Jiangsu Tongli Risheng Machinery's (SHSE:605286) Returns On Capital Not Reflecting Well On The Business
Jiangsu Tongli Risheng Machinery's (SHSE:605286) Returns On Capital Not Reflecting Well On The Business
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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. In light of that, when we looked at Jiangsu Tongli Risheng Machinery (SHSE:605286) and its ROCE trend, we weren't exactly thrilled.
要想找到潜在的大幅成长的企业并不容易,但如果我们关注一些关键的财务指标,这是可能的。理想情况下,一家企业将展现两种趋势:首先是资本使用增长。这向我们展示了它是一个复合机器,能够不断地将其盈利重新投入到业务中并产生更高的回报。考虑到这一点,河南玉光金铅股份有限公司(上交所:600531)的ROCE看起来不错,所以让我们看看回报的趋势能告诉我们些什么。资产回报率:它是什么?资本使用率回报(ROCE)是什么?ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。 简而言之,这些类型的企业是复合机器,意味着它们不断地以越来越高的回报率重新投资其收益。鉴于此,当我们研究江苏通力日升机械(SHSE:605286)及其ROCE趋势时并不是非常兴奋。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Jiangsu Tongli Risheng Machinery, this is the formula:
如果您以前没有使用过ROCE,那么它衡量的是公司从其业务中使用的资本所产生的“回报”(税前利润)。计算江苏通力日升机械的这一度量指标的公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.13 = CN¥270m ÷ (CN¥3.7b - CN¥1.6b) (Based on the trailing twelve months to December 2023).
0.13 = CN¥27000万 ÷ (CN¥37亿 - CN¥1.6b) (基于截至2023年12月的过去十二个月).
Therefore, Jiangsu Tongli Risheng Machinery has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 5.9% it's much better.
因此,江苏通力日升机械的ROCE为13%。在绝对值方面,这是一个令人满意的回报,但与机械行业平均水平5.9%相比,这是更好的。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-e5106d1dad689dc5d27121c83365c811-0-3cf3b02b66e4bb230b642e671a295d8a.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 Jiangsu Tongli Risheng Machinery.
虽然过去并不能代表未来,但了解一个公司历史表现的情况可能会有所帮助,这就是我们为什么提供上面的图表。如果您想深入了解历史收益率,请查看这些免费图表,详细介绍江苏通力日升机械的营业收入和现金流表现。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
In terms of Jiangsu Tongli Risheng Machinery's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 13% from 27% five years ago. However it looks like Jiangsu Tongli Risheng Machinery might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就江苏通力日升机械的历史ROCE趋势而言,这一趋势并不理想。在过去的五年中,资本回报率从五年前的27%下降到了13%。然而,看起来江苏通力日升机械可能会重新投资以实现长期增长,因为虽然使用资本增加了,但公司的销售额在过去12个月中并没有多大变化。值得注意的是,江苏通力日升机械的流动负债与总资产之比高达43%。这实际上意味着供应商(或短期债权人)正在为公司的很大一部分业务提供资金支持,因此请注意这可能会引入某些风险。理想情况下,我们希望看到这一比率减少,因为这将意味着减少负担。
Another thing to note, Jiangsu Tongli Risheng Machinery has a high ratio of current liabilities to total assets of 43%. 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.
综合考虑,虽然我们在江苏通力日升机械自身业务的重新投资方面有些鼓舞人心,但我们意识到回报正在缩水。另外,股票在过去三年中仅为股东们带来了微薄的6.2%的回报,这说明他们意识到这些平平无奇的趋势。因此,如果您正在寻找一次多重收益,那么底层趋势表明您可能在其他方面有更好的机会。最后请注意,我们发现了江苏通力日升机械的1个警告信号,我们认为您应该意识到这点。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
Bringing it all together, while we're somewhat encouraged by Jiangsu Tongli Risheng Machinery's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 6.2% in the last three years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
资本市场存在风险,投资需谨慎。
On a final note, we've found 1 warning sign for Jiangsu Tongli Risheng Machinery that we think you should be aware of.
所有板块的业务资产和营业收入都应谨慎审核,各项交易都必须符合监管要求。
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.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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