Yechiu Metal Recycling (China) (SHSE:601388) Has Some Way To Go To Become A Multi-Bagger
Yechiu Metal Recycling (China) (SHSE:601388) Has Some Way To Go To Become A Multi-Bagger
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. 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 Yechiu Metal Recycling (China) (SHSE:601388) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的百分比。简而言之,这些类型的企业是复合机器,这意味着它们不断以更高的回报率对收益进行再投资。但是,在简要查看了数字之后,我们不认为 Yechiu 金属回收(中国) (SHSE: 601388)具有未来多袋装机的特征,但让我们来看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
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 Yechiu Metal Recycling (China), this is the formula:
对于那些不知道的人,投资回报率是衡量公司相对于业务所用资本的年度税前利润(其回报)的指标。要计算 Yechiu Metal Recycling(中国)的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本使用回报率 = 利息和税前收益 (EBIT) ▲(总资产-流动负债)
0.10 = CN¥462m ÷ (CN¥5.8b - CN¥1.2b) (Based on the trailing twelve months to March 2023).
0.10 = 462m cn¥462m (基于截至2023年3月的过去十二个月)。
Therefore, Yechiu Metal Recycling (China) has an ROCE of 10.0%. In absolute terms, that's a low return, but it's much better than the Metals and Mining industry average of 7.5%.
因此, Yechiu Metal Recycling(中国)的投资回报率为 10.0%。 按绝对值计算,这是一个很低的回报,但比金属和采矿业7.5%的平均水平要好得多。
Check out our latest analysis for Yechiu Metal Recycling (China)
查看我们对 Yechiu 金属回收(中国)的最新分析
![roce](https://usnewsfile.moomoo.com/pic/0-43328cddb15f78e0c773cfcaa7941bc3-0-cc8d27be58ef68595014a63cc8502244.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Yechiu Metal Recycling (China) has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你想看看Yechiu Metal Recycling(中国)过去在其他指标上的表现,你可以查看这个 免费的 过去的收益、收入和现金流图。
The Trend Of ROCE
ROCE 的趋势
In terms of Yechiu Metal Recycling (China)'s historical ROCE trend, it doesn't exactly demand attention. The company has employed 55% more capital in the last five years, and the returns on that capital have remained stable at 10.0%. 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.
就Yechiu Metal Recycling(中国)的历史投资回报率趋势而言,它并不完全值得关注。在过去五年中,该公司雇用的资本增加了55%,资本回报率一直稳定在10.0%。鉴于该公司增加了资本使用量,看来已经进行的投资根本无法提供很高的资本回报率。
On a side note, Yechiu Metal Recycling (China) has done well to reduce current liabilities to 20% 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.
顺便说一句,Yechiu Metal Recycling(中国)在过去五年中在将流动负债减少到总资产的20%方面做得很好。这可以消除运营中固有的某些风险,因为与以前相比,企业对供应商和/或短期债权人的未偿债务要少。
The Bottom Line
底线
In conclusion, Yechiu Metal Recycling (China) has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 29% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总而言之,Yechiu Metal Recycling(中国)一直在向该业务投入更多资金,但这些资本的回报率并没有增加。投资者可能已经意识到了这些趋势,因为在过去五年中,该股向股东的总回报率仅为29%。因此,如果你正在寻找多袋装袋,我们认为你在其他地方会有更多的运气。
One more thing to note, we've identified 2 warning signs with Yechiu Metal Recycling (China) and understanding these should be part of your investment process.
还有一件事要注意,我们已经确定了 2 个警告标志 与 Yechiu Metal Recycling(中国)合作,了解这些应该是您投资过程的一部分。
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.
如果你想寻找收入丰厚的稳健公司,可以看看这个 免费的 资产负债表良好、股本回报率可观的公司名单。
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Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。