Tongling Jingda Special Magnet Wire (SHSE:600577) Might Be Having Difficulty Using Its Capital Effectively
Tongling Jingda Special Magnet Wire (SHSE:600577) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at Tongling Jingda Special Magnet Wire (SHSE:600577) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到潜在的多袋装袋机,通常有一些潜在的趋势可以提供线索。首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。有鉴于此,当我们研究铜陵精达特种电磁线(SHSE: 600577)及其投资回报率趋势时,我们并不感到非常兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. The formula for this calculation on Tongling Jingda Special Magnet Wire is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。铜陵精达特种电磁线的计算公式为:
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)
0.11 = CN¥652m ÷ (CN¥11b - CN¥5.0b) (Based on the trailing twelve months to September 2023).
0.11 = 6.52亿元人民币 ÷(11亿元人民币-5.0亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Tongling Jingda Special Magnet Wire has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 6.3% generated by the Electrical industry.
因此,铜陵精达特种电磁线的投资回报率为11%。就其本身而言,这是标准回报,但要比电气行业产生的6.3%好得多。
See our latest analysis for Tongling Jingda Special Magnet Wire
查看我们对铜陵精达特种电磁线的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240103/0-eed0a6f7156215db42ac2dc4f815670a-0-a0f5e29b81c755e293cf842e32e88d24.png/big)
Above you can see how the current ROCE for Tongling Jingda Special Magnet Wire 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.
在上面你可以看到铜陵精达特种电磁线目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。
How Are Returns Trending?
退货趋势如何?
The trend of ROCE doesn't look fantastic because it's fallen from 16% five years ago, while the business's capital employed increased by 69%. Usually this isn't ideal, but given Tongling Jingda Special Magnet Wire 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 Tongling Jingda Special Magnet Wire's earnings and if they change as a result from the capital raise. Additionally, we found that Tongling Jingda Special Magnet Wire's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.
投资回报率的趋势看起来并不理想,因为它从五年前的16%下降了,而该企业的使用资本增长了69%。通常,这并不理想,但鉴于铜陵精达特种电磁线在发布最新财报之前进行了融资,这可能至少部分地促进了动用资本的增加。筹集的资金可能尚未投入使用,因此值得关注的是,铜陵精达特种电磁线的收益未来会发生什么,以及这些收益是否会因筹集资金而发生变化。此外,我们发现铜陵精达特种电磁线的最新息税前利润与去年大致相同,因此我们将投资回报率的下降主要归因于筹集资金。
On a separate but related note, it's important to know that Tongling Jingda Special Magnet Wire has a current liabilities to total assets ratio of 45%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面,值得注意的是,铜陵精达特种电磁线的流动负债与总资产的比率为45%,我们认为这是相当高的。这可能会带来一些风险,因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。虽然这不一定是坏事,但如果这个比率较低,可能会有好处。
What We Can Learn From Tongling Jingda Special Magnet Wire's ROCE
我们可以从铜陵精达特种电磁线的ROCE中学到什么
Bringing it all together, while we're somewhat encouraged by Tongling Jingda Special Magnet Wire's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 47% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
综上所述,尽管铜陵精达特种电磁线对自有业务的再投资令我们感到有些鼓舞,但我们意识到回报正在萎缩。由于该股在过去五年中上涨了令人印象深刻的47%,因此投资者必须认为会有更好的事情发生。但是,除非这些潜在趋势变得更加乐观,否则我们不会抱太高的希望。
One more thing, we've spotted 1 warning sign facing Tongling Jingda Special Magnet Wire that you might find interesting.
还有一件事,我们在铜陵精达特种电磁线前发现了一个警告标志,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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