Guangdong Nedfon Air System (SZSE:301043) Will Be Hoping To Turn Its Returns On Capital Around
Guangdong Nedfon Air System (SZSE:301043) Will Be Hoping To Turn Its Returns On Capital Around
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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Guangdong Nedfon Air System (SZSE:301043) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。但是,在簡要看了這些數字之後,我們認爲廣東內德豐空氣系統(深圳證券交易所代碼:301043)在未來不具備多袋機的實力,但讓我們來看看爲什麼會這樣。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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. To calculate this metric for Guangdong Nedfon Air System, this is the formula:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算廣東內德豐空氣系統的這個指標,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)
0.089 = CN¥75m ÷ (CN¥1.1b - CN¥238m) (Based on the trailing twelve months to September 2023).
0.089 = 7500萬元人民幣 ÷(11億元人民幣-2.38億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Guangdong Nedfon Air System has an ROCE of 8.9%. On its own that's a low return, but compared to the average of 6.4% generated by the Building industry, it's much better.
因此,廣東內德豐空氣系統的投資回報率爲8.9%。就其本身而言,回報率很低,但與建築行業6.4%的平均回報率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240203/0-3319d4a34d437ec0235ce7d9c649dcde-0-f0d81e88be5a9f951cbbfb6d96c068b9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Nedfon Air System's ROCE against it's prior returns. If you'd like to look at how Guangdong Nedfon Air System 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廣東內德豐空氣系統的投資回報率與先前回報的對比。如果你想在其他指標中查看廣東內德豐空氣系統過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
What Can We Tell From Guangdong Nedfon Air System's ROCE Trend?
我們可以從廣東內德豐空氣系統的ROCE趨勢中得出什麼?
On the surface, the trend of ROCE at Guangdong Nedfon Air System doesn't inspire confidence. Over the last five years, returns on capital have decreased to 8.9% from 36% five years ago. However it looks like Guangdong Nedfon Air System might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,廣東內德豐空氣系統的ROCE趨勢並不能激發信心。在過去五年中,資本回報率從五年前的36%下降到8.9%。但是,看來廣東內德豐空氣系統可能會進行再投資以實現長期增長,因爲儘管動用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Guangdong Nedfon Air System has done well to pay down its current liabilities to 22% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,廣東內德豐空氣系統在償還其流動負債至總資產的22%方面表現良好。因此,我們可以將其中一些與ROCE的下降聯繫起來。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。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line
底線
To conclude, we've found that Guangdong Nedfon Air System is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. 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.
總而言之,我們發現廣東內德豐空氣系統正在對該業務進行再投資,但回報率一直在下降。此外,該股去年的股東總回報率持平,這並不奇怪。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。
One more thing: We've identified 2 warning signs with Guangdong Nedfon Air System (at least 1 which can't be ignored) , and understanding them would certainly be useful.
還有一件事:我們已經確定了廣東內德豐空氣系統的兩個警告標誌(至少有一個不容忽視),了解它們肯定會很有用。
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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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。