Wuchan Zhongda GroupLtd (SHSE:600704) Is Reinvesting At Lower Rates Of Return
Wuchan Zhongda GroupLtd (SHSE:600704) Is Reinvesting At Lower Rates Of Return
0.077 = CN¥5.5b ÷ (CN¥204b - CN¥133b) If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Wuchan Zhongda GroupLtd (SHSE:600704) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要找到一个可以长期倍增的股票，我们该找哪些潜在的趋势呢？理想情况下，一家企业会展现两种趋势；首先是不断增长的资本雇用回报率（ROCE），其次是越来越多的资本雇用。如果你看到这种情况，通常意味着这是一家拥有优秀业务模式和丰富利润再投资机会的公司。然而，简短地过一遍数字后，我们并不认为武昌中大集团股份有限公司（SHSE：600704）具备未来长期倍增的潜力，但让我们来看看原因。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Wuchan Zhongda GroupLtd is:
如果你以前没有使用过ROCE，它是衡量公司从资本雇用中生成的“回报”（税前利润）的公式。在武昌中大集团股份有限公司的这个公式中，计算结果为:
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。
0.077 = CN¥5.5b ÷ (CN¥204b - CN¥133b) (Based on the trailing twelve months to March 2024).
0.077 = CN¥55亿 ÷ (CN¥2040亿 - CN¥133b)（基于截至2024年3月的最近12个月）。
So, Wuchan Zhongda GroupLtd has an ROCE of 7.7%. On its own that's a low return, but compared to the average of 5.6% generated by the Retail Distributors industry, it's much better.
因此，武昌中大集团股份有限公司的ROCE为7.7%。单看这个数字，回报率较低，但与零售分销业的平均5.6%相比，要好得多。
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 Wuchan Zhongda GroupLtd's past further, check out this free graph covering Wuchan Zhongda GroupLtd's past earnings, revenue and cash flow.
虽然过去并不能代表未来，但了解一家公司历史表现的情况有助于我们，这就是为什么我们有以上图表来展示。如果你对研究武昌中大集团股份有限公司的历史表现感兴趣，可以查看这份涵盖了武昌中大集团股份有限公司过去收入、营业额和现金流的免费图表。
What Can We Tell From Wuchan Zhongda GroupLtd's ROCE Trend?
从武昌中大集团股份有限公司的ROCE趋势图中，我们没有获得太多信心。在过去的五年中，资本回报率从五年前的10%下降到了7.7%。另一方面，公司在过去一年中增加了更多的资本，但销售额没有相应提高，这可能意味着这些投资是长期的玩法。公司可能需要一段时间才能从这些投资中看到任何收益变化。
When we looked at the ROCE trend at Wuchan Zhongda GroupLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 7.7% from 10% five years ago. 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 may take some time before the company starts to see any change in earnings from these investments.
另外，值得一提的是，武昌中大集团股份有限公司的流动负债仍然相当高，占总资产的65%。这可能会带来一些风险，因为公司基本上在较大程度上依赖其供应商或其他类型的短期债权人来运营。理想情况下，我们希望看到这种情况得到缓解，因为这意味着承担风险的义务越少越好。
On a side note, Wuchan Zhongda GroupLtd's current liabilities are still rather high at 65% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
关于武昌中大集团股份有限公司ROCE的结论是：
The Bottom Line On Wuchan Zhongda GroupLtd's ROCE
综上所述，武昌中大集团股份有限公司正在向企业内再投资进行资金重启，但不幸的是，销售额还没有明显增长。不出所料，过去五年股东的总回报率基本持平。无论如何，这只股票并没有上述多倍增长的特征，因此，如果你正在寻找这样的股票，我们认为你在其他地方会更幸运。
In summary, Wuchan Zhongda GroupLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly then, the total return to shareholders over the last five years has been flat. 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.
武昌中大集团股份有限公司存在一些风险，我们在投资分析中发现了3个警示标志，其中2个不容忽视...
Wuchan Zhongda GroupLtd does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those can't be ignored...
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。
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。
