share_log

Investors Met With Slowing Returns on Capital At Bichamp Cutting Technology (Hunan) (SZSE:002843)

Investors Met With Slowing Returns on Capital At Bichamp Cutting Technology (Hunan) (SZSE:002843)

投資者在比尚切割科技(湖南)(SZSE:002843)遇到了資本回報放緩的問題
Simply Wall St ·  2023/12/01 08:35

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Bichamp Cutting Technology (Hunan) (SZSE:002843) and its ROCE trend, we weren't exactly thrilled.

找到一傢俱有大幅增長潛力的企業並不容易,但是如果我們看一些關鍵的財務指標,這是可能的。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。有鑑於此,當我們研究碧尚切割科技(湖南)(深圳證券交易所:002843)及其投資回報率趨勢時,我們並不感到非常興奮。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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 Bichamp Cutting Technology (Hunan) is:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。Bichamp 切割技術(湖南)的計算公式爲:

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

已動用資本回報率 = 息稅前收益(EBIT)÷(總資產-流動負債)

0.075 = CN¥128m ÷ (CN¥2.7b - CN¥1.0b) (Based on the trailing twelve months to September 2023).

0.075 = 1.8億元人民幣 ÷(27億元人民幣-1.0億元人民幣) (基於截至2023年9月的過去十二個月)

Thus, Bichamp Cutting Technology (Hunan) has an ROCE of 7.5%. On its own, that's a low figure but it's around the 6.2% average generated by the Machinery industry.

因此,Bichamp Cutting Technology(湖南)的投資回報率爲7.5%。就其本身而言,這是一個很低的數字,但約爲機械行業的6.2%的平均水平。

See our latest analysis for Bichamp Cutting Technology (Hunan)

查看我們對比尚切割技術(湖南)的最新分析

roce
SZSE:002843 Return on Capital Employed December 1st 2023
SZSE: 002843 2023 年 12 月 1 日動用資本回報率

Above you can see how the current ROCE for Bichamp Cutting Technology (Hunan) compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.

上方您可以看到Bichamp Cutting Technology(湖南)當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。

What Can We Tell From Bichamp Cutting Technology (Hunan)'s ROCE Trend?

我們可以從Bichamp Cutting Technology(湖南)的ROCE趨勢中得出什麼?

The returns on capital haven't changed much for Bichamp Cutting Technology (Hunan) in recent years. The company has consistently earned 7.5% for the last five years, and the capital employed within the business has risen 164% in that time. 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.

近年來,Bichamp Cutting Technology(湖南)的資本回報率沒有太大變化。在過去五年中,該公司的收入一直保持在7.5%,在此期間,公司內部使用的資本增長了164%。鑑於該公司增加了動用資本金額,看來已經進行的投資根本無法提供很高的資本回報率。

Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 37% of total assets, this reported ROCE would probably be less than7.5% because total capital employed would be higher.The 7.5% ROCE could be even lower if current liabilities weren't 37% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.

需要注意的另一點是,我們注意到該公司的流動負債在過去五年中有所增加。這很有趣,因爲如果流動負債沒有增加到總資產的37%,則報告的投資回報率可能低於7.5%,因爲所使用的總資本會更高。如果流動負債不佔總資產的37%,7.5%的投資回報率可能會更低,因爲該公式將顯示動用總資本的基數更大。考慮到這一點,只要警惕這個比率將來是否會增加,因爲如果這個比率變得特別高,就會帶來一些新的風險因素。

Our Take On Bichamp Cutting Technology (Hunan)'s ROCE

我們對Bichamp Cutting Technology(湖南)ROCE的看法

In summary, Bichamp Cutting Technology (Hunan) has simply been reinvesting capital and generating the same low rate of return as before. Yet to long term shareholders the stock has gifted them an incredible 281% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.

總而言之,Bichamp Cutting Technology(湖南)只是在進行資本再投資,併產生了與以前一樣低的回報率。然而,對於長期股東來說,該股在過去五年中爲他們帶來了令人難以置信的281%的回報,因此市場似乎對其未來持樂觀態度。歸根結底,如果潛在的趨勢持續下去,我們就不會屏住呼吸了,因爲它是未來的 “多管齊下”。

If you want to know some of the risks facing Bichamp Cutting Technology (Hunan) we've found 3 warning signs (1 doesn't sit too well with us!) that you should be aware of before investing here.

如果你想知道Bichamp Cutting Technology(湖南)面臨的一些風險,我們已經發現了3個警告信號(其中一個對我們來說不太合適!)在這裏投資之前,您應該注意這一點。

While Bichamp Cutting Technology (Hunan) 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.

儘管Bichamp Cutting Technology(湖南)目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論