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Fuxin Dare Automotive Parts (SZSE:300473) Has Some Way To Go To Become A Multi-Bagger

Fuxin Dare Automotive Parts (SZSE:300473) Has Some Way To Go To Become A Multi-Bagger

德尔股份汽车零部件(SZSE:300473)还有很长的路要走,才能成为一家翻多倍的公司。
Simply Wall St ·  10/04 00:07

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. However, after investigating Fuxin Dare Automotive Parts (SZSE:300473), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想找到一个潜在的多倍股,通常会有一些潜在的趋势可以提供线索。在其他事项中,我们希望看到两件事情;首先,资本雇用回报率(ROCE)不断增长,其次,公司资本雇用的数量扩大。基本上,这意味着公司拥有有利可图的举措,可以继续投资,这是复利机器的特征。然而,在调查德尔股份汽车零部件(SZSE:300473)之后,我们认为它当前的趋势并不符合多倍股的模式。

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. Analysts use this formula to calculate it for Fuxin Dare Automotive Parts:

对于那些不确定ROCE是什么的人,它衡量了公司可以从其业务中使用的资本所产生的税前利润量。分析师使用这个公式为德尔股份汽车零部件计算它:

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。

0.046 = CN¥98m ÷ (CN¥4.1b - CN¥1.9b) (Based on the trailing twelve months to June 2024).

0.046 = 0.98亿人民币 ÷ (410亿人民币 - 19亿人民币)(基于截至2024年6月的过去十二个月)。

So, Fuxin Dare Automotive Parts has an ROCE of 4.6%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 7.2%.

因此,德尔股份汽车零部件的ROCE为4.6%。从绝对值来看,这是一个较低的回报,它也低于汽车元件行业的平均水平7.2%。

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SZSE:300473 Return on Capital Employed October 4th 2024
SZSE:300473资本雇用回报率2024年10月4日

Historical performance is a great place to start when researching a stock so above you can see the gauge for Fuxin Dare Automotive Parts' ROCE against it's prior returns. If you're interested in investigating Fuxin Dare Automotive Parts' past further, check out this free graph covering Fuxin Dare Automotive Parts' past earnings, revenue and cash flow.

历史表现是研究股票的好地方,您可以看到德尔股份的ROCE与其先前回报之间的比较。如果您有兴趣进一步调查德尔股份的历史,请查看这个免费图表,涵盖德尔股份过去的盈利、营业收入和现金流。

What Can We Tell From Fuxin Dare Automotive Parts' ROCE Trend?

我们可以从德尔股份的ROCE趋势中得出什么结论?

We're a bit concerned with the trends, because the business is applying 42% less capital than it was five years ago and returns on that capital have stayed flat. This indicates to us that assets are being sold and thus the business is likely shrinking, which you'll remember isn't the typical ingredients for an up-and-coming multi-bagger. Not only that, but the low returns on this capital mentioned earlier would leave most investors unimpressed.

我们对这些趋势有些担忧,因为该业务比五年前应用的资本少42%,而该资本的回报率保持不变。这向我们表明资产正在被出售,因此该业务可能正在缩小,您会记得这并不是一个正在壮大的潜力股的典型要素。不仅如此,而且之前提到的资本回报率低会让大多数投资者感到失望。

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 48% of total assets, this reported ROCE would probably be less than4.6% because total capital employed would be higher.The 4.6% ROCE could be even lower if current liabilities weren't 48% 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.

另一个需要注意的问题是,我们注意到公司在过去五年增加了流动负债。这很有趣,因为如果流动负债没有增加到总资产的48%,这份报告的ROCE可能低于4.6%,因为总投入资本将更高。如果流动负债不是总资产的48%,那4.6%的ROCE甚至可能更低,因为公式会显示更大的总投入资本基数。此外,这种较高水平的流动负债并不理想,因为这意味着公司的供应商(或短期债权人)实际上在资助业务的大部分。

What We Can Learn From Fuxin Dare Automotive Parts' ROCE

我们从德尔股份的ROCE中可以学到什么?

In summary, Fuxin Dare Automotive Parts isn't reinvesting funds back into the business and returns aren't growing. Since the stock has declined 47% over the last five years, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think Fuxin Dare Automotive Parts has the makings of a multi-bagger.

简而言之,德尔股份没有将资金重新投入业务,回报也没有增长。由于过去五年股价下跌了47%,投资者对这种趋势改善可能也不太乐观。因此,基于本文所做的分析,我们认为德尔股份并没有成为一个潜力股的基础。

One final note, you should learn about the 2 warning signs we've spotted with Fuxin Dare Automotive Parts (including 1 which doesn't sit too well with us) .

最后提一句,您应该学习一下我们发现的德尔股份存在的 2 个警告信号(其中一个我们感觉不太好)。

While Fuxin Dare Automotive Parts isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

虽然德尔股份的收益并不是最高的,但请查看这份免费的公司名单,这些公司在资产负债表上获得了高回报。

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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.

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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。

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