We Like These Underlying Return On Capital Trends At Weichai Heavy Machinery (SZSE:000880)
We Like These Underlying Return On Capital Trends At Weichai Heavy Machinery (SZSE:000880)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So on that note, Weichai Heavy Machinery (SZSE:000880) looks quite promising in regards to its trends of return on capital.
要找到一個多倍股,我們在一家企業中應該尋找哪些潛在趨勢呢?理想情況下,一個企業將顯示出兩個趨勢;首先是不斷增長的資本投入回報率(ROCE),其次是增加的資本投入量。最終,這證明了它是一個以遞增的回報率再投資利潤的企業。因此,關於資本回報的趨勢方面,濰柴重機(SZSE:000880)看起來相當有前景。
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。
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. The formula for this calculation on Weichai Heavy Machinery is:
對於那些不確定ROCE是什麼的人來說,它衡量了一家公司從其業務中使用的資本所能產生的稅前利潤的數量。對於濰柴重工來說,計算公式是:
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。
0.02 = CN¥46m ÷ (CN¥5.5b - CN¥3.2b) (Based on the trailing twelve months to March 2024).
0.02 = CN¥4600萬 ÷ (CN¥55億 - CN¥3.2b)(基於截至2024年3月的過去十二個月)
So, Weichai Heavy Machinery has an ROCE of 2.0%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.7%.
所以,濰柴重工的ROCE爲2.0%。從絕對值上來說,這是一個較低的回報率,也低於機械行業平均水平5.7%。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Weichai Heavy Machinery'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 Weichai Heavy Machinery.
歷史表現是研究股票的一個很好的起點,因此您可以看到濰柴重機的資本回報率對比其先前的收益率的表現。如果您想深入了解歷史收益情況,請查看這些免費的圖表,其中詳細說明了濰柴重機的營業收入和現金流表現。
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。
The fact that Weichai Heavy Machinery is now generating some pre-tax profits from its prior investments is very encouraging. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 2.0% on its capital. And unsurprisingly, like most companies trying to break into the black, Weichai Heavy Machinery is utilizing 43% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
濰柴重機現在從其先前的投資中獲得一些稅前利潤,這是非常令人鼓舞的。股東無疑會對此感到高興,因爲該業務在五年前還處於虧損狀態,但現在資本收益率達到了2.0%。毫無疑問,像大多數試圖突破困境的公司一樣,濰柴重機目前的資本使用比五年前增加了43%。我們喜歡這種趨勢,因爲它告訴我們公司有盈利的再投資機會可用,如果未來繼續下去,這將導致多倍績效。
On a separate but related note, it's important to know that Weichai Heavy Machinery has a current liabilities to total assets ratio of 58%, which we'd consider pretty high. 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.
另外需要注意的是,濰柴重機的流動負債佔總資產的比率爲58%,我們認爲這相當高。這可能帶來一些風險,因爲公司基本上是在與供應商或其他類型的短期債權人有相當大的依賴關係開展業務。理想情況下,我們希望看到這一比率減少,因爲那意味着承擔風險的義務減少了。
The Key Takeaway
重要提示
To the delight of most shareholders, Weichai Heavy Machinery has now broken into profitability. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 45% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
令大多數股東高興的是,濰柴重機現在已經實現盈利。而投資者似乎預計未來會有更多的盈利,因爲股票在過去五年裏獎勵股東達45%。話雖如此,我們仍認爲有望的基本面意味着公司應獲得進一步的盡職調查。
If you'd like to know about the risks facing Weichai Heavy Machinery, we've discovered 2 warning signs that you should be aware of.
如果您想了解濰柴重機面臨的風險,我們發現了2個您應該知道的警示信號。
While Weichai Heavy Machinery may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然濰柴重機目前可能收益並不是最高的,但我們已經整理了一份目前獲得25%以上回報率的公司名單。請查看此免費名單。
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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。