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Nanjing Toua Hardware and Tools (SZSE:301125) Will Be Hoping To Turn Its Returns On Capital Around

Nanjing Toua Hardware and Tools (SZSE:301125) Will Be Hoping To Turn Its Returns On Capital Around

南京东亚五金工具(深圳证券交易所代码:301125)将希望扭转其资本回报率
Simply Wall St ·  02/02 17:26

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. In light of that, when we looked at Nanjing Toua Hardware and Tools (SZSE:301125) and its ROCE trend, we weren't exactly thrilled.

如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。有鉴于此,当我们查看南京东亚五金工具(SZSE: 301125)及其投资回报率趋势时,我们并不十分兴奋。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Nanjing Toua Hardware and Tools is:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。南京东亚五金工具的计算公式为:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)

0.039 = CN¥31m ÷ (CN¥1.0b - CN¥227m) (Based on the trailing twelve months to September 2023).

0.039 = 3100万元人民币 ÷(1.0亿元人民币-2.27亿元人民币) (基于截至2023年9月的过去十二个月)

Therefore, Nanjing Toua Hardware and Tools has an ROCE of 3.9%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.

因此,南京东亚五金工具的投资回报率为3.9%。从绝对值来看,这是一个低回报,其表现也低于机械行业6.1%的平均水平。

roce
SZSE:301125 Return on Capital Employed February 2nd 2024
SZSE: 301125 2024 年 2 月 2 日动用资本回报率

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'd like to look at how Nanjing Toua Hardware and Tools has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你想在其他指标中查看南京东亚五金工具过去的表现,你可以查看这张过去的收益、收入和现金流的免费图表。

What Can We Tell From Nanjing Toua Hardware and Tools' ROCE Trend?

我们可以从南京东亚五金工具的ROCE趋势中看出什么?

In terms of Nanjing Toua Hardware and Tools' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 41%, but since then they've fallen to 3.9%. 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.

就南京东亚五金工具的历史ROCE走势而言,这种趋势并不理想。大约五年前,资本回报率为41%,但此后已降至3.9%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。

On a related note, Nanjing Toua Hardware and Tools has decreased its current liabilities to 22% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

与此相关的是,南京东亚五金工具已将其流动负债减少至总资产的22%。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

The Bottom Line

底线

To conclude, we've found that Nanjing Toua Hardware and Tools is reinvesting in the business, but returns have been falling. Since the stock has declined 29% over the last year, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.

总而言之,我们发现南京东亚五金工具正在对该业务进行再投资,但回报率一直在下降。由于该股去年下跌了29%,因此投资者对这一趋势的改善可能也不太乐观。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。

On a separate note, we've found 3 warning signs for Nanjing Toua Hardware and Tools you'll probably want to know about.

另一方面,我们发现了你可能想知道的南京东亚五金工具的3个警告标志。

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.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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