Wuxi Acryl Technology (SHSE:603722) Might Be Having Difficulty Using Its Capital Effectively
Wuxi Acryl Technology (SHSE:603722) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Wuxi Acryl Technology (SHSE:603722) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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?在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。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。话虽如此,乍一看无锡亚克力科技(SHSE: 603722),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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 Wuxi Acryl Technology 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。无锡亚克力科技的计算公式为:
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)
0.033 = CN¥25m ÷ (CN¥939m - CN¥173m) (Based on the trailing twelve months to September 2023).
0.033 = 2500万元人民币 ÷(9.39亿元人民币-1.73亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Wuxi Acryl Technology has an ROCE of 3.3%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,无锡亚克力科技的投资回报率为3.3%。归根结底,这是一个低回报,其表现低于化工行业5.5%的平均水平。
View our latest analysis for Wuxi Acryl Technology
查看我们对无锡亚克力科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-e5c151e938b7d38dca6a5482d8ad7ea5-0-095ac92896a905f65bd9295df8ead3f9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Wuxi Acryl Technology's ROCE against it's prior returns. If you'd like to look at how Wuxi Acryl Technology has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点,因此在上方您可以看到无锡亚克力科技的投资回报率与先前回报的对比。如果你想看看无锡亚克力科技过去在其他指标中的表现,你可以查看这张过去收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
When we looked at the ROCE trend at Wuxi Acryl Technology, we didn't gain much confidence. To be more specific, ROCE has fallen from 6.6% over the last five years. 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.
当我们查看无锡亚克力科技的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的6.6%下降。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资金,但实际上产生的回报却较低——本身 “性价比更低”。
What We Can Learn From Wuxi Acryl Technology's ROCE
我们可以从无锡艾克力科技的ROCE中学到什么
From the above analysis, we find it rather worrisome that returns on capital and sales for Wuxi Acryl Technology have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these poor fundamentals, the stock has gained a huge 105% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
从上述分析来看,我们发现相当令人担忧的是,无锡亚克力科技的资本回报率和销售额有所下降,同时该业务雇用的资金比五年前还要多。然而,尽管基本面不佳,但该股在过去五年中仍大幅上涨了105%,因此投资者似乎非常乐观。无论如何,当前的潜在趋势对长期表现来说并不是一个好兆头,因此,除非趋势逆转,否则我们将开始将目光投向其他地方。
Like most companies, Wuxi Acryl Technology does come with some risks, and we've found 4 warning signs that you should be aware of.
像大多数公司一样,无锡亚克力科技确实存在一些风险,我们发现了你应该注意的4个警告信号。
While Wuxi Acryl Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管无锡艾克力科技的回报率并不高,但请查看这份免费清单,列出了资产负债表稳健的股本回报率高的公司。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。