Baiyin Nonferrous Group (SHSE:601212) May Have Issues Allocating Its Capital
Baiyin Nonferrous Group (SHSE:601212) May Have Issues Allocating Its Capital
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. And from a first read, things don't look too good at Baiyin Nonferrous Group (SHSE:601212), so let's see why.
如果我们想避开一家衰退的企业,有哪些趋势可以提前警告我们?衰落的企业通常有两个潜在的趋势,第一,衰退 返回 论资本使用率(ROCE)和下降情况 基础 所用资本的比例。这表明该公司之所以没有增加股东财富,是因为回报率下降且净资产基础在萎缩。从第一篇读起,白银有色集团(SHSE: 601212)的情况看起来并不太好,所以让我们看看原因。
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 Baiyin Nonferrous Group, 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。要计算白银有色集团的这一指标,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)
0.053 = CN¥1.4b ÷ (CN¥49b - CN¥23b) (Based on the trailing twelve months to September 2023).
0.053 = 14亿元人民币 ÷(49亿元人民币-23亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Baiyin Nonferrous Group has an ROCE of 5.3%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.9%.
因此,白银有色集团的投资回报率为5.3%。归根结底,这是一个低回报,其表现低于金属和采矿业6.9%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240425/0-319ff7d07cfc923db35e196ec24dc010-0-3ff0aa453b62d04a3f623e759fe4c557.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Baiyin Nonferrous Group's ROCE against it's prior returns. If you're interested in investigating Baiyin Nonferrous Group's past further, check out this free graph covering Baiyin Nonferrous Group's 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白银有色集团投资回报率与先前回报对比的指标。如果你有兴趣进一步调查白银有色集团的过去,请查看这张涵盖白银有色集团过去的收益、收入和现金流的免费图表。
What Does the ROCE Trend For Baiyin Nonferrous Group Tell Us?
白银有色集团的投资回报率趋势告诉我们什么?
In terms of Baiyin Nonferrous Group's historical ROCE movements, the trend doesn't inspire confidence. To be more specific, the ROCE was 6.9% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Baiyin Nonferrous Group to turn into a multi-bagger.
就白银有色集团的历史ROCE走势而言,这一趋势并不能激发信心。更具体地说,五年前的投资回报率为6.9%,但此后已明显下降。最重要的是,值得注意的是,企业内部使用的资本量一直保持相对稳定。由于回报率下降且该企业的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中没有太大的增长。如果这些趋势继续下去,我们预计白银有色集团不会变成一个多口袋公司。
On a side note, Baiyin Nonferrous Group's current liabilities are still rather high at 48% of total assets. 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.
顺便说一句,白银有色集团的流动负债仍然相当高,占总资产的48%。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
In summary, it's unfortunate that Baiyin Nonferrous Group is generating lower returns from the same amount of capital. It should come as no surprise then that the stock has fallen 24% over the last five years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总而言之,不幸的是,白银有色集团从相同数量的资本中获得的回报较低。因此,该股在过去五年中下跌了24%也就不足为奇了,因此投资者似乎已经意识到了这些变化。除非这些指标转向更积极的轨迹,否则我们将把目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Baiyin Nonferrous Group (of which 1 is a bit concerning!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解它们是什么,我们已经发现了白银有色集团的两个警告信号(其中一个有点令人担忧!)你应该知道的。
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。