The Returns On Capital At Shanghai Yongguan Adhesive Products (SHSE:603681) Don't Inspire Confidence
The Returns On Capital At Shanghai Yongguan Adhesive Products (SHSE:603681) Don't Inspire Confidence
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Shanghai Yongguan Adhesive Products (SHSE:603681) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要找到一个潜在的多管齐下的人，往往有潜在的趋势可以提供线索。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。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复合机器的一个特点。然而，在简单地看了一下数字之后，我们认为上海永冠胶粘剂制品(上海证券交易所：603681)未来有可能成为一个多袋子的人，但让我们看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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. Analysts use this formula to calculate it for Shanghai Yongguan Adhesive Products:
对于那些不知道的人来说，ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。分析师用这个公式来计算上海永冠胶粘剂产品的价格：
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)
0.023 = CN¥92m ÷ (CN¥6.4b - CN¥2.4b) (Based on the trailing twelve months to June 2023).
0.023=人民币9200万？(人民币64亿元-人民币24亿元)(根据截至2023年6月的往绩12个月计算)。
Thus, Shanghai Yongguan Adhesive Products has an ROCE of 2.3%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.7%.
因此，上海永冠胶粘剂产品的ROCE为2.3%。归根结底，这是一个较低的回报率，表现逊于5.7%的化工行业平均水平。
See our latest analysis for Shanghai Yongguan Adhesive Products
查看我们对上海永冠胶粘剂产品的最新分析
In the above chart we have measured Shanghai Yongguan Adhesive Products' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Shanghai Yongguan Adhesive Products.
在上面的图表中，我们比较了上海永冠胶粘剂产品之前的ROCE和它之前的表现，但可以说未来更重要。如果您想查看分析师对未来的预测，您应该查看我们的免费报告为上海永冠胶粘剂产品。
What Can We Tell From Shanghai Yongguan Adhesive Products' ROCE Trend?
从上海永冠胶粘剂产品的ROCE趋势中我们可以看出什么？
On the surface, the trend of ROCE at Shanghai Yongguan Adhesive Products doesn't inspire confidence. To be more specific, ROCE has fallen from 19% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看，上海永冠胶粘剂产品的ROCE趋势并没有激发人们的信心。更具体地说，ROCE在过去五年中从19%下降。然而，鉴于已动用资本和收入都有所增加，该业务目前似乎正在追求增长，这是短期回报的结果。如果增加的资本产生额外的回报，从长远来看，企业和股东都将受益。
On a side note, Shanghai Yongguan Adhesive Products' current liabilities have increased over the last five years to 38% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 2.3%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
另外，上海永冠胶粘制品的流动负债在过去五年增加到总资产的38%，在某种程度上实际上扭曲了ROCE。如果没有这一增长，净资产收益率很可能会低于2.3%。虽然目前这一比率不是太高，但值得密切关注，因为如果比率变得特别高，业务可能会面临一些新的风险因素。
What We Can Learn From Shanghai Yongguan Adhesive Products' ROCE
上海永冠胶粘制品ROCE给我们的启示
While returns have fallen for Shanghai Yongguan Adhesive Products in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 23% over the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
虽然最近上海永冠胶粘剂产品的回报率有所下降，但我们看到销售额在增长，该业务正在对其业务进行再投资，这让我们感到鼓舞。不过，这些增长趋势并没有带来增长回报，因为该公司股价在过去三年里下跌了23%。因此，我们建议进一步研究这只股票，以揭示该业务的其他基本面可以向我们展示什么。
Shanghai Yongguan Adhesive Products does have some risks though, and we've spotted 3 warning signs for Shanghai Yongguan Adhesive Products that you might be interested in.
不过，上海永冠胶粘剂产品确实存在一些风险，我们已经发现3上海永冠胶粘剂产品警示标志你可能会感兴趣的。
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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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。