The Returns On Capital At Ningbo Water Meter (Group)Ltd (SHSE:603700) Don't Inspire Confidence
The Returns On Capital At Ningbo Water Meter (Group)Ltd (SHSE:603700) Don't Inspire Confidence
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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Ningbo Water Meter (Group)Ltd (SHSE:603700) and its ROCE trend, we weren't exactly thrilled.
如果你不确定从哪里开始寻找下一个多倍股,有一些关键趋势是你应该密切关注的。在完美世界中,我们希望看到一家公司将更多资本投入到业务中,理想情况下,从该资本获得的回报也在增加。如果你看到这一点,通常意味着这是一家拥有出色业务模式和丰富有利的再投资机会的公司。基于这一点,当我们看宁水集团(SHSE:603700)及其ROCE趋势时,并没有让我们感到激动。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. The formula for this calculation on Ningbo Water Meter (Group)Ltd is:
对于那些不了解的人,ROCE是衡量公司年度税前利润(其回报)与企业所投资资本之间关系的指标。对宁水集团进行这项计算的公式是:
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。
0.077 = CN¥121m ÷ (CN¥2.3b - CN¥674m) (Based on the trailing twelve months to June 2024).
0.077 = 12100万人民币 ÷ (2300000000人民币 - 6740万人民币)(基于截至2024年6月的过去十二个月)。
Therefore, Ningbo Water Meter (Group)Ltd has an ROCE of 7.7%. On its own that's a low return, but compared to the average of 5.4% generated by the Electronic industry, it's much better.
因此,宁水集团的ROCE为7.7%。就其本身而言,这是一个较低的回报,但与电子行业平均5.4%的回报相比,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 Ningbo Water Meter (Group)Ltd's ROCE against it's prior returns. If you'd like to look at how Ningbo Water Meter (Group)Ltd has performed in the past in other metrics, you can view this free graph of Ningbo Water Meter (Group)Ltd's past earnings, revenue and cash flow.
历史表现是研究股票的一个很好的起点,所以上面您可以看到宁水集团的ROCE相对于先前的回报。如果您想查看宁水集团在其他指标上的历史表现,可以免费查看宁水集团过去收益、营业收入和现金流的图表。
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。
On the surface, the trend of ROCE at Ningbo Water Meter (Group)Ltd doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.
表面上,宁水集团的ROCE趋势并不令人信服。更具体地说,过去五年ROCE下降了15%。与此同时,公司正在利用更多资本,但这在过去12个月的销售额没有太大影响,因此这可能反映出更长期的投资。值得留意的是,从现在开始关注该公司的收益,看看这些投资是否最终有助于底线。
What We Can Learn From Ningbo Water Meter (Group)Ltd's ROCE
从宁水集团的ROCE我们能学到什么
In summary, Ningbo Water Meter (Group)Ltd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 34% over the last five years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总之,宁水集团正在将资金重新投入业务以实现增长,但不幸的是,看起来销售额还没有增加。由于股价在过去五年下跌了34%,投资者对这种趋势改善可能并不太乐观。总的来说,这些固有趋势并不是多倍增长股的典型特征,所以如果这是您追求的,我们认为您可能在其他地方更有运气。
Ningbo Water Meter (Group)Ltd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is concerning...
然而,宁水集团也存在一些风险,我们在投资分析中发现了2个警示信号,其中1个是令人担忧的...
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。
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