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Investors Met With Slowing Returns on Capital At Inspur Electronic Information Industry (SZSE:000977)

Investors Met With Slowing Returns on Capital At Inspur Electronic Information Industry (SZSE:000977)

投资者在浪潮信息股权(SZSE:000977)上遇到资本回报放缓。
Simply Wall St ·  12/03 11:10

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. 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 Inspur Electronic Information Industry (SZSE:000977) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我们想找到一只长期可能翻倍的股票,我们应该关注哪些基本趋势?通常,我们希望注意到资本回报率(ROCE)增长的趋势,并且与之相伴的是资本投入基础的扩大。简单来说,这类业务是复利机器,意味着它们持续以越来越高的回报率再投资其收益。然而,经过简要查看这些数字后,我们认为浪潮信息股权(SZSE:000977)没有成为多倍投资的潜力,但让我们来看看为什么会这样。

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。

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Inspur Electronic Information Industry:

如果你之前没有使用过资本回报率(ROCE),它衡量的是公司从其业务中投入的资本所产生的“回报”(税前利润)。分析师使用这个公式来计算浪潮信息股权的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.071 = CN¥1.9b ÷ (CN¥84b - CN¥57b) (Based on the trailing twelve months to September 2024).

0.071 = CN¥19亿 ÷ (CN¥840亿 - CN¥57亿)(基于截至2024年9月的十二个月)。

Therefore, Inspur Electronic Information Industry has an ROCE of 7.1%. On its own that's a low return, but compared to the average of 5.4% generated by the Tech industry, it's much better.

因此,浪潮信息股权的资本回报率为7.1%。单独来看这是一个较低的回报,但与科技行业平均5.4%的回报相比,这要好得多。

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SZSE:000977 Return on Capital Employed December 3rd 2024
SZSE:000977 资本回报率 2024年12月3日

Above you can see how the current ROCE for Inspur Electronic Information Industry compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Inspur Electronic Information Industry for free.

上面可以看到浪潮信息股权当前的资本回报率(ROCE)与其历史资本回报率的比较,但从过去能了解的东西是有限的。如果您愿意,可以免费查看覆盖浪潮信息股权的分析师的预测。

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 Inspur Electronic Information Industry's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 7.1% for the last five years, and the capital employed within the business has risen 153% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.

就浪潮信息股权的历史ROCE趋势而言,实际上并不值得关注。在过去五年中,公司持续获得7.1%的回报,而在此期间投入的资本增加了153%。目前这较差的ROCE并未激发信心,结合所投入资本的增加,显然企业并未将资金用于高回报投资。

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 68% of total assets, this reported ROCE would probably be less than7.1% because total capital employed would be higher.The 7.1% ROCE could be even lower if current liabilities weren't 68% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.

另一个需要注意的点是,我们注意到该公司的流动负债在过去五年中有所增加。这很有趣,因为如果流动负债没有增加到总资产的68%,那么报告的ROCE可能会低于7.1%,因为总投入资本将会更高。如果流动负债不占总资产的68%,7.1%的ROCE可能会更低,因为公式将显示更大的总投入资本基础。因此,在如此高的流动负债水平下,这实际上意味着供应商或短期债权人为企业提供了相当重要的资金,这在某些情况下可能带来一些风险。

The Key Takeaway

重要提示

As we've seen above, Inspur Electronic Information Industry's returns on capital haven't increased but it is reinvesting in the business. Although the market must be expecting these trends to improve because the stock has gained 66% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.

正如我们上面所看到的,浪潮信息股权的资本回报并没有增加,但它正在对业务进行再投资。尽管市场必须期望这些趋势改善,因为在过去五年中,股票上涨了66%。然而,除非这些基本趋势变得更加积极,否则我们不会抱太高的希望。

Like most companies, Inspur Electronic Information Industry does come with some risks, and we've found 2 warning signs that you should be aware of.

像大多数公司一样,浪潮信息股权确实存在一些风险,我们发现了2个需要注意的警告信号。

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.

对于喜欢投资稳健公司的人,请查看这份具有稳健资产负债表和高权益回报的公司免费列表。

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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.

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