WuXi Xinje ElectricLtd's (SHSE:603416) Returns On Capital Not Reflecting Well On The Business
WuXi Xinje ElectricLtd's (SHSE:603416) Returns On Capital Not Reflecting Well On The Business
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at WuXi Xinje ElectricLtd (SHSE:603416) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。話雖如此,乍一看無錫信捷電氣有限公司(SHSE: 603416),我們並不是對回報的趨勢不屑一顧,但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)
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 WuXi Xinje ElectricLtd 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)。無錫信捷電氣有限公司的計算公式爲:
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)
0.073 = CN¥155m ÷ (CN¥3.0b - CN¥895m) (Based on the trailing twelve months to September 2023).
0.073 = 1.55億元人民幣 ÷(30億元人民幣-8.95億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, WuXi Xinje ElectricLtd has an ROCE of 7.3%. On its own that's a low return, but compared to the average of 5.0% generated by the Electronic industry, it's much better.
因此,無錫信捷電氣有限公司的投資回報率爲7.3%。就其本身而言,回報率很低,但與電子行業平均5.0%的回報率相比,要好得多。
View our latest analysis for WuXi Xinje ElectricLtd
查看我們對無錫信捷電氣有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240106/0-7b5c361a7534ceef2039790b30f27d43-0-7ba94692f192f00ad10f1add62a1197f.png/big)
In the above chart we have measured WuXi Xinje ElectricLtd's 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 WuXi Xinje ElectricLtd.
在上圖中,我們將無錫信捷電氣有限公司之前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們爲無錫信捷電氣有限公司提供的免費報告。
How Are Returns Trending?
退貨趨勢如何?
In terms of WuXi Xinje ElectricLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 15%, but since then they've fallen to 7.3%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就無錫信捷電氣有限公司的歷史ROCE走勢而言,這一趨勢並不理想。大約五年前,資本回報率爲15%,但此後已降至7.3%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 30%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 7.3%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
在這個問題上,我們注意到流動負債佔總資產的比率已上升至30%,這影響了投資回報率。如果沒有這樣的增長,投資回報率很可能會低於7.3%。請留意這個比率,因爲如果這個指標過高,企業可能會遇到一些新的風險。
The Bottom Line
底線
To conclude, we've found that WuXi Xinje ElectricLtd is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 61% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之,我們發現無錫信捷電氣有限公司正在對該業務進行再投資,但回報率一直在下降。由於該股在過去五年中上漲了令人印象深刻的61%,因此投資者必須認爲會有更好的事情發生。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。
While WuXi Xinje ElectricLtd doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation on our platform.
儘管無錫信捷電氣有限公司在這方面的表現並不太明顯,但該公司是否以誘人的價格進行交易仍然值得一看。您可以通過我們平台上的免費內在價值估算中找到答案。
While WuXi Xinje ElectricLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管無錫信捷電氣有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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。