Sany Heavy IndustryLtd (SHSE:600031) Is Reinvesting At Lower Rates Of Return
Sany Heavy IndustryLtd (SHSE:600031) Is Reinvesting At Lower Rates Of Return
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. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 Sany Heavy IndustryLtd (SHSE:600031) and its ROCE trend, we weren't exactly thrilled.
如果你不確定尋找下一個成長股從何開始,有幾個關鍵的趨勢需要注意。在一個完美的世界裏,我們希望看到一家公司投入更多的資產到其業務裏,並且資產的回報也在增加。基本上,這意味着一家公司有盈利的業務,可以持續地重新投資,這是一個複合機的特徵。考慮到這一點,當我們看到三一重工股份有限公司(SHSE:600031)的投資回報率趨勢時,並不是特別激動人心。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)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. To calculate this metric for Sany Heavy IndustryLtd, this is the formula:
對於不確定什麼是投資回報率的人,它衡量的是公司能夠從其業務中使用的資產產生的稅前利潤的數量。爲了計算三一重工股份有限公司的這個指標,這是公式:
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。
0.059 = CN¥5.7b ÷ (CN¥155b - CN¥58b) (Based on the trailing twelve months to March 2024).
0.059 = 5700000000人民幣 ÷(155000000000人民幣-58000000000人民幣)(根據過去十二個月截至2024年3月)。
So, Sany Heavy IndustryLtd has an ROCE of 5.9%. Even though it's in line with the industry average of 5.6%, it's still a low return by itself.
所以,三一重工股份有限公司的投資回報率爲5.9%。即使它與行業平均水平5.6%相當,但它仍然是一種低迴報。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240721/0-8fd8379cf027fe2ecbfc7838f0716fd0-0-d8c42418d7cf8e39a6264261e245f658.png/big)
In the above chart we have measured Sany Heavy IndustryLtd'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 Sany Heavy IndustryLtd .
在上面的圖表中,我們已經測量了三一重工股份有限公司之前的投資回報率與其之前的表現,但未來可能更重要。如果你想看看分析師未來的預測,你應該查看我們免費的Sany Heavy IndustryLtd分析師報告。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Sany Heavy IndustryLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 22% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們看待三一重工股份有限公司的投資回報率趨勢時,我們並沒有得到太多信心。更具體地說,投資回報率在過去五年中從22%下降。另一方面,公司在去年增加了更多的資產,但銷售額沒有相應提高,這可能表明這些投資是長期的。從這裏開始關注公司的盈利情況以查看這些投資是否最終對底線做出了貢獻。
On a side note, Sany Heavy IndustryLtd has done well to pay down its current liabilities to 38% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
另外,三一重工股份有限公司已經成功地把其流動負債降至總資產的38%。這可能部分解釋了投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人資助的業務減少了一些風險。由於公司基本上是用自己的錢來運營更多的業務,所以你可以認爲這使得公司在產生投資回報率時不那麼有效率。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
In summary, Sany Heavy IndustryLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 23% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總之,三一重工正在將所有基金類型投入到業務增長中,但不幸的是銷售額似乎還沒有增長太多。而這個股票在過去的五年裏對股東的回報僅爲23%,你可以認爲他們已經意識到這些不太好的趨勢。因此,如果你正在尋找倍增的公司,我們認爲你在別處更有可能找到。
On a separate note, we've found 1 warning sign for Sany Heavy IndustryLtd you'll probably want to know about.
另外,我們發現了三一重工股份有限公司的1個警示標誌,你可能想知道。
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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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。