The Returns On Capital At Gree Electric Appliances of Zhuhai (SZSE:000651) Don't Inspire Confidence
The Returns On Capital At Gree Electric Appliances of Zhuhai (SZSE:000651) Don't Inspire Confidence
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Gree Electric Appliances of Zhuhai (SZSE:000651) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。話雖如此,乍一看珠海格力電器(SZSE: 000651),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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 Gree Electric Appliances of Zhuhai 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。珠海格力電器的計算公式爲:
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)
0.15 = CN¥24b ÷ (CN¥386b - CN¥221b) (Based on the trailing twelve months to September 2023).
0.15 = 24億元人民幣 ÷(386億元人民幣-221億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Gree Electric Appliances of Zhuhai has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Consumer Durables industry average of 7.9% it's much better.
因此,珠海格力電器的投資回報率爲15%。從絕對值來看,這是一個令人滿意的回報,但與耐用消費品行業平均水平的7.9%相比,回報要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240206/0-350f83b57b9bb64e6f5c7413e57a6006-0-0a840e412c687abb4fc48b9000c8b2f3.png/big)
Above you can see how the current ROCE for Gree Electric Appliances of Zhuhai compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Gree Electric Appliances of Zhuhai.
上面你可以看到珠海格力電器當前的投資回報率與之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。如果您想了解分析師對未來的預測,可以查看我們的珠海格力電器免費報告。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
On the surface, the trend of ROCE at Gree Electric Appliances of Zhuhai doesn't inspire confidence. Over the last five years, returns on capital have decreased to 15% from 34% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,珠海格力電器的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34%下降到15%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。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 separate but related note, it's important to know that Gree Electric Appliances of Zhuhai has a current liabilities to total assets ratio of 57%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一方面,重要的是要知道珠海格力電器的流動負債與總資產的比率爲57%,我們認爲這個比率相當高。這實際上意味着供應商(或短期債權人)正在爲業務的很大一部分提供資金,因此請注意,這可能會帶來一些風險因素。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。
The Bottom Line On Gree Electric Appliances of Zhuhai's ROCE
珠海ROCE格力電器的底線
In summary, Gree Electric Appliances of Zhuhai is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 12% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
總而言之,珠海格力電器正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。而且,由於該股在過去五年中僅向股東回報了12%,因此你可以說他們意識到了這些乏善可陳的趨勢。因此,如果您正在尋找多袋機,我們建議您考慮其他選項。
One more thing to note, we've identified 1 warning sign with Gree Electric Appliances of Zhuhai and understanding it should be part of your investment process.
還有一件事需要注意,我們已經確定了珠海格力電器的一個警告標誌,並知道這應該是您投資過程的一部分。
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。