Baoshan Iron & Steel (SHSE:600019) Might Be Having Difficulty Using Its Capital Effectively
Baoshan Iron & Steel (SHSE:600019) Might Be Having Difficulty Using Its Capital Effectively
If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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 Baoshan Iron & Steel (SHSE:600019), we don't think it's current trends fit the mold of a multi-bagger.
如果你正在寻找一个多袋子，有几个东西需要注意。在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。如果你看到这个，通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。不过，经过调查，宝钢(上海证券交易所：600019)，我们认为目前的趋势不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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. Analysts use this formula to calculate it for Baoshan Iron & Steel:
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)。分析师用以下公式计算宝钢的股价：
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)
0.032 = CN¥8.4b ÷ (CN¥378b - CN¥116b) (Based on the trailing twelve months to September 2023).
0.032=84亿元？(378亿元-1160亿元)(根据截至2023年9月的往绩12个月计算)。
Thus, Baoshan Iron & Steel has an ROCE of 3.2%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.4%.
因此，宝钢的净资产收益率为3.2%。归根结底，这是一个较低的回报率，表现低于金属和矿业6.4%的平均水平。
See our latest analysis for Baoshan Iron & Steel
查看我们对宝钢的最新分析
Above you can see how the current ROCE for Baoshan Iron & Steel 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.
上图中，你可以看到宝钢目前的净资产收益率与之前的资本回报率相比如何，但从过去你只能看出这么多。如果您感兴趣，您可以在我们的免费分析师对该公司的预测报告。
The Trend Of ROCE
ROCE的发展趋势
On the surface, the trend of ROCE at Baoshan Iron & Steel doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.2% from 16% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
从表面上看，宝钢ROCE的走势并没有鼓舞信心。过去五年，资本回报率从五年前的16%降至3.2%。另一方面，该公司一直在使用更多的资本，但去年的销售额没有相应的改善，这可能表明这些投资是更长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
On a related note, Baoshan Iron & Steel has decreased its current liabilities to 31% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
与此相关的是，宝钢已将流动负债降至总资产的31%。这可能在一定程度上解释了ROCE下降的原因。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金，你可以说这降低了企业产生净资产收益率的效率。
What We Can Learn From Baoshan Iron & Steel's ROCE
宝钢ROCE给我们的启示
In summary, Baoshan Iron & Steel is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 17% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Baoshan Iron & Steel has the makings of a multi-bagger.
总而言之，宝钢正在将资金重新投资于业务，以求增长，但不幸的是，销售额看起来还没有太大增长。在过去五年中，该股下跌了17%，因此市场看起来对这些趋势不会很快走强抱有太大希望。因此，根据本文的分析，我们认为宝钢不具备一条龙的条件。
On a final note, we've found 2 warning signs for Baoshan Iron & Steel that we think you should be aware of.
最后一点，我们发现宝钢的2个警示标志我们认为你应该意识到。
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可靠公司，看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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