Capital Allocation Trends At Bomin Electronics (SHSE:603936) Aren't Ideal
Capital Allocation Trends At Bomin Electronics (SHSE:603936) Aren't Ideal
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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at Bomin Electronics (SHSE:603936), it didn't seem to tick all of these boxes.
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。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 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。但是,当我们查看博敏电子(SHSE: 603936)时,它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. Analysts use this formula to calculate it for Bomin Electronics:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。分析师使用这个公式来计算博敏电子:
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)
0.0058 = CN¥36m ÷ (CN¥8.3b - CN¥2.1b) (Based on the trailing twelve months to September 2023).
0.0058 = 3600万元人民币 ≤(CN¥8.3b-CN¥2.1b) (基于截至2023年9月的过去十二个月)。
Thus, Bomin Electronics has an ROCE of 0.6%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.4%.
因此,博敏电子的投资回报率为0.6%。归根结底,这是一个低回报,其表现低于电子行业5.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-d8d6185a256956f131b31166d46b8346-0-78cd695e37b8a57321ae09ae0d18defc.png/big)
Above you can see how the current ROCE for Bomin Electronics compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Bomin Electronics for free.
在上面你可以看到博敏电子当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你愿意,你可以免费查看报道博敏电子的分析师的预测。
What Does the ROCE Trend For Bomin Electronics Tell Us?
博敏电子的投资回报率趋势告诉我们什么?
On the surface, the trend of ROCE at Bomin Electronics doesn't inspire confidence. To be more specific, ROCE has fallen from 4.7% 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 may take some time before the company starts to see any change in earnings from these investments.
从表面上看,博敏电子的投资回报率趋势并不能激发信心。更具体地说,投资回报率已从过去五年的4.7%下降。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。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, Bomin Electronics has decreased its current liabilities to 25% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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,博敏电子已将其流动负债减少至总资产的25%。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。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 Key Takeaway
关键要点
In summary, Bomin Electronics is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Bomin Electronics has the makings of a multi-bagger.
总而言之,Bomin Electronics正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。此外,该股在过去五年中的股东总回报率一直持平,这并不奇怪。因此,根据本文中的分析,我们认为博敏电子不具备多袋机的优势。
If you want to continue researching Bomin Electronics, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果你想继续研究博敏电子,你可能有兴趣了解我们的分析发现的3个警告信号。
While Bomin Electronics 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Bomin Electronics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。在这里查看这个免费清单。
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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。