Returns On Capital At Ningbo ZhongDa Leader Intelligent Transmission (SZSE:002896) Paint A Concerning Picture
Returns On Capital At Ningbo ZhongDa Leader Intelligent Transmission (SZSE:002896) Paint A Concerning Picture
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Ningbo ZhongDa Leader Intelligent Transmission (SZSE:002896) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果想要辨別股票的長期價值是否會增值,需要關注什麼趨勢?理想情況下,一家公司應該出現兩種趨勢,首先是資本運用不斷增長,如果您看到這種趨勢,通常意味着這是一傢俱有良好商業模式和盈利再投資機會充足的公司。儘管我們看過TransUnion(NYSE:TRU)公司,但並不是所有的都適用。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。資本僱用率 。如果你看到這種情況,通常意味着它是一家擁有出色商業模式和可盈利再投資機會的公司。儘管我們剛剛瞥了一眼寧波中大力德智能傳動股份有限公司 (SZSE:002896) 的回報率趨勢,並沒有非常滿意,但是讓我們進一步深入。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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. Analysts use this formula to calculate it for Ningbo ZhongDa Leader Intelligent Transmission:
只是爲了澄清,如果您不確定,ROCE是評估公司在其業務中投資的資本上掙得多少稅前收入(以百分比形式)的度量標準。分析師使用此公式計算寧波中大力德智能傳動股份有限公司的ROCE:
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。
0.051 = CN¥61m ÷ (CN¥1.6b - CN¥376m) (Based on the trailing twelve months to September 2023).
0.051 = CN¥6100萬 ÷ (CN¥16億 - CN¥376m)因此,金鉬股份的ROCE爲22%。絕對而言,這是一個很好的回報,甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
Thus, Ningbo ZhongDa Leader Intelligent Transmission has an ROCE of 5.1%. In absolute terms, that's a low return but it's around the Electrical industry average of 6.0%.
因此,中大力德的ROCE爲5.1%。從絕對值來看,這是一種較低的回報,但它接近電氣行業的平均水平6.0%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240611/0-c348484739917b43da57ae8b22055f5e-0-0e8439531d2c426b1ed7dbaa20dd7cde.png/big)
In the above chart we have measured Ningbo ZhongDa Leader Intelligent Transmission's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Ningbo ZhongDa Leader Intelligent Transmission for free.
在上面的圖表中,我們以寧波中大力德智能傳動股份有限公司之前的ROCE與其之前的績效進行了比較,但未來可能更重要。如果您願意,可以免費查看涵蓋寧波中大力德智能傳動股份有限公司的分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
Unfortunately, the trend isn't great with ROCE falling from 13% five years ago, while capital employed has grown 103%. That being said, Ningbo ZhongDa Leader Intelligent Transmission raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Ningbo ZhongDa Leader Intelligent Transmission might not have received a full period of earnings contribution from it. It's also worth noting the company's latest EBIT figure is within 10% of the previous year, so it's fair to assign the ROCE drop largely to the capital raise.
不幸的是,ROCE自5年前的13%以來一直不景氣,而資本僱用率已經增長了103%。也就是說,中大力德在最新結果公佈前籌集了一些資本,因此這可能部分解釋了資本僱用增長。現在籌集的所有基金可能還沒有充分發揮作用,因此中大力德可能沒有從中獲得完整的收益貢獻。此外,還值得注意的是,該公司最新的經營利潤(EBIt)數字與上一年相差不到10%,因此可以認爲ROCE的下降在很大程度上歸因於資本籌集。
On a related note, Ningbo ZhongDa Leader Intelligent Transmission has decreased its current liabilities to 24% 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. 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.
在相關說明上,中大力德目前的流動負債佔總資產的24%。這可能部分解釋了ROCE的下降。此外,這可以減少業務中的某些風險,因爲現在公司的供應商或短期債權人資助其經營的比例更低。由於企業基本上是靠自己的資金爲其運營提供更多的資金,因此可以認爲這使得企業的ROCE產生了較低的效率。
The Bottom Line On Ningbo ZhongDa Leader Intelligent Transmission's ROCE
中大力德資本僱用回報率的底線
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Ningbo ZhongDa Leader Intelligent Transmission. Furthermore the stock has climbed 94% over the last five years, it would appear that investors are upbeat about the future. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
儘管短期內資本回報率下降,但我們發現寧波中大力德智能傳動股份有限公司的營收和資本僱用都有所增加,這是令人鼓舞的。此外,股票在過去五年中上漲了94%,顯示出投資者對未來的樂觀情緒。因此,儘管潛在趨勢可能已被投資者計算在內,我們仍認爲這隻股票值得進一步研究。
One more thing to note, we've identified 1 warning sign with Ningbo ZhongDa Leader Intelligent Transmission and understanding this should be part of your investment process.
還要注意一件事,我們已經確定寧波中大力德智能傳動股份有限公司存在1個警告信號,並且理解這對您的投資過程應該是其中的一部分。
While Ningbo ZhongDa Leader Intelligent Transmission isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然中大力德的回報率不是最高的,但請查看此處的免費公司列表,這些公司在實現堅實的資產負債表回報率時也具有高回報率。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。