Mianyang Fulin PrecisionLtd (SZSE:300432) Has Some Way To Go To Become A Multi-Bagger
Mianyang Fulin PrecisionLtd (SZSE:300432) Has Some Way To Go To Become A Multi-Bagger
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. However, after investigating Mianyang Fulin PrecisionLtd (SZSE:300432), we don't think it's current trends fit the mold of a multi-bagger.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 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。但是,在調查了綿陽富林精密有限公司(深圳證券交易所代碼:300432)之後,我們認爲目前的趨勢不符合多袋機的模式。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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. To calculate this metric for Mianyang Fulin PrecisionLtd, this is the formula:
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)。要計算綿陽富林精密有限公司的這個指標,公式如下:
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)
0.049 = CN¥254m ÷ (CN¥9.8b - CN¥4.6b) (Based on the trailing twelve months to September 2023).
0.049 = 2.54億元人民幣 ÷(98億元人民幣-4.6億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Mianyang Fulin PrecisionLtd has an ROCE of 4.9%. In absolute terms, that's a low return but it's around the Auto Components industry average of 5.8%.
因此,綿陽富林精密有限公司的投資回報率爲4.9%。從絕對值來看,回報率很低,但約爲汽車零部件行業平均水平的5.8%。
Check out our latest analysis for Mianyang Fulin PrecisionLtd
查看我們對綿陽富林精密有限公司的最新分析
Above you can see how the current ROCE for Mianyang Fulin PrecisionLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Mianyang Fulin PrecisionLtd.
上面你可以看到綿陽富林精密有限公司當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。如果你想了解分析師對未來的預測,你應該查看我們爲綿陽富林精密有限公司提供的免費報告。
So How Is Mianyang Fulin PrecisionLtd's ROCE Trending?
那麼綿陽富林精密有限公司的投資回報率走勢如何?
In terms of Mianyang Fulin PrecisionLtd's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 4.9% and the business has deployed 36% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就綿陽富林精密有限公司的歷史ROCE走勢而言,並不完全值得關注。在過去的五年中,投資回報率一直相對持平,約爲4.9%,該業務在運營中投入的資金增加了36%。這種糟糕的投資回報率目前並不能激發信心,隨着所用資本的增加,很明顯,該企業沒有將資金部署到高回報的投資中。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 47% of total assets, this reported ROCE would probably be less than4.9% because total capital employed would be higher.The 4.9% ROCE could be even lower if current liabilities weren't 47% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
需要注意的另一點是,我們注意到該公司的流動負債在過去五年中有所增加。這很有趣,因爲如果流動負債沒有增加到總資產的47%,則報告的投資回報率可能低於4.9%,因爲所使用的總資本會更高。如果流動負債不佔總資產的47%,4.9%的投資回報率可能會更低,因爲該公式將顯示動用總資本的基數更大。此外,如此高的流動負債水平並不理想,因爲這意味着公司的供應商(或短期債權人)實際上正在爲業務的很大一部分提供資金。
The Bottom Line
底線
In conclusion, Mianyang Fulin PrecisionLtd has been investing more capital into the business, but returns on that capital haven't increased. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 302% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之,綿陽富林精密有限公司一直在向該業務投入更多資金,但該資本的回報率並未增加。投資者一定認爲會有更好的事情發生,因爲該股已經脫穎而出,爲在過去五年中持股的股東帶來了302%的收益。但是,如果這些潛在趨勢的發展軌跡繼續下去,我們認爲從現在起它成爲多股勢力的可能性並不高。
Like most companies, Mianyang Fulin PrecisionLtd 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,綿陽富林精密有限公司確實存在一些風險,我們發現了一個你應該注意的警告信號。
While Mianyang Fulin PrecisionLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管綿陽富林精密有限公司的回報率並不是最高的,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。