Foshan Golden Milky Way Intelligent Equipment (SZSE:300619) Might Be Having Difficulty Using Its Capital Effectively
Foshan Golden Milky Way Intelligent Equipment (SZSE:300619) Might Be Having Difficulty Using Its Capital Effectively
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Foshan Golden Milky Way Intelligent Equipment (SZSE:300619) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想识别那些可以在长期内增值的股票,应该遵循什么趋势?最常见的方法之一是寻找ROCE增长并且资本雇用量增加的公司。基本上这意味着公司有盈利的举措可以继续重投资,这是复合机的特征。话虽如此,从对Foshan Golden Milky Way Intelligent Equipment (SZSE:300619)的第一次接触来看,公司的回报趋势并不令我们惊喜,但让我们来深入探究一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. To calculate this metric for Foshan Golden Milky Way Intelligent Equipment, this is the formula:
对于那些不知道什么是ROCE的人,它衡量公司在业务中雇用的资本所能产生的税前利润。计算Foshan Golden Milky Way Intelligent Equipment的指标的公式是:
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。
0.062 = CN¥126m ÷ (CN¥4.5b - CN¥2.5b) (Based on the trailing twelve months to March 2024).
0.062 = CN¥12600万 ÷ (CN¥45亿 - CN¥2.5b)(截至2024年3月的过去12个月)。
So, Foshan Golden Milky Way Intelligent Equipment has an ROCE of 6.2%. 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,Foshan Golden Milky Way Intelligent Equipment的ROCE为6.2%。单独来看,这返回率很低,但它与行业平均回报率5.6%相符。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Foshan Golden Milky Way Intelligent Equipment's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Foshan Golden Milky Way Intelligent Equipment.
历史表现是研究股票的很好的起点,因此您可以看到Foshan Golden Milky Way Intelligent Equipment的ROCE与其以前的回报的比较。如果您想深入研究历史收益,请查看这些免费图表,详细说明了Foshan Golden Milky Way Intelligent Equipment的营业收入和现金流表现。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
Unfortunately, the trend isn't great with ROCE falling from 10% five years ago, while capital employed has grown 201%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Foshan Golden Milky Way Intelligent Equipment's earnings and if they change as a result from the capital raise.
不幸的是,从五年前的10%开始,ROCE的趋势并不好,而资本雇用量增长了201%。然而,一些增加的资本雇用可能归因于最近进行的注资,因此在研究ROCE下降时,请记住这一点。筹集的资金可能尚未投入运营,因此值得关注Foshan Golden Milky Way Intelligent Equipment的收益情况以及其是否因注资而发生变化。
On a side note, Foshan Golden Milky Way Intelligent Equipment's current liabilities have increased over the last five years to 56% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.2%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
另外,五年内Foshan Golden Milky Way Intelligent Equipment的流动负债占总资产的比例已增加至56%,从而在一定程度上扭曲了ROCE。如果没有这种增长,ROCE很可能会比6.2%还要低。这意味着实际上业务的相当大部分正在由公司的供应商或短期债权人等融资,这可能会带来一些自身风险。
Our Take On Foshan Golden Milky Way Intelligent Equipment's ROCE
我们对Foshan Golden Milky Way Intelligent Equipment的ROCE的看法
In summary, Foshan Golden Milky Way Intelligent Equipment is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly, the stock has only gained 12% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总之,Foshan Golden Milky Way Intelligent Equipment正在将资金重新投入业务以实现增长,但不幸的是,销售额似乎仍未大幅增加。不出所料,过去五年中,该股仅上涨了12%,这可能表明投资者正在预计未来的情况。因此,如果您正在寻找多赚钱的股票,我们认为您在其他地方的运气更好。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 5 warning signs for Foshan Golden Milky Way Intelligent Equipment (of which 2 don't sit too well with us!) that you should know about.
由于几乎每家公司都面临一定的风险,因此了解这些风险是值得的。我们已经注意到Foshan Golden Milky Way Intelligent Equipment的5个警示标志(其中有2个不太适合我们!),您应该了解一下。
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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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。