Returns At Whirlpool China (SHSE:600983) Are On The Way Up
Returns At Whirlpool China (SHSE:600983) Are On The Way Up
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Whirlpool China (SHSE:600983) so let's look a bit deeper.
寻找一只倍增的股票时,我们应该关注业务中的潜在趋势。在完美的世界里,我们希望看到一家公司投入更多资本到业务中,并 ideally 获取到的回报也在增加。这显示出它是一个复合机器,能够持续地将其收益重新投资进业务并创造更高的回报。因此,我们发现惠而浦中国(SHSE:600983)有一些有前途的趋势,让我们深入了解一下。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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 Whirlpool China, this is the formula:
对于那些不知道 ROCE 是什么的人来说,它是公司一年的税前利润(其回报)与投入业务的资本的比率。为了计算惠而浦中国的这个指标,下面是公式:
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。
0.025 = CN¥67m ÷ (CN¥5.1b - CN¥2.5b) (Based on the trailing twelve months to March 2024).
0.025 = CN¥67m ÷ (CN¥5.1b - CN¥2.5b)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, Whirlpool China has an ROCE of 2.5%. Ultimately, that's a low return and it under-performs the Consumer Durables industry average of 8.4%.
因此,惠而浦中国的 ROCE 为 2.5%。但是,这是一个较低的回报,低于消费者耐用品行业平均水平 8.4%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240627/0-ba1101f794725c3413335ecb1f9dfbd7-0-5c946e975657973a40ad0bb9e976d1d3.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're interested in investigating Whirlpool China's past further, check out this free graph covering Whirlpool China's past earnings, revenue and cash flow.
尽管过去的情况不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是为什么我们有了上面的这个图表。如果您有兴趣进一步调查惠而浦中国的过去情况,请查看这个免费图表,涵盖了惠而浦中国的过去收益、营业收入和现金流。
What Does the ROCE Trend For Whirlpool China Tell Us?
惠而浦中国的资本雇用回报率趋势告诉我们什么?
It's great to see that Whirlpool China has started to generate some pre-tax earnings from prior investments. While the business is profitable now, it used to be incurring losses on invested capital five years ago. In regards to capital employed, Whirlpool China is using 37% less capital than it was five years ago, which on the surface, can indicate that the business has become more efficient at generating these returns. Whirlpool China could be selling under-performing assets since the ROCE is improving.
很高兴看到惠而浦中国从先前的投资中开始获得税前收益。虽然该业务现在是盈利的,但五年前它还在为投入的资本承担亏损。关于资本雇用,惠而浦中国使用的资本比五年前减少了 37%,这可能表明业务已经变得更有效率,能够产生更高的回报。惠而浦中国可能正在销售表现不佳的资产,因为资本雇用回报率正在提高。
On a side note, Whirlpool China's current liabilities are still rather high at 48% 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外,惠而浦中国的流动负债仍然相当高,占总资产的 48%。这实际上意味着,供应商(或短期债权人)资助了业务的大部分,所以要知道这可能引入一些风险。虽然这不一定是一件坏事,但如果这个比例更低会更有利。
The Key Takeaway
重要提示
In the end, Whirlpool China has proven it's capital allocation skills are good with those higher returns from less amount of capital. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 48% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
最终,惠而浦中国已经证明了它的资本配置技能是良好的,用更少的资本获得了更高的回报。而且投资者似乎认为未来会有更多的回报,因为在过去的五年中,该股票已经奖励股东获得了 48% 的回报。因此,我们仍认为这家公司的基本面具有一定的潜力,值得进一步的尽职调查。
If you'd like to know more about Whirlpool China, we've spotted 2 warning signs, and 1 of them is potentially serious.
如果您想了解更多关于惠而浦中国的信息,我们已经发现了两个警示信号,其中一个可能相当严重。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。