Yunnan Chihong Zinc & Germanium's (SHSE:600497) Returns Have Hit A Wall
Yunnan Chihong Zinc & Germanium's (SHSE:600497) Returns Have Hit A Wall
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Yunnan Chihong Zinc & Germanium (SHSE:600497) and its ROCE trend, we weren't exactly thrilled.
要找到一只多袋股票,我们应该在企业中寻找哪些潜在趋势?一种常见的方法是尝试找到一家具有以下条件的公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。有鉴于此,当我们研究云南驰宏锌锗(SHSE: 600497)及其投资回报率趋势时,我们并不感到非常兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. To calculate this metric for Yunnan Chihong Zinc & Germanium, this is the formula:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算云南驰宏锌锗的这个指标,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)
0.11 = CN¥2.4b ÷ (CN¥27b - CN¥4.1b) (Based on the trailing twelve months to September 2023).
0.11 = 2.4亿元人民币 ÷(27亿元人民币-41亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Yunnan Chihong Zinc & Germanium has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 6.2% generated by the Metals and Mining industry.
因此,云南驰宏锌锗的投资回报率为11%。就其本身而言,这是标准回报,但要比金属和采矿业产生的6.2%好得多。
View our latest analysis for Yunnan Chihong Zinc & Germanium
查看我们对云南驰宏锌锗的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240101/0-95bc2edbdf7da8465d9176ca6964d40a-0-bd62ffe7a2f82c8ba66238ca347660f3.png/big)
Above you can see how the current ROCE for Yunnan Chihong Zinc & Germanium 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.
上面你可以看到云南驰宏锌锗目前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
So How Is Yunnan Chihong Zinc & Germanium's ROCE Trending?
那么云南驰宏锌锗的投资回报率走势如何?
There hasn't been much to report for Yunnan Chihong Zinc & Germanium's returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Yunnan Chihong Zinc & Germanium in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. That being the case, it makes sense that Yunnan Chihong Zinc & Germanium has been paying out 112% of its earnings to its shareholders. If the company is in fact lacking growth opportunities, that's one of the viable alternatives for the money.
云南驰宏锌锗的回报率及其资本利用水平没有太多可报告的,因为这两个指标在过去五年中一直保持稳定。这告诉我们该公司没有对自己进行再投资,因此它已经过了增长阶段是合理的。因此,除非我们看到云南驰宏锌锗在投资回报率方面发生重大变化并进行额外投资,否则我们不会屏住呼吸成为一家多袋公司。既然如此,云南驰宏锌锗将其收益的112%支付给股东是有道理的。如果公司实际上缺乏增长机会,那是可行的资金替代方案之一。
On a side note, Yunnan Chihong Zinc & Germanium has done well to reduce current liabilities to 15% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
顺便说一句,在过去五年中,云南驰宏锌锗在将流动负债减少至总资产的15%方面做得很好。这可以消除运营中固有的某些风险,因为企业对供应商和/或短期债权人的未清债务比以前少。
What We Can Learn From Yunnan Chihong Zinc & Germanium's ROCE
我们可以从云南驰宏锌锗的ROCE中学到什么
We can conclude that in regards to Yunnan Chihong Zinc & Germanium's returns on capital employed and the trends, there isn't much change to report on. And investors may be recognizing these trends since the stock has only returned a total of 34% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
我们可以得出结论,就云南驰宏锌锗的已动用资本回报率和趋势而言,没有太大变化可报告。投资者可能会意识到这些趋势,因为在过去五年中,该股总共只给股东带来了34%的回报。因此,如果你正在寻找一台多袋装机,我们认为你在其他地方会有更多的运气。
One more thing, we've spotted 2 warning signs facing Yunnan Chihong Zinc & Germanium that you might find interesting.
还有一件事,我们发现了云南驰宏锌锗面临的两个警告标志,你可能会觉得有趣。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。