The Returns On Capital At Tianjin You Fa Steel Pipe Group Stock (SHSE:601686) Don't Inspire Confidence
The Returns On Capital At Tianjin You Fa Steel Pipe Group Stock (SHSE:601686) Don't Inspire Confidence
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Tianjin You Fa Steel Pipe Group Stock (SHSE:601686) and its ROCE trend, we weren't exactly thrilled.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。有鉴于此,当我们查看天津友发钢管集团股票(SHSE: 601686)及其投资回报率走势时,我们并不十分兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 Tianjin You Fa Steel Pipe Group Stock 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。天津友发钢管集团股票的计算公式为:
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)
0.079 = CN¥805m ÷ (CN¥19b - CN¥8.6b) (Based on the trailing twelve months to September 2023).
0.079 = 8.05亿元人民币 ÷(19亿元人民币-8.6亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Tianjin You Fa Steel Pipe Group Stock has an ROCE of 7.9%. On its own that's a low return, but compared to the average of 6.3% generated by the Metals and Mining industry, it's much better.
因此,天津友发钢管集团股票的投资回报率为7.9%。就其本身而言,回报率很低,但与金属和采矿业的平均6.3%相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240220/0-f5d94ce68c4f25dae6bbde1243857b76-0-63abda65810e72610d0884f051afd1b6.png/big)
In the above chart we have measured Tianjin You Fa Steel Pipe Group Stock's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Tianjin You Fa Steel Pipe Group Stock here for free.
在上图中,我们将天津友发钢管集团股票先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,可以在这里免费查看分析师对天津友发钢管集团股票的预测。
What Can We Tell From Tianjin You Fa Steel Pipe Group Stock's ROCE Trend?
我们可以从天津友发钢管集团股票的ROCE走势中得出什么?
When we looked at the ROCE trend at Tianjin You Fa Steel Pipe Group Stock, we didn't gain much confidence. To be more specific, ROCE has fallen from 16% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
当我们查看天津友发钢管集团股票的投资回报率走势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的16%下降。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多的资金,但它产生的回报实际上更低—— “成本效益更低” 本身。
On a side note, Tianjin You Fa Steel Pipe Group Stock's current liabilities are still rather high at 46% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句,天津友发钢管集团股票的流动负债仍然相当高,占总资产的46%。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。理想情况下,我们希望看到这种情况减少,因为这将意味着减少承担风险的债务。
What We Can Learn From Tianjin You Fa Steel Pipe Group Stock's ROCE
我们可以从天津友发钢管集团股票的投资回报率中学到什么
We're a bit apprehensive about Tianjin You Fa Steel Pipe Group Stock because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 49% over the last three years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
我们对天津友发钢管集团的股票有点担忧,因为尽管向该业务投入了更多资金,但该资本的回报率和销售额都下降了。因此,该股在过去三年中下跌了49%也就不足为奇了,因此投资者似乎已经意识到了这些变化。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
On a final note, we've found 2 warning signs for Tianjin You Fa Steel Pipe Group Stock that we think you should be aware of.
最后,我们发现了天津友发钢管集团股票的两个警告信号,我们认为您应该注意这些信号。
While Tianjin You Fa Steel Pipe Group Stock 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.
尽管天津友发钢管集团股票目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这份免费清单。
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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。