Capital Allocation Trends At Shang Gong Group (SHSE:600843) Aren't Ideal
Capital Allocation Trends At Shang Gong Group (SHSE:600843) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Shang Gong Group (SHSE:600843) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。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。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,在简短地查看了这些数字之后,我们认为尚工集团(SHSE: 600843)在未来不具备多装袋机的实力,但让我们来看看为什么会这样。
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 Shang Gong 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上工集团的利润:
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)
0.026 = CN¥111m ÷ (CN¥6.5b - CN¥2.3b) (Based on the trailing twelve months to March 2024).
0.026 = 1.11亿元人民币 ÷(6.5亿元人民币-23亿元人民币) (基于截至2024年3月的过去十二个月)。
Therefore, Shang Gong Group has an ROCE of 2.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.9%.
因此,尚工集团的投资回报率为2.6%。从绝对值来看,回报率很低,也低于机械行业5.9%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-4642990df7d13f3439cf2cee596f5716-0-1d33f72dd616d4f49fab3797cf59eef9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shang Gong Group's ROCE against it's prior returns. If you'd like to look at how Shang Gong Group has performed in the past in other metrics, you can view this free graph of Shang Gong 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上工集团投资回报率与先前回报对比的指标。如果你想在其他指标中查看上工集团过去的表现,你可以查看这张免费的上工集团过去的收益、收入和现金流图表。
The Trend Of ROCE
ROCE 的趋势
When we looked at the ROCE trend at Shang Gong Group, we didn't gain much confidence. Around five years ago the returns on capital were 5.6%, but since then they've fallen to 2.6%. 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. If these investments prove successful, this can bode very well for long term stock performance.
当我们查看上工集团的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为5.6%,但此后已降至2.6%。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。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。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 35%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
在这个问题上,我们注意到流动负债占总资产的比率已上升至35%,这影响了投资回报率。如果流动负债没有像以前那样增加,投资回报率实际上可能会更低。请留意这个比率,因为如果这个指标过高,企业可能会遇到一些新的风险。
The Key Takeaway
关键要点
In summary, despite lower returns in the short term, we're encouraged to see that Shang Gong Group is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 4.7% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
总而言之,尽管短期内回报较低,但令我们感到鼓舞的是,上工集团正在进行再投资以实现增长,从而提高了销售额。自从该股在过去五年中为持股的股东带来了4.7%的涨幅以来,这些趋势已开始得到投资者的认可。因此,我们建议进一步研究这只股票,以确认它是否具有良好的投资价值。
On a final note, we found 3 warning signs for Shang Gong Group (2 make us uncomfortable) you should be aware of.
最后,我们发现了你应该注意的尚工集团的3个警告信号(2个让我们感到不舒服)。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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。