Tongling Jingda Special Magnet Wire (SHSE:600577) Might Be Having Difficulty Using Its Capital Effectively
Tongling Jingda Special Magnet Wire (SHSE:600577) 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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Tongling Jingda Special Magnet Wire (SHSE:600577) and its ROCE trend, we weren't exactly thrilled.
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。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們研究銅陵精達特種電磁線(SHSE: 600577)及其投資回報率趨勢時,我們並不感到非常興奮。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. The formula for this calculation on Tongling Jingda Special Magnet Wire is:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。銅陵精達特種電磁線的計算公式爲:
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)
0.11 = CN¥652m ÷ (CN¥11b - CN¥5.0b) (Based on the trailing twelve months to September 2023).
0.11 = 6.52億元人民幣 ÷(11億元人民幣-5.0億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Tongling Jingda Special Magnet Wire has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 6.3% generated by the Electrical industry.
因此,銅陵精達特種電磁線的投資回報率爲11%。就其本身而言,這是標準回報,但要比電氣行業產生的6.3%好得多。
See our latest analysis for Tongling Jingda Special Magnet Wire
查看我們對銅陵精達特種電磁線的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240103/0-eed0a6f7156215db42ac2dc4f815670a-0-a0f5e29b81c755e293cf842e32e88d24.png/big)
Above you can see how the current ROCE for Tongling Jingda Special Magnet Wire 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.
在上面你可以看到銅陵精達特種電磁線目前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
The trend of ROCE doesn't look fantastic because it's fallen from 16% five years ago, while the business's capital employed increased by 69%. Usually this isn't ideal, but given Tongling Jingda Special Magnet Wire conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Tongling Jingda Special Magnet Wire's earnings and if they change as a result from the capital raise. Additionally, we found that Tongling Jingda Special Magnet Wire's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.
投資回報率的趨勢看起來並不理想,因爲它從五年前的16%下降了,而該企業的使用資本增長了69%。通常,這並不理想,但鑑於銅陵精達特種電磁線在發佈最新業績之前進行了融資,這可能至少部分地促進了動用資本的增加。籌集的資金可能尚未投入使用,因此值得關注的是,銅陵精達特種電磁線的收益未來會發生什麼,以及這些收益是否會因籌集資金而發生變化。此外,我們發現銅陵精達特種電磁線的最新息稅前利潤與去年大致相同,因此我們將投資回報率的下降主要歸因於籌集資金。
On a separate but related note, it's important to know that Tongling Jingda Special Magnet Wire has a current liabilities to total assets ratio of 45%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面,值得注意的是,銅陵精達特種電磁線的流動負債與總資產的比率爲45%,我們認爲這是相當高的。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。
What We Can Learn From Tongling Jingda Special Magnet Wire's ROCE
我們可以從銅陵精達特種電磁線的ROCE中學到什麼
Bringing it all together, while we're somewhat encouraged by Tongling Jingda Special Magnet Wire's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 47% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
綜上所述,儘管銅陵精達特種電磁線對自有業務的再投資令我們感到有些鼓舞,但我們意識到回報正在萎縮。由於該股在過去五年中上漲了令人印象深刻的47%,因此投資者必須認爲會有更好的事情發生。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
One more thing, we've spotted 1 warning sign facing Tongling Jingda Special Magnet Wire that you might find interesting.
還有一件事,我們在銅陵精達特種電磁線前發現了一個警告標誌,你可能會覺得有趣。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。