Luoyang Xinqianglian Slewing Bearing (SZSE:300850) Could Be Struggling To Allocate Capital
Luoyang Xinqianglian Slewing Bearing (SZSE:300850) Could Be Struggling To Allocate Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Luoyang Xinqianglian Slewing Bearing (SZSE:300850) and its ROCE trend, we weren't exactly thrilled.
要找到一個有潛力快速增長的業務並不容易,但如果我們關注一些關鍵的財務指標是可能的。在一個完美的世界裏,我們希望看到公司投入更多的資本到業務中,理想情況下,從這些資本中獲得的回報也在增加。簡而言之,這些類型的業務是複合機器,這意味着它們不斷以越來越高的回報率再投資其收益。鑑於此,當我們看到新強聯(SZSE:300850)和其ROCE趨勢時,我們並不是非常滿意。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on Luoyang Xinqianglian Slewing Bearing is:
對於那些不確定ROCE是什麼的人,它衡量公司從其在業務中使用的資本中能夠產生的稅前利潤數量。在新強聯的計算公式中:
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。
0.058 = CN¥396m ÷ (CN¥9.9b - CN¥3.1b) (Based on the trailing twelve months to March 2024).
0.058 = 39600萬元人民幣 ÷ (9900000000人民幣 - 310000000人民幣) 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。.
So, Luoyang Xinqianglian Slewing Bearing has an ROCE of 5.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.6%.
所以,新強聯有5.8%的ROCE。單獨看這一點,其資本回報率低,但與行業平均回報率5.6%相符。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240625/0-0a6c3d8f500b5102e4e899545e3a8556-0-2d0b988f8902dfba12a0dd1851434db8.png/big)
In the above chart we have measured Luoyang Xinqianglian Slewing Bearing's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Luoyang Xinqianglian Slewing Bearing .
在上面的圖表中,我們測量了新強聯以往的ROCE與其以往的表現,但未來可能更重要。如果您感興趣,可以查看我們的自由分析師報告中密切關注新強聯的分析師預測。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
Unfortunately, the trend isn't great with ROCE falling from 16% five years ago, while capital employed has grown 1,078%. That being said, Luoyang Xinqianglian Slewing Bearing raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Luoyang Xinqianglian Slewing Bearing might not have received a full period of earnings contribution from it. It's also worth noting the company's latest EBIT figure is within 10% of the previous year, so it's fair to assign the ROCE drop largely to the capital raise.
不幸的是,ROCE的趨勢並不好,從五年前的16%下降,而資本從那時起已增長了1078%。也就是說,新強聯在其最新業績公佈之前籌集了一些資本,因此這可能在一定程度上解釋了資本使用的增加。然而尚有可能未將籌集到的所有基金類型完全使用,因此新強聯未必從中獲得全部期間的收益貢獻。此外,值得注意的是,該公司的最新EBIt數字與上一年相比只有10%的差距,因此將ROCE下降歸因於資本增加是公正的。
The Key Takeaway
重要提示
To conclude, we've found that Luoyang Xinqianglian Slewing Bearing is reinvesting in the business, but returns have been falling. Since the stock has declined 69% over the last three 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,我們發現新強聯正在業務再投資,但回報正在下降。由於該股票在過去三年中下跌了69%,投資者可能並不太樂觀這種趨勢能否得到改善。總的來說,我們對潛在趨勢並沒有太大的啓發,認爲可能有更好的機會在其他地方找到多倍收益。如果您想知道新強聯面臨的一些風險,我們已經發現了3個警示信號(1個不應被忽視!)在此投資之前應該注意。
If you want to know some of the risks facing Luoyang Xinqianglian Slewing Bearing we've found 3 warning signs (1 shouldn't be ignored!) that you should be aware of before investing here.
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com