Sany Heavy IndustryLtd (SHSE:600031) Is Reinvesting At Lower Rates Of Return
Sany Heavy IndustryLtd (SHSE:600031) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Sany Heavy IndustryLtd (SHSE:600031) and its ROCE trend, we weren't exactly thrilled.
如果你不确定寻找下一个成长股从何开始,有几个关键的趋势需要注意。在一个完美的世界里,我们希望看到一家公司投入更多的资产到其业务里,并且资产的回报也在增加。基本上,这意味着一家公司有盈利的业务,可以持续地重新投资,这是一个复合机的特征。考虑到这一点,当我们看到三一重工股份有限公司(SHSE:600031)的投资回报率趋势时,并不是特别激动人心。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)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. To calculate this metric for Sany Heavy IndustryLtd, this is the formula:
对于不确定什么是投资回报率的人,它衡量的是公司能够从其业务中使用的资产产生的税前利润的数量。为了计算三一重工股份有限公司的这个指标,这是公式:
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。
0.059 = CN¥5.7b ÷ (CN¥155b - CN¥58b) (Based on the trailing twelve months to March 2024).
0.059 = 5700000000人民币 ÷(155000000000人民币-58000000000人民币)(根据过去十二个月截至2024年3月)。
So, Sany Heavy IndustryLtd has an ROCE of 5.9%. Even though it's in line with the industry average of 5.6%, it's still a low return by itself.
所以,三一重工股份有限公司的投资回报率为5.9%。即使它与行业平均水平5.6%相当,但它仍然是一种低回报。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240721/0-8fd8379cf027fe2ecbfc7838f0716fd0-0-d8c42418d7cf8e39a6264261e245f658.png/big)
In the above chart we have measured Sany Heavy IndustryLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Sany Heavy IndustryLtd .
在上面的图表中,我们已经测量了三一重工股份有限公司之前的投资回报率与其之前的表现,但未来可能更重要。如果你想看看分析师未来的预测,你应该查看我们免费的Sany Heavy IndustryLtd分析师报告。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
When we looked at the ROCE trend at Sany Heavy IndustryLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 22% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
当我们看待三一重工股份有限公司的投资回报率趋势时,我们并没有得到太多信心。更具体地说,投资回报率在过去五年中从22%下降。另一方面,公司在去年增加了更多的资产,但销售额没有相应提高,这可能表明这些投资是长期的。从这里开始关注公司的盈利情况以查看这些投资是否最终对底线做出了贡献。
On a side note, Sany Heavy IndustryLtd has done well to pay down its current liabilities to 38% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,三一重工股份有限公司已经成功地把其流动负债降至总资产的38%。这可能部分解释了投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人资助的业务减少了一些风险。由于公司基本上是用自己的钱来运营更多的业务,所以你可以认为这使得公司在产生投资回报率时不那么有效率。
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。
In summary, Sany Heavy IndustryLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 23% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总之,三一重工股份有限公司正在将资金重新投资到业务发展中,但不幸的是,销售额似乎还没有增加太多。由于该股在最近五年中仅为股东带来了23%的回报,因此可以认为他们已注意到这些不景气的发展趋势。因此,如果你在寻找成长股,我们觉得你在其他行业板块中会有更多的运气。
On a separate note, we've found 1 warning sign for Sany Heavy IndustryLtd you'll probably want to know about.
另外,我们发现了三一重工股份有限公司的1个警示标志,你可能想知道。
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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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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。