula:
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。要计算广东粤海饲料集团有限公司的这一指标,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)
0.072 = CN¥199m ÷ (CN¥5.4b - CN¥2.6b) (Based on the trailing twelve months to June 2023).
0.072=人民币1.99亿元?(人民币54亿元-人民币26亿元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Guangdong Yuehai Feeds GroupLtd has an ROCE of 7.2%. On its own, that's a low figure but it's around the 7.6% average generated by the Food industry.
所以呢,广东粤海饲料集团有限公司的净资产收益率为7.2%。就其本身而言,这是一个很低的数字,但它大约是食品行业7.6%的平均增长率。
Check out our latest analysis for Guangdong Yuehai Feeds GroupLtd
查看我们对广东粤海饲料集团有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231031/0-961c704b47c88dbced3e073b710bbb7d-0-5fa0091bdd4069a87224deb204047dc9.png/big)
Above you can see how the current ROCE for Guangdong Yuehai Feeds GroupLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Guangdong Yuehai Feeds GroupLtd here for free.
上面你可以看到广东粤海饲料集团有限公司目前的净资产收益率与其之前的资本回报率相比,但从过去你只能看出这么多。如果你愿意,你可以在这里查看广东粤海饲料集团有限公司分析师的预测免费的。
What Can We Tell From Guangdong Yuehai Feeds GroupLtd's ROCE Trend?
从广东粤海饲料集团的ROCE趋势中,我们可以看出什么?
In terms of Guangdong Yuehai Feeds GroupLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 7.2% from 15% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就广东粤海饲料集团有限公司历史上的ROCE运动而言,这一趋势并不美妙。过去五年,资本回报率从五年前的15%降至7.2%。与此同时,该公司正在利用更多资本,但这在过去12个月的销售额方面没有太大变化,因此这可能反映了较长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 49%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
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49%,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。这意味着,在现实中,相当大一部分业务是由该公司的供应商或短期债权人等人提供资金的,这本身就可能带来一些风险。
In Conclusion...
总之..。
In summary, Guangdong Yuehai Feeds GroupLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 4.3% in the last year to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,广东粤海饲料集团有限公司正在将资金再投资到业务中以实现增长,但不幸的是,销售额似乎还没有增加多少。鉴于该股去年对股东的回报率仅为4.3%,你可以说他们意识到了这些乏善可陈的趋势。因此,如果你正在寻找一个多袋子,潜在的趋势表明,你可能在其他地方有更好的机会。
On a separate note, we've found 1 warning sign for Guangdong Yuehai Feeds GroupLtd you'll probably want to know about.
另外,我们发现广东粤海饲料集团有限公司1个警示标志你可能会想知道。
While Guangdong Yuehai Feeds GroupLtd 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.
尽管广东粤海饲料集团有限公司目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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