Return Trends At Guizhou Wire Rope (SHSE:600992) Aren't Appealing
Return Trends At Guizhou Wire Rope (SHSE:600992) Aren't Appealing
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Guizhou Wire Rope (SHSE:600992) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資本僱用率低於平均水平。這表明該公司正以遞增的利潤重新投資。然而，簡短地查看了這些數字之後，我們認爲貴繩股份（SHSE: 600992）在未來不具備成爲多倍增長者的條件，但讓我們看看爲什麼。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 Guizhou Wire Rope is:
爲消除疑慮，ROCE是一個評估公司在其業務中投資的資本所獲得的稅前收入（以百分比計），貴繩股份的計算公式爲：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.017 = CN¥34m ÷ (CN¥3.5b - CN¥1.5b) (Based on the trailing twelve months to March 2024).
0.017= 人民幣34m ÷（人民幣3.5b - 人民幣1.5b）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Guizhou Wire Rope has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.7%.
因此，貴繩股份的資本收益率爲1.7％。就絕對值而言，這是一個較低的回報率，並且也低於貴金屬和礦業行業的平均水平6.7％。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Guizhou Wire Rope.
雖然過去並不能代表未來，但了解公司的歷史表現對投資者來說是有用的，這就是爲什麼我們有以上的這個圖表。如果您想深入了解歷史收益，請查看這些自由圖表，詳細說明貴繩股份的營業收入和現金流表現。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
The returns on capital haven't changed much for Guizhou Wire Rope in recent years. The company has consistently earned 1.7% for the last five years, and the capital employed within the business has risen 32% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
貴繩股份的資本回報率近年來幾乎沒有變化。公司在過去五年中一直保持1.7％的收益，而業務中的資本僱用率在這段時間內增加了32％。由於公司增加了僱用的資本，因此似乎所做的投資並未提供高回報率。
Another thing to note, Guizhou Wire Rope has a high ratio of current liabilities to total assets of 44%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一件值得注意的事情是，貴繩股份的流動負債與總資產的比率高達44％。這可能會帶來一些風險，因爲公司基本上依賴其供應商或其他類型的短期債權人。理想情況下，我們希望看到這種情況得到改善，因爲這意味着承擔風險的義務更少。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In conclusion, Guizhou Wire Rope has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 86% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之，貴繩股份一直向業務中投入更多的資本，但是那些資本的回報率並沒有增加。自過去的五年中，該股票上漲了令人矚目的86％以來，投資者必須認爲還有更好的表現。但是如果這些潛在趨勢繼續保持不變，我們認爲它從現在開始成爲多倍增長者的可能性不高。
Guizhou Wire Rope could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 600992 on our platform quite valuable.
貴繩股份在其他方面可能以有吸引力的價格交易，因此您可能會發現我們平台上對該股票的自由內在價值估計非常有價值。
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.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。