Guangdong Nedfon Air System (SZSE:301043) Will Be Hoping To Turn Its Returns On Capital Around
Guangdong Nedfon Air System (SZSE:301043) Will Be Hoping To Turn Its Returns On Capital Around
If you're looking for a multi-bagger, there's a few things to keep an eye out 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Guangdong Nedfon Air System (SZSE:301043) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一款多功能装袋机,有几件事需要注意。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。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简要看了这些数字之后,我们认为广东内德丰空气系统(深圳证券交易所代码:301043)在未来不具备多袋机的实力,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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 Nedfon Air System, this is the formula:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算广东内德丰空气系统的这个指标,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)
0.089 = CN¥75m ÷ (CN¥1.1b - CN¥238m) (Based on the trailing twelve months to September 2023).
0.089 = 7500万元人民币 ÷(11亿元人民币-2.38亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Guangdong Nedfon Air System has an ROCE of 8.9%. On its own that's a low return, but compared to the average of 6.4% generated by the Building industry, it's much better.
因此,广东内德丰空气系统的投资回报率为8.9%。就其本身而言,回报率很低,但与建筑行业6.4%的平均回报率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240203/0-3319d4a34d437ec0235ce7d9c649dcde-0-f0d81e88be5a9f951cbbfb6d96c068b9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Nedfon Air System's ROCE against it's prior returns. If you'd like to look at how Guangdong Nedfon Air System 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广东内德丰空气系统的投资回报率与先前回报的对比。如果你想在其他指标中查看广东内德丰空气系统过去的表现,你可以查看这张过去收益、收入和现金流的免费图表。
What Can We Tell From Guangdong Nedfon Air System's ROCE Trend?
我们可以从广东内德丰空气系统的ROCE趋势中得出什么?
On the surface, the trend of ROCE at Guangdong Nedfon Air System doesn't inspire confidence. Over the last five years, returns on capital have decreased to 8.9% from 36% five years ago. However it looks like Guangdong Nedfon Air System 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 may take some time before the company starts to see any change in earnings from these investments.
从表面上看,广东内德丰空气系统的ROCE趋势并不能激发信心。在过去五年中,资本回报率从五年前的36%下降到8.9%。但是,看来广东内德丰空气系统可能会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。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Guangdong Nedfon Air System has done well to pay down its current liabilities to 22% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句,广东内德丰空气系统在偿还其流动负债至总资产的22%方面表现良好。因此,我们可以将其中一些与ROCE的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
To conclude, we've found that Guangdong Nedfon Air System is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之,我们发现广东内德丰空气系统正在对该业务进行再投资,但回报率一直在下降。此外,该股去年的股东总回报率持平,这并不奇怪。总而言之,多装袋机的固有趋势并不常见,因此,如果您想要这样做,我们认为您在其他地方可能会有更多的运气。
One more thing: We've identified 2 warning signs with Guangdong Nedfon Air System (at least 1 which can't be ignored) , and understanding them would certainly be useful.
还有一件事:我们已经确定了广东内德丰空气系统的两个警告标志(至少有一个不容忽视),了解它们肯定会很有用。
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。