Bear Electric ApplianceLtd (SZSE:002959) Could Be Struggling To Allocate Capital
Bear Electric ApplianceLtd (SZSE:002959) Could Be Struggling To Allocate Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Bear Electric ApplianceLtd (SZSE:002959) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果您希望確定可以長期獲利的股票，我們應該注意哪些趨勢？通常，我們會關注不斷增長的資本僱用回報率（ROCE）趨勢以及擴大的資本僱用基礎。這表明它是一個複利機器，能夠不斷將其收益重新投入業務，併產生更高的回報。話雖如此，從熊貓電器股份有限公司的（SZSE:002959）首次瀏覽中，我們並不表示回報率如何趨勢，但讓我們深入研究一下。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Bear Electric ApplianceLtd:
如果您以前沒有使用ROCE進行過工作，那麼它衡量的是公司從經營業務所僱用的資本所產生的「回報」（稅前利潤）。分析師使用此公式來計算熊貓電器股份有限公司的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。
0.12 = CN¥388m ÷ (CN¥5.4b - CN¥2.0b) (Based on the trailing twelve months to March 2024).
0.12 = CN¥3.88億 ÷ (CN¥54億 - CN¥2.0億）(基於2024年3月的過去十二個月)。
So, Bear Electric ApplianceLtd has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Consumer Durables industry average of 8.4% it's much better.
所以，熊貓電器股份有限公司的ROCE爲12%。從絕對意義上看，這是一個滿意的回報，但與消費行業平均值8.4%相比要好得多。
Above you can see how the current ROCE for Bear Electric ApplianceLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Bear Electric ApplianceLtd .
您可以看到熊貓電器股份有限公司的當前ROCE與以前的資本回報相比情況如何，但從過去只能得出很有限的結論。如果您想查看分析師預測的未來走勢，您應該查看我們爲熊貓電器股份有限公司提供的免費分析師報告。
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。
In terms of Bear Electric ApplianceLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 48% 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 may take some time before the company starts to see any change in earnings from these investments.
在熊貓電器股份有限公司歷史ROCE的走勢方面，並不是特別理想。更具體地說，ROCE在過去五年中已經下降了48%。另一方面，公司在過去一年中增加了更多的資本，但銷售並沒有相應提高，這可能表明這些投資是長期的計劃。在公司開始從這些投資中看到任何盈利變化之前，可能需要一些時間。
On a side note, Bear Electric ApplianceLtd has done well to pay down its current liabilities to 37% of total assets. So we could link some of this to the decrease in ROCE. 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.
附帶一提，熊貓電器股份有限公司已經成功地將其流動負債降至總資產的37%。因此，我們可以將某些內容與ROCE的下降聯繫起來。此外，這可以減少業務的某些風險，因爲現在公司的供應商或短期債權人爲其運營提供的資金更少了。由於公司基本上是在更多地使用自己的資金來資助其運營，您可以認爲這使得公司在產生ROCE方面的效率降低。
What We Can Learn From Bear Electric ApplianceLtd's ROCE
我們可以從熊貓電器股份有限公司的ROCE學到什麼？
In summary, Bear Electric ApplianceLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly then, the total return to shareholders over the last three years has been flat. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
If you'd like to know more about Bear Electric ApplianceLtd, we've spotted 2 warning signs, and 1 of them is a bit concerning.
如果您想了解有關熊貓電器股份有限公司的更多信息，我們發現了2個警告標誌，其中1個有點令人擔憂。
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。