Return Trends At Guizhou Wire Rope (SHSE:600992) Aren't Appealing
Return Trends At Guizhou Wire Rope (SHSE:600992) Aren't Appealing
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'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Guizhou Wire Rope (SHSE:600992) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。资产回报率：它是什么？了解资本使用回报率（ROCE）如果你以前没有接触过ROCE，它衡量公司从资本使用中产生的“回报”（税前利润）。要为洪恩计算此指标，这是公式:资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）资本雇用率低于平均水平。这表明该公司正以递增的利润重新投资。然而，简短地查看了这些数字之后，我们认为贵绳股份（SHSE: 600992）在未来不具备成为多倍增长者的条件，但让我们看看为什么。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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 Guizhou Wire Rope is:
为消除疑虑，ROCE是一个评估公司在其业务中投资的资本所获得的税前收入（以百分比计），贵绳股份的计算公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.017 = CN¥34m ÷ (CN¥3.5b - CN¥1.5b) (Based on the trailing twelve months to March 2024).
0.017= 人民币34m ÷（人民币3.5b - 人民币1.5b）在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
Therefore, Guizhou Wire Rope has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.7%.
因此，贵绳股份的资本收益率为1.7％。就绝对值而言，这是一个较低的回报率，并且也低于贵金属和矿业行业的平均水平6.7％。
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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Guizhou Wire Rope.
虽然过去并不能代表未来，但了解公司的历史表现对投资者来说是有用的，这就是为什么我们有以上的这个图表。如果您想深入了解历史收益，请查看这些自由图表，详细说明贵绳股份的营业收入和现金流表现。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
The returns on capital haven't changed much for Guizhou Wire Rope in recent years. The company has consistently earned 1.7% for the last five years, and the capital employed within the business has risen 32% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
贵绳股份的资本回报率近年来几乎没有变化。公司在过去五年中一直保持1.7％的收益，而业务中的资本雇用率在这段时间内增加了32％。由于公司增加了雇用的资本，因此似乎所做的投资并未提供高回报率。
Another thing to note, Guizhou Wire Rope has a high ratio of current liabilities to total assets of 44%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一件值得注意的事情是，贵绳股份的流动负债与总资产的比率高达44％。这可能会带来一些风险，因为公司基本上依赖其供应商或其他类型的短期债权人。理想情况下，我们希望看到这种情况得到改善，因为这意味着承担风险的义务更少。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In conclusion, Guizhou Wire Rope has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 86% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
总之，贵绳股份一直向业务中投入更多的资本，但是那些资本的回报率并没有增加。自过去的五年中，该股票上涨了令人瞩目的86％以来，投资者必须认为还有更好的表现。但是如果这些潜在趋势继续保持不变，我们认为它从现在开始成为多倍增长者的可能性不高。
Guizhou Wire Rope could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 600992 on our platform quite valuable.
贵绳股份在其他方面可能以有吸引力的价格交易，因此您可能会发现我们平台上对该股票的自由内在价值估计非常有价值。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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