Lingyi ITech (Guangdong) (SZSE:002600) Might Be Having Difficulty Using Its Capital Effectively
Lingyi ITech (Guangdong) (SZSE:002600) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. Having said that, from a first glance at Lingyi iTech (Guangdong) (SZSE:002600) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 的已動用資本。基本上,這意味着一家公司有可以繼續進行再投資的盈利計劃,這是複合機的一個特徵。話雖如此,乍一看領益iTech(廣東)(SZSE:002600),我們並不是在忽視回報趨勢,而是讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. The formula for this calculation on Lingyi iTech (Guangdong) is:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。Lingyi iTech(廣東)的計算公式爲:
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)
0.13 = CN¥3.2b ÷ (CN¥38b - CN¥14b) (Based on the trailing twelve months to September 2023).
0.13 = CN¥3.2b ≤(CN¥38b-CN¥14b) (基於截至2023年9月的過去十二個月)。
Therefore, Lingyi iTech (Guangdong) has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.1% it's much better.
因此,領益iTech(廣東)的投資回報率爲13%。從絕對值來看,這是一個令人滿意的回報,但與電子行業5.1%的平均水平相比,要好得多。
See our latest analysis for Lingyi iTech (Guangdong)
查看我們對領益iTech(廣東)的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231107/0-ff8c881caf2bae8ab856fc10be1f4e20-0-717e07efb3fb02cd20c4bf2f3511a4bb.png/big)
In the above chart we have measured Lingyi iTech (Guangdong)'s prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Lingyi iTech (Guangdong) here for free.
在上面的圖表中,我們對領益iTech(廣東)之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,你可以在這裏免費查看分析師對領益iTech(廣東)的預測。
The Trend Of ROCE
ROCE 的趨勢
We weren't thrilled with the trend because Lingyi iTech (Guangdong)'s ROCE has reduced by 30% over the last five years, while the business employed 115% more capital. That being said, Lingyi iTech (Guangdong) raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Lingyi iTech (Guangdong) 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.
我們對這一趨勢並不感到興奮,因爲領益iTech(廣東)的投資回報率在過去五年中下降了30%,而該業務使用的資本增加了115%。話雖如此,Lingyi iTech(廣東)在最新業績公佈之前籌集了部分資金,因此這可以部分解釋使用資本的增加。Lingyi iTech(廣東)可能尚未從其籌集的新資金中獲得整整一年的收益,因此應該對這些數字持保留態度。
On a related note, Lingyi iTech (Guangdong) has decreased its current liabilities to 36% of total assets. So we could link some of this to the decrease in ROCE. 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. 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.
與此相關的是,領益iTech(廣東)已將其流動負債減少至總資產的36%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在該公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲更多的業務提供資金,你可以說這降低了企業創造投資回報的效率。
In Conclusion...
總之...
Bringing it all together, while we're somewhat encouraged by Lingyi iTech (Guangdong)'s reinvestment in its own business, we're aware that returns are shrinking. Yet to long term shareholders the stock has gifted them an incredible 131% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
綜上所述,儘管領益iTech(廣東)對自身業務的再投資令我們有些鼓舞,但我們意識到回報正在萎縮。然而,對於長期股東來說,該股在過去五年中爲他們帶來了令人難以置信的131%的回報,因此市場似乎對其未來持樂觀態度。歸根結底,如果潛在的趨勢持續下去,我們就不會屏住呼吸了。
Like most companies, Lingyi iTech (Guangdong) does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,領益iTech(廣東)確實存在一些風險,我們發現了一個你應該注意的警告信號。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。