Investors Could Be Concerned With Wanxiang QianchaoLtd's (SZSE:000559) Returns On Capital
Investors Could Be Concerned With Wanxiang QianchaoLtd's (SZSE:000559) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Although, when we looked at Wanxiang QianchaoLtd (SZSE:000559), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?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。但是,当我们查看万向千超有限公司(深圳证券交易所代码:000559)时,它似乎并没有勾选所有这些方框。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Wanxiang QianchaoLtd is:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。在万向千潮上进行此计算的公式为:
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)
0.067 = CN¥645m ÷ (CN¥20b - CN¥9.9b) (Based on the trailing twelve months to September 2023).
0.067 = 6.45亿元人民币 ÷(20亿元人民币-99亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Wanxiang QianchaoLtd has an ROCE of 6.7%. In absolute terms, that's a low return but it's around the Auto Components industry average of 5.8%.
因此,万向千潮有限公司的投资回报率为6.7%。从绝对值来看,回报率很低,但约为汽车零部件行业平均水平的5.8%。
View our latest analysis for Wanxiang QianchaoLtd
查看我们对万向千潮有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240105/0-f590d791df0a07aaad80d17524ea5440-0-5b07412726085c85336b3b2e32cd9318.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 want to delve into the historical earnings, revenue and cash flow of Wanxiang QianchaoLtd, check out these free graphs here.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果您想深入了解万向钱潮有限公司的历史收益、收入和现金流,请在此处查看这些免费图表。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
In terms of Wanxiang QianchaoLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.7% from 12% five years ago. However it looks like Wanxiang QianchaoLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就万向千潮的历史走势而言,这种趋势并不理想。在过去五年中,资本回报率从五年前的12%下降到6.7%。但是,看来Wanxiang Qianchaoltd可能正在进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
On a side note, Wanxiang QianchaoLtd's current liabilities are still rather high at 51% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
顺便说一句,万向钱潮有限公司的流动负债仍然相当高,占总资产的51%。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。虽然这不一定是坏事,但如果这个比率较低,可能会有好处。
The Key Takeaway
关键要点
Bringing it all together, while we're somewhat encouraged by Wanxiang QianchaoLtd's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 8.7% over the last five years, which potentially indicates that investors are accounting for this going forward. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
综上所述,尽管万向钱潮有限公司对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。毫不奇怪,该股在过去五年中仅上涨了8.7%,这可能表明投资者正在考虑未来的情况。因此,如果您正在寻找多袋机,我们建议您考虑其他选项。
One final note, you should learn about the 2 warning signs we've spotted with Wanxiang QianchaoLtd (including 1 which is a bit unpleasant) .
最后一点是,你应该了解一下我们在万向千潮中发现的两个警告信号(其中一个有点不愉快)。
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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。