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Shandong Linglong TyreLtd (SHSE:601966) Is Reinvesting At Lower Rates Of Return

Shandong Linglong TyreLtd (SHSE:601966) Is Reinvesting At Lower Rates Of Return

山东玲珑轮胎有限公司 (SHSE:601966) 正在以更低的回报率进行再投资
Simply Wall St ·  01/05 08:04

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Shandong Linglong TyreLtd (SHSE:601966), we don't think it's current trends fit the mold of a multi-bagger.

如果你在寻找一个多倍收益的投资,有几个要点需要关注。首先,我们需要看到一个不断增加的证明资本使用回报率(ROCE),其次,是一个不断扩大的资本使用基础。基本上,这意味着公司有能够持续再投资的盈利性项目,这是一个复利机器的特点。然而,在调查了山东玲珑轮胎有限公司(SHSE:601966)后,我们认为它当前的趋势不符合多倍收益的模型。

What Is Return On Capital Employed (ROCE)?

什么是资本回报率(ROCE)?

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 Shandong Linglong TyreLtd is:

对于那些不确定ROCE是什么意思的人来说,它衡量的是公司可以从其业务中使用的资本生成的税前利润的数量。山东玲珑轮胎有限公司的这个计算公式是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.092 = CN¥2.5b ÷ (CN¥46b - CN¥19b) (Based on the trailing twelve months to September 2024).

0.092 = CN¥25亿 ÷ (CN¥460亿 - CN¥19亿)(基于截至2024年9月的过去十二个月)。

So, Shandong Linglong TyreLtd has an ROCE of 9.2%. In absolute terms, that's a low return, but it's much better than the Auto Components industry average of 7.0%.

因此,山东玲珑轮胎有限公司的资本使用回报率为9.2%。从绝对值上看,这是一个较低的回报,但比汽车元件行业的平均水平7.0%要好得多。

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SHSE:601966 Return on Capital Employed January 5th 2025
SHSE:601966 资本使用回报率 2025年1月5日

In the above chart we have measured Shandong Linglong TyreLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Shandong Linglong TyreLtd .

在上面的图表中,我们测量了山东玲珑轮胎有限公司之前的资本回报率(ROCE)与其之前的表现,但未来可能更为重要。如果您感兴趣,可以在我们的免费分析师报告中查看山东玲珑轮胎有限公司的预测。

What Can We Tell From Shandong Linglong TyreLtd's ROCE Trend?

我们能从山东玲珑轮胎有限公司的ROCE趋势中得出什么?

On the surface, the trend of ROCE at Shandong Linglong TyreLtd doesn't inspire confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 9.2%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

表面上,山东玲珑轮胎有限公司的ROCE趋势并不令人信服。大约五年前,资本回报率为12%,但自那时起已下降至9.2%。然而,考虑到使用的资本和营业收入都在增加,这似乎表明该业务目前正在追求增长,以牺牲短期回报为代价。如果这些投资证明是成功的,那么这可能对长期股票表现非常有利。

On a separate but related note, it's important to know that Shandong Linglong TyreLtd has a current liabilities to total assets ratio of 40%, 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另外需要注意的是,山东玲珑轮胎有限公司的流动负债与总资产比率为40%,我们认为这相当高。这可能带来一些风险,因为公司基本上在很大程度上依赖其供应商或其他类型的短期债权人。虽然这不一定是坏事,但如果这个比率较低,将更为有利。

The Key Takeaway

关键要点

In summary, despite lower returns in the short term, we're encouraged to see that Shandong Linglong TyreLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 19% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.

总之,尽管短期回报较低,但我们欣慰地看到山东玲珑轮胎有限公司正在重新投资以实现增长,因此销售额也有所提高。然而,这些增长趋势并没有导致增长回报,因为股票在过去五年中下跌了19%。所以我们认为,考虑到趋势看起来令人鼓舞,深入研究这只股票是值得的。

If you'd like to know more about Shandong Linglong TyreLtd, we've spotted 2 warning signs, and 1 of them is a bit unpleasant.

如果您想了解更多关于山东玲珑轮胎有限公司的信息,我们发现了2个警告信号,其中一个是有点不愉快的。

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.

对于喜欢投资于稳健公司的投资者,可以查看这个免费的稳健资产负债表和高股本回报率公司的列表。

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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.

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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。

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