AECC Aviation PowerLtd (SHSE:600893) Will Want To Turn Around Its Return Trends
AECC Aviation PowerLtd (SHSE:600893) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think AECC Aviation PowerLtd (SHSE:600893) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?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。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在簡要研究了這些數字之後,我們認爲AECC Aviation PowerLTD(SHSE: 600893)在未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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. The formula for this calculation on AECC Aviation PowerLtd is:
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。在 AECC Aviation PowerLtd 上進行此計算的公式爲:
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)
0.03 = CN¥1.2b ÷ (CN¥107b - CN¥68b) (Based on the trailing twelve months to September 2023).
0.03 = CN¥1.2b ≤(CN¥107b-CN¥68b) (基於截至2023年9月的過去十二個月)。
So, AECC Aviation PowerLtd has an ROCE of 3.0%. In absolute terms, that's a low return and it also under-performs the Aerospace & Defense industry average of 5.0%.
因此,AECC航空動力有限公司的投資回報率爲3.0%。從絕對值來看,回報率很低,而且表現也低於航空航天和國防行業5.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240211/0-4e5f61a1854108189a6b13000024a3a2-0-2fcf29f7306532611b65d987db034ed4.png/big)
In the above chart we have measured AECC Aviation PowerLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for AECC Aviation PowerLtd.
在上圖中,我們將AECC Aviation PowerLtd先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的AECC Aviation PowerLtd的免費報告。
What Does the ROCE Trend For AECC Aviation PowerLtd Tell Us?
AECC Aviation PowerLtd的投資回報率趨勢告訴我們什麼?
When we looked at the ROCE trend at AECC Aviation PowerLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 5.6% over the last five years. 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們研究AECC Aviation PowerLtd的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的5.6%下降。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。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 64%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 3.0%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
在這個問題上,我們注意到流動負債佔總資產的比率已上升至64%,這影響了投資回報率。如果沒有這樣的增長,投資回報率很可能會低於3.0%。而且,由於流動負債處於這些水平,供應商或短期債權人實際上是在爲業務的很大一部分提供資金,這可能會帶來一些風險。
The Bottom Line
底線
To conclude, we've found that AECC Aviation PowerLtd is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 45% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之,我們發現AECC Aviation PowerLtd正在對該業務進行再投資,但回報率一直在下降。由於該股在過去五年中上漲了令人印象深刻的45%,因此投資者必須認爲會有更好的事情發生。歸根結底,如果潛在的趨勢持續下去,我們就不會屏住呼吸了,因爲它是未來的 “多管齊下”。
If you want to continue researching AECC Aviation PowerLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究AECC Aviation PowerLtd,你可能有興趣了解我們的分析發現的1個警告信號。
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。