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Returns On Capital At Inner Mongolia Yili Industrial Group (SHSE:600887) Paint A Concerning Picture

Returns On Capital At Inner Mongolia Yili Industrial Group (SHSE:600887) Paint A Concerning Picture

伊利股份(SHSE:600887)的資本回報率呈現令人擔憂的局面
Simply Wall St ·  11/03 08:14

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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Inner Mongolia Yili Industrial Group (SHSE:600887) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果您不確定從哪裏開始尋找下一個翻倍機會,有一些關鍵趨勢值得您關注。在一個完美的世界中,我們希望看到公司投入更多資本到業務中,理想情況下,從該資本獲得的回報也在增加。簡而言之,這些類型的企業是複利機器,意味着它們持續以越來越高的回報率再投資所賺取的收益。然而,簡單地查看數字後,我們認爲伊利股份(SHSE:600887)未來不具備成爲翻倍機會的條件,但讓我們看看可能的原因。

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 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 Inner Mongolia Yili Industrial Group, this is the formula:

對於那些不了解的人,ROCE是衡量公司年度稅前利潤(其回報)相對於業務中資本的指標。要爲伊利股份計算這個指標,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。

0.15 = CN¥11b ÷ (CN¥151b - CN¥79b) (Based on the trailing twelve months to September 2024).

0.15 = 110億人民幣 ÷ (1510億人民幣 - 79億人民幣)(截至2024年9月的過去十二個月)。

Therefore, Inner Mongolia Yili Industrial Group has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 6.9% generated by the Food industry.

因此,伊利股份的ROCE爲15%。就獨立而言,這是一個標準的回報,然而比食品行業創造的6.9%要好得多。

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SHSE:600887 Return on Capital Employed November 3rd 2024
SHSE:600887 資本利用率回報2024年11月3日

Above you can see how the current ROCE for Inner Mongolia Yili Industrial Group 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 Inner Mongolia Yili Industrial Group .

您可以看到伊利股份目前的資本回報率(ROCE)與其先前的資本回報率相比如何,但過去能告訴你的信息有限。如果您想了解分析師們未來的預測,您可以查看我們爲伊利股份提供的免費分析師報告。

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。

When we looked at the ROCE trend at Inner Mongolia Yili Industrial Group, we didn't gain much confidence. Around five years ago the returns on capital were 27%, but since then they've fallen to 15%. However it looks like Inner Mongolia Yili Industrial Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.

當我們觀察伊利股份的ROCE趨勢時,並沒有獲得太多信心。大約五年前,資本回報率爲27%,但此後下降到15%。然而,伊利股份看起來可能正在爲長期增長進行再投資,因爲雖然資本使用增加了,但公司的銷售額在過去12個月內並沒有太多變化。也許公司需要一段時間,才能開始看到這些投資帶來的收益變化。

Another thing to note, Inner Mongolia Yili Industrial Group has a high ratio of current liabilities to total assets of 53%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另一個需要注意的事項是,伊利股份的流動負債與總資產之比高達53%。這實際上意味着供應商(或短期債權人)資助了業務的大部分,因此請注意這可能會引入一些風險因素。雖然這並不一定是壞事,但如果這一比率較低,則可能會帶來好處。

The Bottom Line On Inner Mongolia Yili Industrial Group's ROCE

伊利股份的ROCE底線

In summary, Inner Mongolia Yili Industrial Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly, the stock has only gained 12% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

總的來說,伊利股份正在爲業務增長重新投資資金,但不幸的是,銷售額似乎還沒有增長太多。毫不奇怪,過去五年該股僅上漲了12%,這可能表明投資者正在未來對此進行覈算。因此,如果您正在尋找一個股價翻倍的股票,我們認爲您在其他地方可能會更幸運。

Inner Mongolia Yili Industrial Group could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 600887 on our platform quite valuable.

伊利股份在其他方面可能以有吸引力的價格交易,因此您可能會發現我們平台上爲600887提供的免費內在價值估算非常有價值。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。

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。

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