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Xinling Electrical (SZSE:301388) Could Be Struggling To Allocate Capital

Xinling Electrical (SZSE:301388) Could Be Struggling To Allocate Capital

新菱電氣(深圳證券交易所代碼:301388)可能難以配置資金
Simply Wall St ·  01/23 17:56

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. However, after investigating Xinling Electrical (SZSE:301388), we don't think it's current trends fit the mold of a multi-bagger.

你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。但是,在調查了欣菱電氣(深圳證券交易所代碼:301388)之後,我們認爲其當前的趨勢不符合多袋機的模式。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Xinling Electrical, this is the formula:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算新菱電氣的這個指標,公式如下:

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)

0.013 = CN¥14m ÷ (CN¥1.3b - CN¥236m) (Based on the trailing twelve months to September 2023).

0.013 = 1400萬元人民幣 ÷(13億元人民幣-2.36億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Xinling Electrical has an ROCE of 1.3%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.3%.

因此,新凌電氣的投資回報率爲1.3%。歸根結底,這是一個低迴報,其表現低於電氣行業6.3%的平均水平。

Check out our latest analysis for Xinling Electrical

查看我們對新凌電氣的最新分析

roce
SZSE:301388 Return on Capital Employed January 23rd 2024
SZSE: 301388 2024 年 1 月 23 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Xinling Electrical's ROCE against it's prior returns. If you'd like to look at how Xinling Electrical has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

歷史表現是研究股票的絕佳起點,因此在上方您可以看到新凌電氣的投資回報率與先前回報率的對比。如果你想在其他指標中查看新凌電氣過去的表現,你可以查看這張過去的收益、收入和現金流的免費圖表。

What Does the ROCE Trend For Xinling Electrical Tell Us?

新菱電氣的投資回報率趨勢告訴我們什麼?

When we looked at the ROCE trend at Xinling Electrical, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 1.3% from 25% four years ago. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

當我們查看新菱電氣的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去四年中,資本回報率從四年前的25%下降到1.3%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多的資金,但它產生的回報實際上更低—— “成本效益更低” 本身。

On a related note, Xinling Electrical has decreased its current liabilities to 19% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

與此相關的是,新菱電氣已將其流動負債減少至總資產的19%。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。

In Conclusion...

總之...

In summary, we're somewhat concerned by Xinling Electrical's diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 19% over the last year, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

總而言之,我們對新凌電氣因資本額增加而產生的回報減少感到擔憂。因此,該股在過去一年中下跌了19%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。

If you want to know some of the risks facing Xinling Electrical we've found 2 warning signs (1 is a bit concerning!) that you should be aware of before investing here.

如果你想了解新凌電氣面臨的一些風險,我們發現了2個警告信號(1個有點令人擔憂!)在這裏投資之前,您應該注意這一點。

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.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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
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