Returns On Capital At Gansu Yasheng Industrial (Group) (SHSE:600108) Have Stalled
Returns On Capital At Gansu Yasheng Industrial (Group) (SHSE:600108) Have Stalled
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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 Gansu Yasheng Industrial (Group) (SHSE:600108), it didn't seem to tick all of these boxes.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 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,当我们查看甘肃亚盛实业(集团)(SHSE: 600108)时,它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. Analysts use this formula to calculate it for Gansu Yasheng Industrial (Group):
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。分析师使用这个公式来计算甘肃亚盛实业(集团)的利润:
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)
0.03 = CN¥171m ÷ (CN¥8.9b - CN¥3.1b) (Based on the trailing twelve months to September 2023).
0.03 = 1.71亿元人民币 ÷(8.9亿元人民币-31亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Gansu Yasheng Industrial (Group) has an ROCE of 3.0%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.5%.
因此,甘肃亚盛实业(集团)的投资回报率为3.0%。从绝对值来看,回报率很低,也低于食品行业7.5%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240206/0-f9ea8c563f4da0d9f0ea3f3ca1502c7c-0-2d2679156c092ca1d324b2d55b8cb0fd.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Gansu Yasheng Industrial (Group)'s ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Gansu Yasheng Industrial (Group), check out these free graphs here.
历史表现是研究股票的绝佳起点,因此在上方您可以看到甘肃亚盛实业(集团)投资回报率与先前回报对比的指标。如果您想深入了解甘肃亚盛实业(集团)的历史收益、收入和现金流,请在此处查看这些免费图表。
The Trend Of ROCE
ROCE 的趋势
There hasn't been much to report for Gansu Yasheng Industrial (Group)'s returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Gansu Yasheng Industrial (Group) to be a multi-bagger going forward.
甘肃亚盛实业(集团)的回报率和资本使用水平没有什么可报告的,因为这两个指标在过去五年中一直保持稳定。具有这些特征的企业往往是成熟稳定的运营,因为它们已经过了增长阶段。考虑到这一点,除非将来投资再次回升,否则我们预计甘肃亚盛实业(集团)未来不会成为多包企业。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 35% of total assets, this reported ROCE would probably be less than3.0% because total capital employed would be higher.The 3.0% ROCE could be even lower if current liabilities weren't 35% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
另一方面,尽管投资回报率趋势的变化可能不会引起人们的关注,但有趣的是,在过去五年中,流动负债实际上一直在增加。这很有趣,因为如果流动负债没有增加到总资产的35%,则报告的投资回报率可能会低于3.0%,因为所使用的总资本会更高。如果流动负债不占总资产的35%,则3.0%的ROCE可能会更低,因为该公式将显示所用资本的总基础更大。考虑到这一点,只要警惕这个比率将来是否会增加,因为如果这个比率变得特别高,就会带来一些新的风险因素。
Our Take On Gansu Yasheng Industrial (Group)'s ROCE
我们对甘肃亚盛实业(集团)投资回报率的看法
In a nutshell, Gansu Yasheng Industrial (Group) has been trudging along with the same returns from the same amount of capital over the last five years. And investors appear hesitant that the trends will pick up because the stock has fallen 17% in the last five years. Therefore based on the analysis done in this article, we don't think Gansu Yasheng Industrial (Group) has the makings of a multi-bagger.
简而言之,在过去的五年中,甘肃亚盛实业(集团)一直在努力从相同数量的资本中获得同样的回报。投资者似乎对趋势的回升犹豫不决,因为该股在过去五年中下跌了17%。因此,根据本文的分析,我们认为甘肃亚盛实业(集团)不具备多袋机的优势。
Gansu Yasheng Industrial (Group) does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those can't be ignored...
但是,甘肃亚盛实业(集团)确实存在一些风险,我们在投资分析中发现了3个警告信号,其中2个不容忽视...
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。