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Returns On Capital At Inner Mongolia Yili Industrial Group (SHSE:600887) Paint A Concerning Picture

Returns On Capital At Inner Mongolia Yili Industrial Group (SHSE:600887) Paint A Concerning Picture

伊利股份(SHSE:600887)的资本回报率呈现令人担忧的画面
Simply Wall St ·  11/02 20:14

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. However, after briefly looking over the numbers, we don't think Inner Mongolia Yili Industrial Group (SHSE:600887) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果您不确定从哪里开始寻找下一个翻倍机会,有一些关键趋势值得您关注。在一个完美的世界中,我们希望看到公司投入更多资本到业务中,理想情况下,从该资本获得的回报也在增加。简而言之,这些类型的企业是复利机器,意味着它们持续以越来越高的回报率再投资所赚取的收益。然而,简单地查看数字后,我们认为伊利股份(SHSE:600887)未来不具备成为翻倍机会的条件,但让我们看看可能的原因。

What Is Return On Capital Employed (ROCE)?

我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。

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. To calculate this metric for Inner Mongolia Yili Industrial Group, this is the formula:

对于那些不了解的人,ROCE是衡量公司年度税前利润(其回报)相对于业务中资本的指标。要为伊利股份计算这个指标,使用以下公式:

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。

0.15 = CN¥11b ÷ (CN¥151b - CN¥79b) (Based on the trailing twelve months to September 2024).

0.15 = 110亿人民币 ÷ (1510亿人民币 - 79亿人民币)(截至2024年9月的过去十二个月)。

Therefore, Inner Mongolia Yili Industrial Group has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 6.9% generated by the Food industry.

因此,伊利股份的ROCE为15%。就独立而言,这是一个标准的回报,然而比食品行业创造的6.9%要好得多。

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SHSE:600887 Return on Capital Employed November 3rd 2024
SHSE:600887 资本利用率回报2024年11月3日

Above you can see how the current ROCE for Inner Mongolia Yili Industrial Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Inner Mongolia Yili Industrial Group .

您可以看到伊利股份目前的资本回报率(ROCE)与其先前的资本回报率相比如何,但过去能告诉你的信息有限。如果您想了解分析师们未来的预测,您可以查看我们为伊利股份提供的免费分析师报告。

The Trend Of ROCE

当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。

When we looked at the ROCE trend at Inner Mongolia Yili Industrial Group, we didn't gain much confidence. Around five years ago the returns on capital were 27%, but since then they've fallen to 15%. However it looks like Inner Mongolia Yili Industrial Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.

当我们观察伊利股份的ROCE趋势时,并没有获得太多信心。大约五年前,资本回报率为27%,但此后下降到15%。然而,伊利股份看起来可能正在为长期增长进行再投资,因为虽然资本使用增加了,但公司的销售额在过去12个月内并没有太多变化。也许公司需要一段时间,才能开始看到这些投资带来的收益变化。

Another thing to note, Inner Mongolia Yili Industrial Group has a high ratio of current liabilities to total assets of 53%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另一个需要注意的事项是,伊利股份的流动负债与总资产之比高达53%。这实际上意味着供应商(或短期债权人)资助了业务的大部分,因此请注意这可能会引入一些风险因素。虽然这并不一定是坏事,但如果这一比率较低,则可能会带来好处。

The Bottom Line On Inner Mongolia Yili Industrial Group's ROCE

伊利股份的ROCE底线

In summary, Inner Mongolia Yili Industrial Group 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.

总的来说,伊利股份正在为业务增长重新投资资金,但不幸的是,销售额似乎还没有增长太多。毫不奇怪,过去五年该股仅上涨了12%,这可能表明投资者正在未来对此进行核算。因此,如果您正在寻找一个股价翻倍的股票,我们认为您在其他地方可能会更幸运。

Inner Mongolia Yili Industrial Group could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 600887 on our platform quite valuable.

伊利股份在其他方面可能以有吸引力的价格交易,因此您可能会发现我们平台上为600887提供的免费内在价值估算非常有价值。

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.

如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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