Capital Allocation Trends At Shang Gong Group (SHSE:600843) Aren't Ideal
Capital Allocation Trends At Shang Gong Group (SHSE:600843) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. However, after briefly looking over the numbers, we don't think Shang Gong Group (SHSE:600843) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。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。但是,在簡短地查看了這些數字之後,我們認爲尚工集團(SHSE: 600843)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。
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 Shang Gong 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上工集團的利潤:
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)
0.026 = CN¥111m ÷ (CN¥6.5b - CN¥2.3b) (Based on the trailing twelve months to March 2024).
0.026 = 1.11億元人民幣 ÷(6.5億元人民幣-23億元人民幣) (基於截至2024年3月的過去十二個月)。
Therefore, Shang Gong Group has an ROCE of 2.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.9%.
因此,尚工集團的投資回報率爲2.6%。從絕對值來看,回報率很低,也低於機械行業5.9%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-4642990df7d13f3439cf2cee596f5716-0-1d33f72dd616d4f49fab3797cf59eef9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shang Gong Group's ROCE against it's prior returns. If you'd like to look at how Shang Gong Group has performed in the past in other metrics, you can view this free graph of Shang Gong Group's past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到上工集團投資回報率與先前回報對比的指標。如果你想在其他指標中查看上工集團過去的表現,你可以查看這張免費的上工集團過去的收益、收入和現金流圖表。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at Shang Gong Group, we didn't gain much confidence. Around five years ago the returns on capital were 5.6%, but since then they've fallen to 2.6%. 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.
當我們查看上工集團的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲5.6%,但此後已降至2.6%。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。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 35%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
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35%,這影響了投資回報率。如果流動負債沒有像以前那樣增加,投資回報率實際上可能會更低。請留意這個比率,因爲如果這個指標過高,企業可能會遇到一些新的風險。
The Key Takeaway
關鍵要點
In summary, despite lower returns in the short term, we're encouraged to see that Shang Gong Group is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 4.7% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總而言之,儘管短期內回報較低,但令我們感到鼓舞的是,上工集團正在進行再投資以實現增長,從而提高了銷售額。自從該股在過去五年中爲持股的股東帶來了4.7%的漲幅以來,這些趨勢已開始得到投資者的認可。因此,我們建議進一步研究這隻股票,以確認它是否具有良好的投資價值。
On a final note, we found 3 warning signs for Shang Gong Group (2 make us uncomfortable) you should be aware of.
最後,我們發現了你應該注意的尚工集團的3個警告信號(2個讓我們感到不舒服)。
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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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。