Be Wary Of Ningbo Kangqiang Electronics (SZSE:002119) And Its Returns On Capital
Be Wary Of Ningbo Kangqiang Electronics (SZSE:002119) And Its Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 investigating Ningbo Kangqiang Electronics (SZSE:002119), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?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,在调查了宁波康强电子(SZSE:002119)之后,我们认为目前的趋势不符合多袋机的模式。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. To calculate this metric for Ningbo Kangqiang Electronics, 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。要计算宁波康强电子的这个指标,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)
0.05 = CN¥69m ÷ (CN¥2.3b - CN¥966m) (Based on the trailing twelve months to March 2024).
0.05 = 6900万元人民币 ÷(23亿元人民币-9.66亿元人民币) (基于截至2024年3月的过去十二个月)。
Thus, Ningbo Kangqiang Electronics has an ROCE of 5.0%. On its own, that's a low figure but it's around the 4.3% average generated by the Semiconductor industry.
因此,宁波康强电子的投资回报率为5.0%。就其本身而言,这是一个很低的数字,但约为半导体行业的4.3%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240514/0-0db282d1b6afb4961f00246ec0e08e00-0-f160516b54a0ecb14cfc6a306002d5b1.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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Ningbo Kangqiang Electronics.
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。如果您想深入研究历史收益,请查看这些免费图表,详细说明宁波康强电子的收入和现金流表现。
What Can We Tell From Ningbo Kangqiang Electronics' ROCE Trend?
我们可以从宁波康强电子的ROCE趋势中得出什么?
In terms of Ningbo Kangqiang Electronics' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 12%, but since then they've fallen to 5.0%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就宁波康强电子的历史ROCE走势而言,这一趋势并不理想。大约五年前,资本回报率为12%,但此后已降至5.0%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
On a side note, Ningbo Kangqiang Electronics' current liabilities are still rather high at 41% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句,宁波康强电子的流动负债仍然相当高,占总资产的41%。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。理想情况下,我们希望看到这种情况减少,因为这将意味着减少承担风险的债务。
What We Can Learn From Ningbo Kangqiang Electronics' ROCE
我们可以从宁波康强电子的ROCE中学到什么
In summary, despite lower returns in the short term, we're encouraged to see that Ningbo Kangqiang Electronics is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 14% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报较低,但令我们感到鼓舞的是,宁波康强电子正在进行再投资以实现增长,并因此实现了更高的销售额。但是,这些增长趋势并未带来增长回报,因为该股在过去五年中下跌了14%。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究该股。
One more thing, we've spotted 1 warning sign facing Ningbo Kangqiang Electronics that you might find interesting.
还有一件事,我们发现了面向宁波康强电子的1个警告标志,你可能会觉得有趣。
While Ningbo Kangqiang Electronics isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管宁波康强电子的回报率并不高,但请查看这份免费清单,列出了资产负债表稳健的股本回报率高的公司。
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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。