There Are Reasons To Feel Uneasy About Shandong Linuo Technical GlassLtd's (SZSE:301188) Returns On Capital
There Are Reasons To Feel Uneasy About Shandong Linuo Technical GlassLtd's (SZSE:301188) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at Shandong Linuo Technical GlassLtd (SZSE:301188) 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。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。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。有鑑於此,當我們查看山東力諾科技玻璃有限公司(深圳證券交易所代碼:301188)及其投資回報率趨勢時,我們並不感到非常興奮。
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 Shandong Linuo Technical GlassLtd, 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。要計算山東力諾科技玻璃有限公司的這一指標,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)
0.029 = CN¥56m ÷ (CN¥2.1b - CN¥155m) (Based on the trailing twelve months to September 2023).
0.029 = 5600萬元人民幣 ÷(21億元人民幣-1.55億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Shandong Linuo Technical GlassLtd has an ROCE of 2.9%. In absolute terms, that's a low return and it also under-performs the Packaging industry average of 4.4%.
因此,山東力諾技術玻璃有限公司的投資回報率爲2.9%。從絕對值來看,回報率很低,也低於包裝行業4.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240225/0-28aeb6e697a5602e74c51293e83d2a96-0-01ebc3748f85886eb12a131ffc7e872c.png/big)
Above you can see how the current ROCE for Shandong Linuo Technical GlassLtd 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 analyst report for Shandong Linuo Technical GlassLtd .
上面你可以看到山東力諾科技玻璃有限公司當前的投資回報率與其先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。如果你想了解分析師對未來的預測,你應該查看我們爲山東力諾科技玻璃有限公司提供的免費分析師報告。
How Are Returns Trending?
退貨趨勢如何?
In terms of Shandong Linuo Technical GlassLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 20%, but since then they've fallen to 2.9%. 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. If these investments prove successful, this can bode very well for long term stock performance.
就山東力諾技術玻璃有限公司的歷史ROCE走勢而言,這一趨勢並不理想。大約五年前,資本回報率爲20%,但此後已降至2.9%。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。如果這些投資被證明是成功的,這對長期股票表現來說是個好兆頭。
On a side note, Shandong Linuo Technical GlassLtd has done well to pay down its current liabilities to 7.4% of total assets. That could partly explain why the ROCE has dropped. 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,山東力諾技術玻璃有限公司在將其流動負債償還至總資產的7.4%方面做得很好。這可以部分解釋ROCE下降的原因。更重要的是,這可以降低企業風險的某些方面,因爲現在該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創造投資回報的效率,因爲它現在用自己的資金爲更多的業務提供資金。
Our Take On Shandong Linuo Technical GlassLtd's ROCE
我們對山東力諾科技玻璃有限公司 ROCE 的看法
While returns have fallen for Shandong Linuo Technical GlassLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 10% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管近來山東力諾科技玻璃有限公司的回報率有所下降,但令我們感到鼓舞的是,銷售額正在增長,業務正在對其運營進行再投資。但是,這些增長趨勢並未帶來增長回報,因爲該股去年下跌了10%。因此,鑑於趨勢令人鼓舞,我們認爲值得進一步研究該股。
Shandong Linuo Technical GlassLtd does have some risks though, and we've spotted 3 warning signs for Shandong Linuo Technical GlassLtd that you might be interested in.
但是,山東力諾科技玻璃有限公司確實存在一些風險,我們已經發現了你可能感興趣的山東力諾科技玻璃有限公司的3個警告標誌。
While Shandong Linuo Technical GlassLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管山東力諾科技玻璃有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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。