Investors Could Be Concerned With Wuxi Chemical Equipment's (SZSE:001332) Returns On Capital
Investors Could Be Concerned With Wuxi Chemical Equipment's (SZSE:001332) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Wuxi Chemical Equipment (SZSE:001332) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到下一個多倍增長股，就需要關注一些關鍵趨勢。其中，我們需要看到兩件事情，首先是在使用資本方面增長，這表明它是一個複利機器 ，能夠不斷將收益再投入業務中，從而產生更高的回報。考慮到這一點，我們注意到了DexCom（納斯達克：DXCM）正在出現一些有前途的趨勢，我們進行了更深入的研究。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。如果你看到了這句話，通常意味着這是一家擁有良好商業模式和足夠盈利再投資機會的公司。然而，經過簡短的分析，我們認爲無錫化工設備（SZSE：001332）未來不具備成爲“十倍股”（multi-bagger）的條件，現在就看看原因吧。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Wuxi Chemical Equipment:
如果您之前沒有接觸過ROCE，請注意，它衡量了公司從其業務資本中獲得的“回報”（稅前利潤）。分析師使用以下公式計算無錫化工設備的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.055 = CN¥122m ÷ (CN¥3.3b - CN¥1.1b) (Based on the trailing twelve months to September 2023).
0.055 = CN¥12200萬 ÷ (CN¥33億 - CN¥1.1b)因此，金鉬股份的ROCE爲22%。絕對而言，這是一個很好的回報，甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
Thus, Wuxi Chemical Equipment has an ROCE of 5.5%. Even though it's in line with the industry average of 6.1%, it's still a low return by itself.
因此，無錫化工設備的ROCE爲5.5%。儘管與行業平均水平6.1%持平，但作爲單一指標的回報率仍然較低。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Wuxi Chemical Equipment's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去並不代表未來，了解一家公司的歷史表現對於我們估值也有所幫助，因此我們提供了上面的這張圖表。如果您有興趣進一步了解無錫化工設備的歷史業績，請查看這個免費的收入、營收和現金流圖表。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Wuxi Chemical Equipment, we didn't gain much confidence. To be more specific, ROCE has fallen from 13% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看無錫化工設備的ROCE趨勢時，並沒有讓我們更加有信心。準確地說，ROCE在過去五年中已經從13%下降到了現在的水平。另一方面，公司在過去一年中增加了更多的資本投入，但對應的銷售並沒有相應提升，這可能表明這些投資是長期規劃。從現在開始，關注這家公司的業績表現是否真的會對公司利潤貢獻起到幫助。
Our Take On Wuxi Chemical Equipment's ROCE
我們對無錫化工設備的ROCE評估如下：
In summary, Wuxi Chemical Equipment is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last year, the stock has given away 45% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Wuxi Chemical Equipment has the makings of a multi-bagger.
總之，無錫化工設備正在爲了業務增長而不斷再投資，但可惜的是銷售額似乎還沒有明顯提升。另外，在過去的一年中，該股票已下跌了45%，因此市場似乎也沒有太多希望這些趨勢能夠很快走好。因此，基於本文所做的分析來看，我們認爲無錫化工設備不是“十倍股”。
Wuxi Chemical Equipment does have some risks though, and we've spotted 4 warning signs for Wuxi Chemical Equipment that you might be interested in.
儘管無錫化工設備確實存在一些風險，但是我們已經發現了4個警示信號，您可能會感興趣。
While Wuxi Chemical Equipment 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.
雖然無錫化工設備目前的回報率並不是最高的，但我們已經編制了一份目前創收超過25%的公司列表。您可以在這裏查看這個免費的列表。
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。