Xiangtan Electrochemical ScientificLtd (SZSE:002125) Has More To Do To Multiply In Value Going Forward
Xiangtan Electrochemical ScientificLtd (SZSE:002125) Has More To Do To Multiply In Value Going Forward
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Xiangtan Electrochemical ScientificLtd (SZSE:002125) and its ROCE trend, we weren't exactly thrilled.
我們應該在尋找一隻有長期升值潛力的股票時遵循以下所有規則。首先,我們希望確定資本僱用回報(ROCE)的增長,然後是一個不斷增長的資本僱用基礎。最終,這表明這是一家正在以不斷增加的回報率再投資利潤的企業。鑑於此,當我們看 Xiangtan Electrochemical ScientificLtd (SZSE:002125) 的ROCE趨勢時,我們並沒有感到很興奮。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Xiangtan Electrochemical ScientificLtd, this is the formula:
對於那些不了解ROCE的人來說,它是衡量公司每年稅前利潤(其回報)與被投入到業務中的資本之間比率的一個度量標準。要計算Xiangtan Electrochemical ScientificLtd的這個度量標準,使用以下公式:
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。
0.087 = CN¥330m ÷ (CN¥4.9b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.087 = CN¥33000萬 ÷(CN¥49億 - CN¥1.1b)(基於過去12個月截至2024年3月)。
So, Xiangtan Electrochemical ScientificLtd has an ROCE of 8.7%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此,湘潭化學試驗設備股份有限公司有8.7%的ROCE。單獨看來這是一個低迴報,但與化學行業平均5.5%相比,它要好得多。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240724/0-1d041786f84f0895021da59a2a53c7af-0-d17b644df55e7a5bd15bc0c05d1c5eff.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Xiangtan Electrochemical ScientificLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Xiangtan Electrochemical ScientificLtd.
研究股票時,歷史表現是一個很好的起點,因此您可以在上面看到湘潭化學試驗設備股份有限公司ROCE與其先前回報的對比。如果您想深入了解歷史收益,請查看這些免費圖表,詳細介紹湘潭化學試驗設備股份有限公司的營收和現金流表現。
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 Xiangtan Electrochemical ScientificLtd in recent years. Over the past five years, ROCE has remained relatively flat at around 8.7% and the business has deployed 125% more capital into its operations. 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.
近年來,湘潭化學試驗設備股份有限公司的資本回報率變化不大。在過去五年中,ROCE保持在大約8.7%左右,而業務部署了比以前多125%的資本。鑑於該公司增加了所投資的資本金額,似乎所作的投資並沒有提供高回報率。
On a side note, Xiangtan Electrochemical ScientificLtd has done well to reduce current liabilities to 22% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
順便說一句,湘潭化學試驗設備股份有限公司在過去五年中成功地將流動負債降至總資產的22%以下。這可以消除業務中存在的某些風險,因爲企業與供應商或短期債權人的未償義務比之前要少。
The Key Takeaway
重要提示
In conclusion, Xiangtan Electrochemical ScientificLtd has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 58% 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,湘潭化學試驗設備股份有限公司已經向業務投入更多資本,但這些資本的回報率並未提高。由於該股過去五年已經取得了驚人的58%回報,投資者必須認爲有更好的前景。但是,如果這些基本趨勢繼續,我們認爲從這裏成爲倍增器的可能性不高。
Xiangtan Electrochemical ScientificLtd does have some risks though, and we've spotted 2 warning signs for Xiangtan Electrochemical ScientificLtd that you might be interested in.
湘潭化學試驗設備股份有限公司確實存在一些風險。我們已經發現了 2個湘潭化學試驗設備股份有限公司的警告信號,您可能會有興趣了解。
While Xiangtan Electrochemical ScientificLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然湘潭化學試驗設備股份有限公司的回報並不是最高的,但請查看此免費公司列表,這些公司具有良好的資產負債表、高股權回報率。
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。