Investors Could Be Concerned With Sansteel MinGuangLtd.Fujian's (SZSE:002110) Returns On Capital
Investors Could Be Concerned With Sansteel MinGuangLtd.Fujian's (SZSE:002110) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Sansteel MinGuangLtd.Fujian (SZSE:002110), we don't think it's current trends fit the mold of a multi-bagger.
你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,在调查了福建三钢矿业有限公司(深圳证券交易所:002110)之后,我们认为目前的趋势不符合多装袋机的模式。
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. The formula for this calculation on Sansteel MinGuangLtd.Fujian is:
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。福建三钢闽光有限公司的计算公式为:
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)
0.018 = CN¥418m ÷ (CN¥50b - CN¥27b) (Based on the trailing twelve months to September 2023).
0.018 = 4.18亿元人民币 ÷(50亿元人民币-27亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Sansteel MinGuangLtd.Fujian has an ROCE of 1.8%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.2%.
因此,福建三钢闽光有限公司的投资回报率为1.8%。归根结底,这是一个低回报,其表现低于金属和采矿业6.2%的平均水平。
See our latest analysis for Sansteel MinGuangLtd.Fujian
查看我们对福建三钢矿光有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231219/0-6bb29cbcd3aa0da4b208489fe8639d91-0-cbea9c1b75deee4b1bceda15811810fe.png/big)
Above you can see how the current ROCE for Sansteel MinGuangLtd.Fujian compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面你可以看到三钢闽光有限公司当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
In terms of Sansteel MinGuangLtd.Fujian's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 1.8% from 56% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就福建三钢闽光有限公司的历史ROCE走势而言,这种趋势并不理想。在过去五年中,资本回报率从五年前的56%降至1.8%。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多的资金,但它产生的回报实际上更低—— “成本效益更低” 本身。
On a side note, Sansteel MinGuangLtd.Fujian's current liabilities have increased over the last five years to 53% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 1.8%. 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.
顺便说一句,三钢闽光有限公司的流动负债在过去五年中增加到总资产的53%,在某种程度上实际上扭曲了投资回报率。如果没有这样的增长,投资回报率很可能会低于1.8%。这意味着,实际上,相当一部分业务是由公司的供应商或短期债权人等机构提供资金的,这本身可能会带来一些风险。
Our Take On Sansteel MinGuangLtd.Fujian's ROCE
我们对福建三钢闽光股份有限公司ROCE的看法
We're a bit apprehensive about Sansteel MinGuangLtd.Fujian because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last five years have experienced a 35% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
我们对福建三钢矿业有限公司有点担心,因为尽管向该业务投入了更多资金,但资本回报率和销售额都下降了。在过去五年中持有该股的长期股东的投资贬值了35%,因此看来市场可能也不喜欢这些趋势。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing, we've spotted 1 warning sign facing Sansteel MinGuangLtd.Fujian that you might find interesting.
还有一件事,我们发现了面向福建三钢矿业有限公司的1个警告标志,你可能会觉得有趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。