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Returns On Capital Signal Tricky Times Ahead For Jiangsu Guomao Reducer (SHSE:603915)

Returns On Capital Signal Tricky Times Ahead For Jiangsu Guomao Reducer (SHSE:603915)

资本回报预示着江苏国茂减速机未来的艰难时期(上海证券交易所代码:603915)
Simply Wall St ·  03/06 21:50

To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Jiangsu Guomao Reducer (SHSE:603915), we don't think it's current trends fit the mold of a multi-bagger.

要找到一只多袋股票,我们应该在企业中寻找哪些潜在趋势?在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,在调查了江苏国茂减速机(SHSE: 603915)之后,我们认为目前的趋势不符合多袋机的模式。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Jiangsu Guomao Reducer:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。分析师使用这个公式来计算江苏国茂减速机的价格:

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

已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)

0.10 = CN¥366m ÷ (CN¥4.8b - CN¥1.3b) (Based on the trailing twelve months to September 2023).

0.10 = 3.66亿元人民币 ÷(4.8亿元人民币-13亿元人民币) (基于截至2023年9月的过去十二个月)

Therefore, Jiangsu Guomao Reducer has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 6.0% it's much better.

因此,江苏国茂减速机的投资回报率为10%。从绝对值来看,这是一个令人满意的回报,但与机械行业6.0%的平均水平相比,回报要好得多。

roce
SHSE:603915 Return on Capital Employed March 7th 2024
SHSE: 603915 2024 年 3 月 7 日动用资本回报率

In the above chart we have measured Jiangsu Guomao Reducer's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Jiangsu Guomao Reducer for free.

在上图中,我们将江苏国茂减速机先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您愿意,可以免费查看报道江苏国茂减速机的分析师的预测。

What Does the ROCE Trend For Jiangsu Guomao Reducer Tell Us?

江苏国茂减速机的投资回报率趋势告诉我们什么?

On the surface, the trend of ROCE at Jiangsu Guomao Reducer doesn't inspire confidence. Around five years ago the returns on capital were 19%, but since then they've fallen to 10%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.

从表面上看,江苏国茂减速机的ROCE趋势并不能激发信心。大约五年前,资本回报率为19%,但此后已降至10%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。

On a related note, Jiangsu Guomao Reducer has decreased its current liabilities to 26% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

与此相关的是,江苏国茂减速机已将其流动负债减少至总资产的26%。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

Our Take On Jiangsu Guomao Reducer's ROCE

我们对江苏国茂减速机投资回报率的看法

To conclude, we've found that Jiangsu Guomao Reducer is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 41% in the last three years. Therefore based on the analysis done in this article, we don't think Jiangsu Guomao Reducer has the makings of a multi-bagger.

总而言之,我们发现江苏国茂减速机正在对该业务进行再投资,但回报率一直在下降。投资者似乎对趋势能否回升犹豫不决,因为该股在过去三年中下跌了41%。因此,根据本文的分析,我们认为江苏国茂减速机不具备多袋机的优势。

On a final note, we've found 1 warning sign for Jiangsu Guomao Reducer that we think you should be aware of.

最后,我们发现了江苏国茂减速机的1个警告信号,我们认为您应该注意这一点。

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.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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