Wuxi Acryl Technology (SHSE:603722) Might Be Having Difficulty Using Its Capital Effectively
Wuxi Acryl Technology (SHSE:603722) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Wuxi Acryl Technology (SHSE:603722) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。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。話雖如此,乍一看無錫亞克力科技(SHSE: 603722),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Wuxi Acryl Technology is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。無錫亞克力科技的計算公式爲:
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)
0.033 = CN¥25m ÷ (CN¥939m - CN¥173m) (Based on the trailing twelve months to September 2023).
0.033 = 2500萬元人民幣 ÷(9.39億元人民幣-1.73億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Wuxi Acryl Technology has an ROCE of 3.3%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,無錫亞克力科技的投資回報率爲3.3%。歸根結底,這是一個低迴報,其表現低於化工行業5.5%的平均水平。
View our latest analysis for Wuxi Acryl Technology
查看我們對無錫亞克力科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-e5c151e938b7d38dca6a5482d8ad7ea5-0-095ac92896a905f65bd9295df8ead3f9.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Wuxi Acryl Technology's ROCE against it's prior returns. If you'd like to look at how Wuxi Acryl Technology has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到無錫亞克力科技的投資回報率與先前回報的對比。如果你想看看無錫亞克力科技過去在其他指標中的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at Wuxi Acryl Technology, we didn't gain much confidence. To be more specific, ROCE has fallen from 6.6% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們查看無錫亞克力科技的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的6.6%下降。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。
What We Can Learn From Wuxi Acryl Technology's ROCE
我們可以從無錫艾克力科技的ROCE中學到什麼
From the above analysis, we find it rather worrisome that returns on capital and sales for Wuxi Acryl Technology have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these poor fundamentals, the stock has gained a huge 105% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
從上述分析來看,我們發現相當令人擔憂的是,無錫亞克力科技的資本回報率和銷售額有所下降,同時該業務僱用的資金比五年前還要多。然而,儘管基本面不佳,但該股在過去五年中仍大幅上漲了105%,因此投資者似乎非常樂觀。無論如何,當前的潛在趨勢對長期表現來說並不是一個好兆頭,因此,除非趨勢逆轉,否則我們將開始將目光投向其他地方。
Like most companies, Wuxi Acryl Technology does come with some risks, and we've found 4 warning signs that you should be aware of.
像大多數公司一樣,無錫亞克力科技確實存在一些風險,我們發現了你應該注意的4個警告信號。
While Wuxi Acryl Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管無錫艾克力科技的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。