Sichuan Rongda Gold (SZSE:001337) Is Reinvesting At Lower Rates Of Return
Sichuan Rongda Gold (SZSE:001337) Is Reinvesting At Lower Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after briefly looking over the numbers, we don't think Sichuan Rongda Gold (SZSE:001337) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 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,在简短地查看了这些数字之后,我们认为四川融大黄金(SZSE:001337)在未来没有多口袋的优势,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 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 Sichuan Rongda Gold:
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四川融达黄金的价格:
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)
0.14 = CN¥222m ÷ (CN¥1.8b - CN¥151m) (Based on the trailing twelve months to September 2023).
0.14 = 222万元人民币 ÷(18亿元人民币-1.51亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Sichuan Rongda Gold has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.3% it's much better.
因此,四川融达黄金的投资回报率为14%。从绝对值来看,这是一个令人满意的回报,但与金属和采矿业6.3%的平均水平相比,回报要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240305/0-710de603ed7626cd75c1d69dcd11443a-0-b075325801726a36934b68744e809f2d.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'd like to look at how Sichuan Rongda Gold has performed in the past in other metrics, you can view this free graph of Sichuan Rongda Gold's past earnings, revenue and cash flow.
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。如果你想在其他指标中查看四川融大黄金过去的表现,你可以查看这张四川融大黄金过去收益、收入和现金流的免费图表。
What Can We Tell From Sichuan Rongda Gold's ROCE Trend?
我们可以从四川融达黄金的投资回报率走势中得出什么?
On the surface, the trend of ROCE at Sichuan Rongda Gold doesn't inspire confidence. To be more specific, ROCE has fallen from 17% over the last four years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
从表面上看,四川融达黄金的投资回报率趋势并不能激发信心。更具体地说,投资回报率已从过去四年的17%下降。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。如果这些投资被证明是成功的,这对长期股票表现来说是个好兆头。
What We Can Learn From Sichuan Rongda Gold's ROCE
我们可以从四川融达黄金的投资回报率中学到什么
While returns have fallen for Sichuan Rongda Gold in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has done incredibly well with a 110% return over the last year, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
尽管近来四川融达黄金的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,该业务正在对其业务进行再投资。去年,该股表现非常出色,回报率为110%,因此,长期投资者无疑对这一结果欣喜若狂。因此,尽管投资者似乎已经意识到了这些令人鼓舞的趋势,但我们将进一步研究该股,以确保其他指标证明正面观点是合理的。
Sichuan Rongda Gold does have some risks, we noticed 2 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
四川融达黄金确实存在一些风险,我们注意到两个警告信号(还有一个让我们有点不舒服),我们认为你应该知道。
While Sichuan Rongda Gold may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管四川融大黄金目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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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。