Eastern Air Logistics (SHSE:601156) Could Be Struggling To Allocate Capital
Eastern Air Logistics (SHSE:601156) Could Be Struggling To Allocate Capital
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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 investigating Eastern Air Logistics (SHSE:601156), we don't think it's current trends fit the mold of a multi-bagger.
要找到一个有潜力大幅增长的业务并不容易，但如果我们看几个关键的财务指标是可能的。首先，我们要确定一个不断增长的资本雇用率。简单地说，这些类型的企业是复合机器，这意味着它们不断地以越来越高的回报率再投资其收益。说到这个，我们发现亚钾国际（广州）投资有很大的变化回报率，让我们看看它。资产回报率：它是什么？资本雇用回报率 (ROCE) 是一种早期趋势，可以用来识别有可能在长期内翻倍增值的股票，然后在此基础上，要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器，能够不断地将其收益再投入业务，从而产生更高的回报。因此，在这点上，Materialise (纳斯达克:MTLS) 看起来相当有前途，因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）资本雇用率的计算基本意味着一家公司具有有利可图的业务，可以继续投资，这是一个复利机器的特征。但是，经过调查华东物流（SHSE: 601156），我们认为它目前的趋势不符合多倍者的模板。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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 Eastern Air Logistics, this is the formula:
如果您以前没有使用过ROCE，它衡量了公司从业资本获得的“回报”（税前利润）。计算华东物流的这个指标，公式如下：
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。
0.15 = CN¥3.4b ÷ (CN¥28b - CN¥4.6b) (Based on the trailing twelve months to March 2024).
0.15 = CN¥ 3.4b ÷（CN¥ 28b-CN¥ 4.6b）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, Eastern Air Logistics has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 7.1% generated by the Logistics industry.
因此，华东物流的ROCE为15%。单独看这一点，这是一个标准的回报，但它比物流行业的7.1％要好得多。
In the above chart we have measured Eastern Air Logistics' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Eastern Air Logistics for free.
在上面的图表中，我们已经根据华东物流先前的表现来衡量其先前的ROCE，但未来则可能更重要。如果您愿意，您可以免费查看涵盖华东物流的分析师的预测。
What Can We Tell From Eastern Air Logistics' ROCE Trend?
我们可以从华东物流的ROCE趋势中了解到什么？
When we looked at the ROCE trend at Eastern Air Logistics, we didn't gain much confidence. To be more specific, ROCE has fallen from 30% over the last five years. However it looks like Eastern Air Logistics 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 may take some time before the company starts to see any change in earnings from these investments.
当我们观察华东物流的ROCE趋势时，我们并没有获得太多信心。具体而言，ROCE在过去五年中已经下降了30％。但是，看起来华东物流可能正在为长期增长进行再投资，因为虽然使用的资本已经增加，但公司的销售在过去的12个月中并没有太大变化。可能需要一些时间，公司才能从这些投资中看到任何收益变化。
On a related note, Eastern Air Logistics has decreased its current liabilities to 16% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外，华东物流已将其流动负债降至总资产的16％。这可能部分解释了ROCE的下降。更重要的是，这可以减少业务的某些风险方面，因为现在公司的供应商或短期债权人资助其运营的资金较少。由于企业基本上正在使用自己的资金资助其更多的运营，因此您可以认为这使企业在产生ROCE方面效率降低了。
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 Eastern Air Logistics' reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 15% over the last three years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
综合考虑，虽然我们对华东物流对其自有业务的再投资感到有些鼓舞，但我们意识到回报正在减少。由于股票在过去三年中下跌了15％，投资者可能对这种趋势改善不太乐观。无论如何，股票在以上讨论的多倍者特征方面都不具备，因此如果您正在寻找这样的投资，我们认为您可以在其他地方找到更多好运。
Eastern Air Logistics could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 601156 on our platform quite valuable.
在其他方面，华东物流的价格可能很有吸引力，因此您可能会发现我们平台上免费的601156内在价值估算非常有价值。
While Eastern Air Logistics isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然华东物流没有赚取最高的回报，但请查看这份高回报且财务状况良好的公司的免费列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。