Investors Could Be Concerned With Baiyin Nonferrous Group's (SHSE:601212) Returns On Capital
Investors Could Be Concerned With Baiyin Nonferrous Group's (SHSE:601212) Returns On Capital
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. In light of that, from a first glance at Baiyin Nonferrous Group (SHSE:601212), we've spotted some signs that it could be struggling, so let's investigate.
如果我们想要避免业务衰退,有哪些趋势可以提前警示我们?当我们看到资本运作回报率(ROCE)下降并且资本运营基础下降时,这通常是一个成熟业务显示衰老迹象的方式。最终这意味着公司每投资一美元的收益减少,而且,它正在缩减资本运营基础。鉴于此,从第一眼白银有色(SHSE:601212)就出现了一些可能陷入困境的迹象,所以让我们来调查一下。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Baiyin Nonferrous Group is:
对于不了解的人,ROCE是一个公司年度税前利润(其回报)与业务中使用的资本相对的度量标准。该计算在白银有色进行:
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。
0.068 = CN¥1.8b ÷ (CN¥48b - CN¥22b) (Based on the trailing twelve months to March 2024).
0.068 = CN¥18亿 ÷ (CN¥480亿 - CN¥22b) (基于截至2024年3月的过去十二个月)。
Therefore, Baiyin Nonferrous Group has an ROCE of 6.8%. Even though it's in line with the industry average of 6.8%, it's still a low return by itself.
因此,白银有色的资本运作回报率为6.8%。即使与行业平均水平6.8%一致,这依然是一个低回报。
![1724381687589](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240823/42769859-0-d17509ab2781c6c5a59a655ebb724275.webp/bigjpg)
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'd like to look at how Baiyin Nonferrous Group has performed in the past in other metrics, you can view this free graph of Baiyin Nonferrous Group's past earnings, revenue and cash flow.
尽管过去不能代表未来,但了解公司的历史表现可能会有所帮助,这就是为什么我们有以上的图表。如果您想了解白银有色在其他指标上的历史表现,您可以查看白银有色过去的盈利、营业收入和现金流的免费图表。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
In terms of Baiyin Nonferrous Group's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 9.6% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Baiyin Nonferrous Group to turn into a multi-bagger.
就白银有色过去的资本回报率的变动来看,趋势并不让人信心满满。不幸的是,资本回报率已经从五年前的9.6%下降了。同时,企业中所投入的资本在这段时间基本保持不变。这种组合可能意味着一个成熟的企业仍然有资金可以用于投资,但由于可能存在新竞争或利润较小的原因,收益并不高。若这些趋势继续下去,我们就不会期望白银有色会成为一只暴利股。
Another thing to note, Baiyin Nonferrous Group has a high ratio of current liabilities to total assets of 45%. 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.
另外一个需要注意的是,白银有色的流动负债与总资产的比率为45%。这可能带来一些风险,因为公司基本上是依赖其供应商或其他短期债权人来经营的。理想情况下,我们希望看到这个比率的降低,因为那意味着承担风险的义务较少。
The Key Takeaway
重要提示
In summary, it's unfortunate that Baiyin Nonferrous Group is generating lower returns from the same amount of capital. It should come as no surprise then that the stock has fallen 42% over the last five years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总结一下,不幸的是,白银有色的资本投入所获得的回报较低。因此,股票在过去五年中下跌了42%,因此,投资者正在认识到这些变化。除非这些指标有积极的变化趋势,否则我们将在其他地方寻找投资机会。
On a separate note, we've found 2 warning signs for Baiyin Nonferrous Group you'll probably want to know about.
另外,我们发现了白银有色集团的2个警告信号,您可能想了解一下。
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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