Xiangtan Electrochemical ScientificLtd (SZSE:002125) Has More To Do To Multiply In Value Going Forward
Xiangtan Electrochemical ScientificLtd (SZSE:002125) Has More To Do To Multiply In Value Going Forward
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Xiangtan Electrochemical ScientificLtd (SZSE:002125) and its ROCE trend, we weren't exactly thrilled.
我们应该在寻找一只有长期升值潜力的股票时遵循以下所有规则。首先,我们希望确定资本雇用回报(ROCE)的增长,然后是一个不断增长的资本雇用基础。最终,这表明这是一家正在以不断增加的回报率再投资利润的企业。鉴于此,当我们看 Xiangtan Electrochemical ScientificLtd (SZSE:002125) 的ROCE趋势时,我们并没有感到很兴奋。
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。
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 Xiangtan Electrochemical ScientificLtd, this is the formula:
对于那些不了解ROCE的人来说,它是衡量公司每年税前利润(其回报)与被投入到业务中的资本之间比率的一个度量标准。要计算Xiangtan Electrochemical ScientificLtd的这个度量标准,使用以下公式:
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。
0.087 = CN¥330m ÷ (CN¥4.9b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.087 = CN¥33000万 ÷(CN¥49亿 - CN¥1.1b)(基于过去12个月截至2024年3月)。
So, Xiangtan Electrochemical ScientificLtd has an ROCE of 8.7%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此,湘潭化学试验设备股份有限公司有8.7%的ROCE。单独看来这是一个低回报,但与化学行业平均5.5%相比,它要好得多。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Xiangtan Electrochemical ScientificLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Xiangtan Electrochemical ScientificLtd.
研究股票时,历史表现是一个很好的起点,因此您可以在上面看到湘潭化学试验设备股份有限公司ROCE与其先前回报的对比。如果您想深入了解历史收益,请查看这些免费图表,详细介绍湘潭化学试验设备股份有限公司的营收和现金流表现。
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。
The returns on capital haven't changed much for Xiangtan Electrochemical ScientificLtd in recent years. Over the past five years, ROCE has remained relatively flat at around 8.7% and the business has deployed 125% more capital into its operations. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年来,湘潭化学试验设备股份有限公司的资本回报率变化不大。在过去五年中,ROCE保持在大约8.7%左右,而业务部署了比以前多125%的资本。鉴于该公司增加了所投资的资本金额,似乎所作的投资并没有提供高回报率。
On a side note, Xiangtan Electrochemical ScientificLtd has done well to reduce current liabilities to 22% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
顺便说一句,湘潭化学试验设备股份有限公司在过去五年中成功地将流动负债降至总资产的22%以下。这可以消除业务中存在的某些风险,因为企业与供应商或短期债权人的未偿义务比之前要少。
The Key Takeaway
重要提示
In conclusion, Xiangtan Electrochemical ScientificLtd has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 58% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
总之,湘潭化学试验设备股份有限公司已经向业务投入更多资本,但这些资本的回报率并未提高。由于该股过去五年已经取得了惊人的58%回报,投资者必须认为有更好的前景。但是,如果这些基本趋势继续,我们认为从这里成为倍增器的可能性不高。
Xiangtan Electrochemical ScientificLtd does have some risks though, and we've spotted 2 warning signs for Xiangtan Electrochemical ScientificLtd that you might be interested in.
湘潭化学试验设备股份有限公司确实存在一些风险。我们已经发现了 2个湘潭化学试验设备股份有限公司的警告信号,您可能会有兴趣了解。
While Xiangtan Electrochemical ScientificLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然湘潭化学试验设备股份有限公司的回报并不是最高的,但请查看此免费公司列表,这些公司具有良好的资产负债表、高股权回报率。
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对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。