Returns On Capital At Wuxi Taiji Industry Limited (SHSE:600667) Have Stalled
Returns On Capital At Wuxi Taiji Industry Limited (SHSE:600667) Have Stalled
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Wuxi Taiji Industry Limited (SHSE:600667) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
您知道有一些財務指標可以提供潛在成倍收益的線索嗎?首先,我們希望找到一個持續增長的行業板塊。如果你看到這個,通常意味着公司有一個很好的商業模式和充足的有利可圖的再投資機會。然而,在調查北斗星信息科技(SZSE:002987)後,我們認爲它目前的趨勢並不符合成倍收益模式。資產回報率:它是什麼?資本僱用回報率 (ROCE) 是一種早期趨勢,可以用來識別有可能在長期內翻倍增值的股票,然後在此基礎上,要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器,能夠不斷地將其收益再投入業務,從而產生更高的回報。因此,在這點上,Materialise (納斯達克:MTLS) 看起來相當有前途,因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)看跌這種業務是複利機器,即它們不斷以更高的回報率重新投資其收益。然而,經過簡要查看數字,我們認爲無錫太極實業股份有限公司(SHSE:600667)未來不會成爲多倍收益者,但讓我們看看可能的原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
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. Analysts use this formula to calculate it for Wuxi Taiji Industry Limited:
只是爲了澄清,如果您不確定,ROCE是評估公司在其業務中投資的資本所獲得的稅前收入的度量標準(以百分比形式)。分析師使用這個公式來計算無錫太極實業股份有限公司的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。
0.089 = CN¥974m ÷ (CN¥31b - CN¥20b) (Based on the trailing twelve months to March 2024).
0.089 = CN¥974m ÷ (CN¥31b - CN¥20b)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
Thus, Wuxi Taiji Industry Limited has an ROCE of 8.9%. In absolute terms, that's a low return, but it's much better than the Semiconductor industry average of 3.9%.
因此,無錫太極實業股份有限公司的ROCE爲8.9%。在絕對意義上,這是一個較低的回報,但比半導體行業平均水平(3.9%)要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-0ace0cf147a0b01f65b2f5d1b48cdf6b-0-3648aaacad0c14885838aa2426a573bf.png/big)
In the above chart we have measured Wuxi Taiji Industry Limited's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Wuxi Taiji Industry Limited .
在上圖中,我們測量了無錫太極實業股份有限公司之前的ROCE與其之前的業績,但未來可能更重要。如果您想查看分析師預測的未來情況,您應該查看我們提供的無錫太極實業股份有限公司免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
Things have been pretty stable at Wuxi Taiji Industry Limited, with its capital employed and returns on that capital staying somewhat the same for the last five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at Wuxi Taiji Industry Limited in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
無錫太極實業股份有限公司的資本僱用和資本回報在過去的五年中保持了相當穩定的水平。當查看一個成熟而穩定的企業,其不再通過再投資收益的方式來擴張業務規模時,看到這種趨勢並不罕見。因此,除非我們看到無錫太極實業股份有限公司在ROCE和其他投資方面出現實質性變化,否則我們不會對其成爲多倍收益者抱有太大期望。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 65% of total assets, this reported ROCE would probably be less than8.9% because total capital employed would be higher.The 8.9% ROCE could be even lower if current liabilities weren't 65% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一個需要注意的是,我們注意到公司在過去五年中增加了流動負債。這是有趣的,因爲如果流動負債沒有增加到總資產的65%,那麼報告的ROCE可能會小於8.9%,因爲總資本僱用量將更高。此外,這種高水平的流動負債也不是理想的,因爲它意味着公司的供應商(或短期債權人)有效地爲大部分業務提供了資金。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
In summary, Wuxi Taiji Industry Limited isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Since the stock has declined 16% over the last five years, 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.
總之,無錫太極實業股份有限公司沒有複利增長其收益,但它在同等資本僱用下產生穩定回報。由於過去五年中股價下跌了16%,投資者對這一趨勢的改善可能沒有太大樂觀。總的來說,我們對基本趨勢沒有太多啓示,認爲可能有更好的機會在其他地方找到多倍收益。
On a separate note, we've found 1 warning sign for Wuxi Taiji Industry Limited you'll probably want to know about.
另外,我們發現無錫太極實業股份有限公司存在1個警告信號,您可能想知道。
While Wuxi Taiji Industry Limited isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管無錫太極實業股份有限公司沒有獲得最高回報,但請查看此免費公司列表,這些公司在穩健的資產負債表上獲得了高回報。
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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。