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Shandong Linglong TyreLtd (SHSE:601966) Might Be Having Difficulty Using Its Capital Effectively

Shandong Linglong TyreLtd (SHSE:601966) Might Be Having Difficulty Using Its Capital Effectively

山东玲珑轮胎有限公司(SHSE: 601966)可能难以有效使用其资本
Simply Wall St ·  04/25 20:30

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Shandong Linglong TyreLtd (SHSE:601966) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

如果你正在寻找一款多功能装袋机,有几件事需要注意。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。话虽如此,乍一看山东玲龙轮胎有限公司(SHSE: 601966),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

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. To calculate this metric for Shandong Linglong TyreLtd, this is the formula:

对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算山东玲珑轮胎有限公司的这一指标,公式如下:

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)

0.072 = CN¥1.9b ÷ (CN¥44b - CN¥18b) (Based on the trailing twelve months to March 2024).

0.072 = 19亿元人民币 ÷(44亿元人民币-18亿元人民币) (基于截至2024年3月的过去十二个月)

Thus, Shandong Linglong TyreLtd has an ROCE of 7.2%. On its own that's a low return on capital but it's in line with the industry's average returns of 7.1%.

因此,山东玲珑轮胎有限公司的投资回报率为7.2%。这本身就是很低的资本回报率,但与该行业7.1%的平均回报率一致。

roce
SHSE:601966 Return on Capital Employed April 26th 2024
SHSE: 601966 2024 年 4 月 26 日动用资本回报率

In the above chart we have measured Shandong Linglong TyreLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shandong Linglong TyreLtd .

在上图中,我们将山东玲珑轮胎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。如果你想了解分析师对未来的预测,你应该查看我们为山东玲珑轮胎提供的免费分析师报告。

How Are Returns Trending?

退货趋势如何?

In terms of Shandong Linglong TyreLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 10% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.

就山东玲珑轮胎的历史ROCE走势而言,这一趋势并不理想。更具体地说,投资回报率已从过去五年的10%下降。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。如果这些投资被证明是成功的,这对长期股票表现来说是个好兆头。

On a separate but related note, it's important to know that Shandong Linglong TyreLtd has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. 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.

另一方面,值得注意的是,山东玲珑轮胎有限公司的流动负债与总资产的比率为41%,我们认为这个比率相当高。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。虽然这不一定是坏事,但如果这个比率较低,可能会有好处。

The Key Takeaway

关键要点

While returns have fallen for Shandong Linglong TyreLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. In light of this, the stock has only gained 39% over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.

尽管最近山东玲珑轮胎的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,该业务正在对其运营进行再投资。有鉴于此,该股在过去五年中仅上涨了39%。因此,如果其他基本面被证明是合理的,那么这只股票可能仍然是一个有吸引力的投资机会。

On a separate note, we've found 1 warning sign for Shandong Linglong TyreLtd you'll probably want to know about.

另一方面,我们发现了你可能想知道的山东玲珑轮胎的1个警告标志。

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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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