Guangdong Lyric Robot Automation's (SHSE:688499) Returns On Capital Not Reflecting Well On The Business
Guangdong Lyric Robot Automation's (SHSE:688499) Returns On Capital Not Reflecting Well On The Business
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Guangdong Lyric Robot Automation (SHSE:688499), it didn't seem to tick all of these boxes.
找到一家具有大幅增长潜力的企业并非易事，但如果我们看看几个关键的财务指标，这是可能的。首先，我们想要确定一个不断增长的退货在已使用资本(ROCE)上，然后在此基础上，不断增加基地已动用资本的比例。归根结底，这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。虽然，当我们看到广东抒情机器人自动化(上海证券交易所：688499)，它似乎没有勾选所有这些框。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Guangdong Lyric Robot Automation, this is the formula:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算广东抒情机器人自动化的这一指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.024 = CN¥105m ÷ (CN¥9.8b - CN¥5.4b) (Based on the trailing twelve months to March 2023).
0.024元=1.05亿元？(98亿元-54亿元)(根据截至2023年3月的往绩12个月计算)。
So, Guangdong Lyric Robot Automation has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.5%.
所以,广东抒情机器人自动化ROCE为2.4%。按绝对值计算，这是一个较低的回报率，也低于机械行业6.5%的平均水平。
See our latest analysis for Guangdong Lyric Robot Automation
查看我们对广东抒情机器人自动化的最新分析
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 Guangdong Lyric Robot Automation has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来，但了解一家公司历史上的表现是有帮助的，这就是为什么我们有上面的图表。如果你想看看广东抒情机器人自动化过去在其他指标上的表现，你可以查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何？
The trend of ROCE doesn't look fantastic because it's fallen from 25% five years ago, while the business's capital employed increased by 1,479%. That being said, Guangdong Lyric Robot Automation raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Guangdong Lyric Robot Automation probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不美妙，因为它比五年前的25%有所下降，而企业的实际资本增加了1479%。话虽如此，广东抒情机器人自动化在其最新业绩发布之前筹集了一些资本，因此这可能在一定程度上解释了资本投入的增加。广东抒情机器人自动化可能还没有从其募集的新基金中获得全年收益，因此对这些数字应该持保留态度。
On a side note, Guangdong Lyric Robot Automation has done well to pay down its current liabilities to 55% of total assets. That could partly explain why the ROCE has dropped. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
另外，广东抒情机器人自动化在偿还目前占总资产55%的负债方面做得很好。这可能在一定程度上解释了ROCE下降的原因。更重要的是，这可以降低业务的某些方面的风险，因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。一些人会说，这降低了企业产生净资产收益率的效率，因为它现在用自己的钱为更多的运营提供资金。无论如何，它们仍处于相当高的水平，所以如果可能的话，我们希望看到它们进一步下跌。
Our Take On Guangdong Lyric Robot Automation's ROCE
我们对广东抒情机器人自动化ROCE的看法
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Guangdong Lyric Robot Automation. And there could be an opportunity here if other metrics look good too, because the stock has declined 70% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管资本回报率在短期内下降，但我们发现广东抒情机器人自动化的收入和所用资本都有所增加，前景看好。如果其他指标看起来也不错的话，这里可能会有机会，因为该股在过去一年里下跌了70%。因此，我们认为，鉴于趋势看起来令人鼓舞，进一步研究这只股票是值得的。
Guangdong Lyric Robot Automation does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those can't be ignored...
然而，我们发现，广东抒情机器人自动化确实带来了一些风险在我们的投资分析中出现了3个警告信号，其中有一个是不容忽视的。
While Guangdong Lyric Robot Automation 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.
虽然广东抒情机器人自动化目前的回报率可能不是最高的，但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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