Here's What's Concerning About Inspur Electronic Information Industry's (SZSE:000977) Returns On Capital
Here's What's Concerning About Inspur Electronic Information Industry's (SZSE:000977) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Inspur Electronic Information Industry (SZSE:000977), it didn't seem to tick all of these boxes.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,當我們研究浪潮電子信息產業(SZSE: 000977)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?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Inspur Electronic Information Industry is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。浪潮電子信息行業的計算公式爲:
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)
0.0079 = CN¥228m ÷ (CN¥52b - CN¥23b) (Based on the trailing twelve months to September 2023).
0.0079 = 2.28億元人民幣 ÷(52億元人民幣-23億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Inspur Electronic Information Industry has an ROCE of 0.8%. In absolute terms, that's a low return and it also under-performs the Tech industry average of 5.5%.
因此,浪潮電子信息行業的投資回報率爲0.8%。從絕對值來看,這是一個低迴報,其表現也低於科技行業5.5%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240226/0-09e0fbe8431db5e238e092374502bca9-0-37a8966ca26a1154e7856a9e72e33bc7.png/big)
In the above chart we have measured Inspur Electronic Information Industry'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 analyst report for Inspur Electronic Information Industry .
在上圖中,我們將浪潮電子信息行業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。如果您想了解分析師對未來的預測,則應查看我們的浪潮電子信息行業免費分析師報告。
How Are Returns Trending?
退貨趨勢如何?
On the surface, the trend of ROCE at Inspur Electronic Information Industry doesn't inspire confidence. To be more specific, ROCE has fallen from 11% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
從表面上看,浪潮電子信息行業的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的11%下降了。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。
On a side note, Inspur Electronic Information Industry has done well to pay down its current liabilities to 44% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Keep in mind 44% is still pretty high, so those risks are still somewhat prevalent.
順便說一句,浪潮電子信息行業在償還其流動負債佔總資產的44%方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。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。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。請記住,44%仍然很高,因此這些風險仍然有些普遍。
What We Can Learn From Inspur Electronic Information Industry's ROCE
我們可以從浪潮電子信息行業的投資回報率中學到什麼
In summary, we're somewhat concerned by Inspur Electronic Information Industry's diminishing returns on increasing amounts of capital. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 76% return. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
總而言之,我們對浪潮電子信息行業隨着資本的增加而產生的回報減少感到擔憂。但是投資者一定會期待某種程度的改善,因爲在過去五年中,該股的回報率爲76%。無論如何,我們對基本面不太滿意,因此我們暫時會避開這隻股票。
If you'd like to know more about Inspur Electronic Information Industry, we've spotted 3 warning signs, and 1 of them is a bit concerning.
如果您想進一步了解浪潮電子信息行業,我們發現了3個警告信號,其中一個有點令人擔憂。
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。