Returns On Capital At Gansu Yasheng Industrial (Group) (SHSE:600108) Have Stalled
Returns On Capital At Gansu Yasheng Industrial (Group) (SHSE:600108) Have Stalled
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Gansu Yasheng Industrial (Group) (SHSE:600108), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?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。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,當我們查看甘肅亞盛實業(集團)(SHSE: 600108)時,它似乎並沒有勾選所有這些方框。
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. Analysts use this formula to calculate it for Gansu Yasheng Industrial (Group):
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。分析師使用這個公式來計算甘肅亞盛實業(集團)的利潤:
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)
0.03 = CN¥171m ÷ (CN¥8.9b - CN¥3.1b) (Based on the trailing twelve months to September 2023).
0.03 = 1.71億元人民幣 ÷(8.9億元人民幣-31億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Gansu Yasheng Industrial (Group) has an ROCE of 3.0%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.5%.
因此,甘肅亞盛實業(集團)的投資回報率爲3.0%。從絕對值來看,回報率很低,也低於食品行業7.5%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240206/0-f9ea8c563f4da0d9f0ea3f3ca1502c7c-0-2d2679156c092ca1d324b2d55b8cb0fd.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Gansu Yasheng Industrial (Group)'s ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Gansu Yasheng Industrial (Group), check out these free graphs here.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到甘肅亞盛實業(集團)投資回報率與先前回報對比的指標。如果您想深入了解甘肅亞盛實業(集團)的歷史收益、收入和現金流,請在此處查看這些免費圖表。
The Trend Of ROCE
ROCE 的趨勢
There hasn't been much to report for Gansu Yasheng Industrial (Group)'s returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Gansu Yasheng Industrial (Group) to be a multi-bagger going forward.
甘肅亞盛實業(集團)的回報率和資本使用水平沒有什麼可報告的,因爲這兩個指標在過去五年中一直保持穩定。具有這些特徵的企業往往是成熟穩定的運營,因爲它們已經過了增長階段。考慮到這一點,除非將來投資再次回升,否則我們預計甘肅亞盛實業(集團)未來不會成爲多包企業。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 35% of total assets, this reported ROCE would probably be less than3.0% because total capital employed would be higher.The 3.0% ROCE could be even lower if current liabilities weren't 35% 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.
另一方面,儘管投資回報率趨勢的變化可能不會引起人們的關注,但有趣的是,在過去五年中,流動負債實際上一直在增加。這很有趣,因爲如果流動負債沒有增加到總資產的35%,則報告的投資回報率可能會低於3.0%,因爲所使用的總資本會更高。如果流動負債不佔總資產的35%,則3.0%的ROCE可能會更低,因爲該公式將顯示所用資本的總基礎更大。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 Gansu Yasheng Industrial (Group)'s ROCE
我們對甘肅亞盛實業(集團)投資回報率的看法
In a nutshell, Gansu Yasheng Industrial (Group) has been trudging along with the same returns from the same amount of capital over the last five years. And investors appear hesitant that the trends will pick up because the stock has fallen 17% in the last five years. Therefore based on the analysis done in this article, we don't think Gansu Yasheng Industrial (Group) has the makings of a multi-bagger.
簡而言之,在過去的五年中,甘肅亞盛實業(集團)一直在努力從相同數量的資本中獲得同樣的回報。投資者似乎對趨勢的回升猶豫不決,因爲該股在過去五年中下跌了17%。因此,根據本文的分析,我們認爲甘肅亞盛實業(集團)不具備多袋機的優勢。
Gansu Yasheng Industrial (Group) does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those can't be ignored...
但是,甘肅亞盛實業(集團)確實存在一些風險,我們在投資分析中發現了3個警告信號,其中2個不容忽視...
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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.
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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。