We Like These Underlying Return On Capital Trends At Weichai Heavy Machinery (SZSE:000880)
We Like These Underlying Return On Capital Trends At Weichai Heavy Machinery (SZSE:000880)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So on that note, Weichai Heavy Machinery (SZSE:000880) looks quite promising in regards to its trends of return on capital.
要找到一个多倍股,我们在一家企业中应该寻找哪些潜在趋势呢?理想情况下,一个企业将显示出两个趋势;首先是不断增长的资本投入回报率(ROCE),其次是增加的资本投入量。最终,这证明了它是一个以递增的回报率再投资利润的企业。因此,关于资本回报的趋势方面,潍柴重机(SZSE:000880)看起来相当有前景。
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 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. The formula for this calculation on Weichai Heavy Machinery is:
对于那些不确定ROCE是什么的人来说,它衡量了一家公司从其业务中使用的资本所能产生的税前利润的数量。对于潍柴重工来说,计算公式是:
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。
0.02 = CN¥46m ÷ (CN¥5.5b - CN¥3.2b) (Based on the trailing twelve months to March 2024).
0.02 = CN¥4600万 ÷ (CN¥55亿 - CN¥3.2b)(基于截至2024年3月的过去十二个月)
So, Weichai Heavy Machinery has an ROCE of 2.0%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.7%.
所以,潍柴重工的ROCE为2.0%。从绝对值上来说,这是一个较低的回报率,也低于机械行业平均水平5.7%。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Weichai Heavy Machinery'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 Weichai Heavy Machinery.
历史表现是研究股票的一个很好的起点,因此您可以看到潍柴重机的资本回报率对比其先前的收益率的表现。如果您想深入了解历史收益情况,请查看这些免费的图表,其中详细说明了潍柴重机的营业收入和现金流表现。
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。
The fact that Weichai Heavy Machinery is now generating some pre-tax profits from its prior investments is very encouraging. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 2.0% on its capital. And unsurprisingly, like most companies trying to break into the black, Weichai Heavy Machinery is utilizing 43% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
潍柴重机现在从其先前的投资中获得一些税前利润,这是非常令人鼓舞的。股东无疑会对此感到高兴,因为该业务在五年前还处于亏损状态,但现在资本收益率达到了2.0%。毫无疑问,像大多数试图突破困境的公司一样,潍柴重机目前的资本使用比五年前增加了43%。我们喜欢这种趋势,因为它告诉我们公司有盈利的再投资机会可用,如果未来继续下去,这将导致多倍绩效。
On a separate but related note, it's important to know that Weichai Heavy Machinery has a current liabilities to total assets ratio of 58%, which we'd consider pretty high. 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.
另外需要注意的是,潍柴重机的流动负债占总资产的比率为58%,我们认为这相当高。这可能带来一些风险,因为公司基本上是在与供应商或其他类型的短期债权人有相当大的依赖关系开展业务。理想情况下,我们希望看到这一比率减少,因为那意味着承担风险的义务减少了。
The Key Takeaway
重要提示
To the delight of most shareholders, Weichai Heavy Machinery has now broken into profitability. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 45% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
令大多数股东高兴的是,潍柴重机现在已经实现盈利。而投资者似乎预计未来会有更多的盈利,因为股票在过去五年里奖励股东达45%。话虽如此,我们仍认为有望的基本面意味着公司应获得进一步的尽职调查。
If you'd like to know about the risks facing Weichai Heavy Machinery, we've discovered 2 warning signs that you should be aware of.
如果您想了解潍柴重机面临的风险,我们发现了2个您应该知道的警示信号。
While Weichai Heavy Machinery may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然潍柴重机目前可能收益并不是最高的,但我们已经整理了一份目前获得25%以上回报率的公司名单。请查看此免费名单。
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