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Some Investors May Be Worried About Wolong Electric GroupLtd's (SHSE:600580) Returns On Capital

Some Investors May Be Worried About Wolong Electric GroupLtd's (SHSE:600580) Returns On Capital

一些投資者可能對臥龍電氣集團有限公司(SHSE:600580)的資本回報感到擔憂
Simply Wall St ·  12/13 11:28

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Wolong Electric GroupLtd (SHSE:600580), it didn't seem to tick all of these boxes.

要尋找一個多頭股票,我們應該在業務中尋找哪些潛在趨勢?首先,我們希望識別出資本回報率(ROCE)的增長,然後在此基礎上,資本投入的基礎不斷增加。如果你看到這種情況,這通常意味着這是一個擁有良好商業模式和豐富盈利再投資機會的公司。儘管如此,當我們查看臥龍電氣集團有限公司(SHSE:600580)時,它似乎並沒有完全符合這些標準。

Return On Capital Employed (ROCE): What Is It?

資本回報率(ROCE):它是什麼?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Wolong Electric GroupLtd is:

如果你以前沒有使用過ROCE,它衡量的是公司從其業務中投入資本所產生的「回報」(稅前利潤)。對於臥龍電氣集團有限公司的計算公式是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)

0.065 = CN¥940m ÷ (CN¥26b - CN¥12b) (Based on the trailing twelve months to September 2024).

0.065 = CN¥94000萬 ÷ (CN¥260億 - CN¥12b)(基於截至2024年9月的過去十二個月數據)。

Therefore, Wolong Electric GroupLtd has an ROCE of 6.5%. On its own, that's a low figure but it's around the 5.8% average generated by the Electrical industry.

因此,臥龍電氣集團有限公司的ROCE爲6.5%。單看這一數據,這個數字較低,但它大約是電氣行業產生的5.8%的平均水平。

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SHSE:600580 Return on Capital Employed December 13th 2024
SHSE:600580 資本回報率 2024年12月13日

In the above chart we have measured Wolong Electric GroupLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Wolong Electric GroupLtd for free.

在上面的圖表中,我們測量了臥龍電氣集團有限公司的歷史資本回報率(ROCE)與其以前的表現,但未來無疑更爲重要。如果您願意,可以查看覆蓋臥龍電氣集團有限公司的分析師的預測,免費提供。

What The Trend Of ROCE Can Tell Us

ROCE的趨勢可以告訴我們什麼

In terms of Wolong Electric GroupLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.5% from 10.0% five years ago. However it looks like Wolong Electric GroupLtd 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'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.

就臥龍電氣集團有限公司的歷史資本回報率變動而言,趨勢並不理想。在過去五年中,資本回報率從五年前的10.0%下降至6.5%。然而,臥龍電氣集團有限公司似乎正在進行長期增長的再投資,因爲儘管使用的資本增加了,但公司過去12個月的銷售變化不大。值得關注公司的盈利,以觀察這些投資是否最終能夠對底線產生貢獻。

Another thing to note, Wolong Electric GroupLtd has a high ratio of current liabilities to total assets of 45%. 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.

另一個需要注意的事項是,臥龍電氣集團有限公司的流動負債與總資產的比率爲45%。這可能帶來一些風險,因爲公司基本上依賴於其供應商或其他形式的短期債權人。理想情況下,我們希望看到這一比率降低,因爲這將意味着承擔風險的義務減少。

In Conclusion...

結論...

In summary, Wolong Electric GroupLtd 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 39% 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,臥龍電氣集團有限公司正在將資金再投資於業務以促進增長,但不幸的是,銷售額似乎尚未有太大增加。在過去五年中,股票僅給股東帶來了39%的回報,因此可以說他們意識到了這些乏善可陳的趨勢。因此,如果您在尋找能夠帶來多倍回報的投資,我們認爲您在其他地方會更幸運。

If you'd like to know about the risks facing Wolong Electric GroupLtd, we've discovered 3 warning signs that you should be aware of.

如果您想了解 Wolong Electric Group Ltd 面臨的風險,我們發現了 3 個您應該注意的警告信號。

While Wolong Electric GroupLtd 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 Wolong Electric Group Ltd 目前可能沒有獲得最高的回報,但我們編制了一份目前股本回報率超過 25% 的公司名單。您可以在這裏查看這個免費的名單。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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