Western Metal Materials (SZSE:002149) Is Looking To Continue Growing Its Returns On Capital
Western Metal Materials (SZSE:002149) Is Looking To Continue Growing Its 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? 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. With that in mind, we've noticed some promising trends at Western Metal Materials (SZSE:002149) so let's look a bit deeper.
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。考虑到这一点,我们注意到西方金属材料(SZSE:002149)的一些前景乐观的趋势,因此让我们更深入地了解一下。
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. To calculate this metric for Western Metal Materials, this is the formula:
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。要计算西方金属材料公司的这个指标,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)
0.062 = CN¥267m ÷ (CN¥7.2b - CN¥2.9b) (Based on the trailing twelve months to September 2023).
0.062 = 2.67亿元人民币 ÷(72亿元人民币-29亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Western Metal Materials has an ROCE of 6.2%. Even though it's in line with the industry average of 6.3%, it's still a low return by itself.
因此,西方金属材料的投资回报率为6.2%。尽管它与6.3%的行业平均水平一致,但其本身的回报率仍然很低。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240224/0-483a4b83941e597744f1f631c2eb9bc7-0-37c9672d8e4e1c6d59e0baaa245fa287.png/big)
In the above chart we have measured Western Metal Materials' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Western Metal Materials for free.
在上图中,我们将西方金属材料先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,你可以免费查看报道西方金属材料的分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. Over the last five years, returns on capital employed have risen substantially to 6.2%. The amount of capital employed has increased too, by 63%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
尽管投资回报率的绝对值仍然很低,但很高兴看到它正朝着正确的方向前进。在过去五年中,已动用资本回报率大幅上升至6.2%。使用的资本金额也增加了63%。越来越多的资本回报率不断增加是多包商的常见现象,这就是为什么我们印象深刻的原因。
Another thing to note, Western Metal Materials has a high ratio of current liabilities to total assets of 41%. 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.
需要注意的另一件事是,西方金属材料的流动负债与总资产的比率很高,为41%。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。
The Key Takeaway
关键要点
To sum it up, Western Metal Materials has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 88% return over the last five years. In light of that, we think it's worth looking further into this stock because if Western Metal Materials can keep these trends up, it could have a bright future ahead.
总而言之,西方金属材料已经证明它可以对该业务进行再投资,并从所使用的资本中获得更高的回报,这太棒了。投资者似乎对未来有更多期望,因为该股在过去五年中为股东提供了88%的回报。有鉴于此,我们认为值得进一步研究这只股票,因为如果西方金属材料公司能够保持这些趋势,它可能会有一个光明的未来。
Like most companies, Western Metal Materials does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,西方金属材料确实存在一些风险,我们发现了一个你应该注意的警告信号。
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。