Zhejiang Sanfer Electric (SHSE:605336) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang Sanfer Electric (SHSE:605336) Might Be Having Difficulty Using Its Capital Effectively
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. However, after investigating Zhejiang Sanfer Electric (SHSE:605336), we don't think it's current trends fit the mold of a multi-bagger.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?在其他方面,我們希望看到兩件事;第一,不斷增長的退貨一是關於已用資本(ROCE),二是公司的金額已動用資本的比例。如果你看到這個,通常意味著它是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。不過,經過調查,浙江三飛電氣(上海證券交易所:605336),我們認為目前的趨勢不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(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. Analysts use this formula to calculate it for Zhejiang Sanfer Electric:
對於那些不知道的人來說,ROCE是一家公司的年度稅前利潤(其回報)相對於業務資本的衡量標準。分析師使用以下公式計算浙江三飛電氣的電價:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.11 = CN¥203m ÷ (CN¥2.3b - CN¥412m) (Based on the trailing twelve months to June 2023).
0.11=CN元2.03億?(CN元23億-CN元4.12億)(根據截至2023年6月的往績12個月計算)。
Therefore, Zhejiang Sanfer Electric has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 7.0% generated by the Consumer Durables industry.
所以呢,浙江三飛電氣的淨資產收益率為11%。就其本身而言,這是一個標準回報率,但它比耐用消費品行業7.0%的回報率要好得多。
See our latest analysis for Zhejiang Sanfer Electric
請看我們對浙江三飛電氣的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230902/0-c4a47740a259a0e02f6682a5ae1c637d-0-21b0852452adf965db32c501353a501c.png/big)
Above you can see how the current ROCE for Zhejiang Sanfer Electric compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上圖中,你可以看到浙江三飛電氣目前的淨資產收益率與之前的資本回報率相比,但從過去你只能看出這麼多。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.
What Does the ROCE Trend For Zhejiang Sanfer Electric Tell Us?
浙江三飛電氣的ROCE走勢告訴了我們什麼?
On the surface, the trend of ROCE at Zhejiang Sanfer Electric doesn't inspire confidence. Around five years ago the returns on capital were 43%, but since then they've fallen to 11%. However it looks like Zhejiang Sanfer Electric 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.
從表面上看,浙江三飛電氣的ROCE趨勢並沒有激發人們的信心。大約五年前,資本回報率為43%,但自那以來已降至11%。然而,看起來浙江三飛電氣可能正在為長期增長進行再投資,因為儘管已動用資本有所增加,但該公司的銷售額在過去12個月裡沒有太大變化。從現在開始,值得密切關注該公司的收益,看看這些投資最終是否真的為利潤做出了貢獻。
On a related note, Zhejiang Sanfer Electric has decreased its current liabilities to 18% 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.
與此相關的是,浙江三飛電氣已將流動負債降至總資產的18%。這可能在一定程度上解釋了ROCE下降的原因。更重要的是,這可以降低業務的某些方面的風險,因為現在該公司的供應商或短期債權人為其運營提供的資金減少了。一些人會說,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。
The Bottom Line On Zhejiang Sanfer Electric's ROCE
浙江三飛電氣ROCE的底線
In summary, Zhejiang Sanfer Electric is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 2.3% to shareholders over the last year. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
總而言之,浙江三飛電氣正在將資金重新投資到業務中,以求增長,但不幸的是,銷售額似乎還沒有增加多少。投資者可能已經意識到了這些趨勢,因為過去一年,該股向股東總共只有2.3%的回報率。因此,如果您正在尋找一個多袋子,我們建議尋找其他選擇。
If you want to continue researching Zhejiang Sanfer Electric, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究浙江三飛電氣,您可能會有興趣瞭解1個個警告標誌我們的分析發現。
While Zhejiang Sanfer Electric 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.
雖然浙江三飛電氣目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.