Shang Gong Group (SHSE:600843) Will Be Hoping To Turn Its Returns On Capital Around
Shang Gong Group (SHSE:600843) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Shang Gong Group (SHSE:600843) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。有鑑於此,當我們查看尚工集團(SHSE: 600843)及其投資回報率趨勢時,我們並不十分興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Shang Gong Group, this is the formula:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算上工集團的這個指標,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)
0.034 = CN¥140m ÷ (CN¥6.0b - CN¥2.0b) (Based on the trailing twelve months to September 2023).
0.034 = 1.4億元人民幣 ÷(60億元人民幣-2.0億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Shang Gong Group has an ROCE of 3.4%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.
因此,尚工集團的投資回報率爲3.4%。從絕對值來看,這是一個低迴報,其表現也低於機械行業6.1%的平均水平。
See our latest analysis for Shang Gong Group
查看我們對尚工集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240129/0-32eeffdac5100a41e613027e4a2bd6f3-0-f7779bc12fd889d86dc591260c269ae3.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Shang Gong Group's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你有興趣進一步調查上工集團的過去,請查看這張過去的收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
In terms of Shang Gong Group's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 3.4% from 6.4% five years ago. 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就上工集團的歷史ROCE走勢而言,這種趨勢並不理想。在過去五年中,資本回報率從五年前的6.4%降至3.4%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東都將受益。
Our Take On Shang Gong Group's ROCE
我們對尚工集團投資回報率的看法
While returns have fallen for Shang Gong Group in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And there could be an opportunity here if other metrics look good too, because the stock has declined 16% in the last five years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
儘管最近上工集團的回報率有所下降,但令我們感到鼓舞的是,銷售額正在增長,該業務正在對其運營進行再投資。如果其他指標也看起來不錯,那麼這裏可能會有機會,因爲該股在過去五年中下跌了16%。因此,我們建議進一步研究這隻股票,以發現該業務的其他基本面可以向我們展示什麼。
One final note, you should learn about the 3 warning signs we've spotted with Shang Gong Group (including 1 which doesn't sit too well with us) .
最後一點是,你應該了解一下我們在尚工集團發現的3個警告信號(包括一個對我們來說不太合適)。
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。
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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.
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。