share_log

AviChina Industry & Technology's (HKG:2357) Returns Have Hit A Wall

AviChina Industry & Technology's (HKG:2357) Returns Have Hit A Wall

中航工业与科技(HKG: 2357)的回报已陷入困境
Simply Wall St ·  04/26 19:51

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think AviChina Industry & Technology (HKG:2357) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果你正在寻找一款多功能装袋机,有几件事需要注意。理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。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,在简要研究了这些数字之后,我们认为中航工业与科技(HKG: 2357)在未来不具备多装袋机的实力,但让我们来看看为什么会这样。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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. To calculate this metric for AviChina Industry & Technology, this is the formula:

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。要计算中航工业与科技的这一指标,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)

0.063 = CN¥6.2b ÷ (CN¥185b - CN¥86b) (Based on the trailing twelve months to December 2023).

0.063 = 62亿元人民币 ÷(185亿元人民币-86亿元人民币) (基于截至2023年12月的过去十二个月)

So, AviChina Industry & Technology has an ROCE of 6.3%. In absolute terms, that's a low return but it's around the Aerospace & Defense industry average of 7.5%.

因此,中航工业与科技的投资回报率为6.3%。从绝对值来看,回报率很低,但约为航空航天和国防行业的平均水平7.5%。

roce
SEHK:2357 Return on Capital Employed April 26th 2024
SEHK: 2357 2024 年 4 月 26 日动用资本回报率

Above you can see how the current ROCE for AviChina Industry & Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for AviChina Industry & Technology .

在上面,您可以看到中航工业与科技当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们的免费AviChina工业与科技分析师报告中查看分析师的预测。

The Trend Of ROCE

ROCE 的趋势

In terms of AviChina Industry & Technology's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 6.3% and the business has deployed 133% more capital into its operations. 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.

就中航工业与科技的历史投资回报率趋势而言,这并不完全值得关注。在过去五年中,投资回报率一直相对持平,约为6.3%,该业务在运营中投入的资金增加了133%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。

Another thing to note, AviChina Industry & Technology has a high ratio of current liabilities to total assets of 46%. 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.

需要注意的另一件事是,中航工业与科技的流动负债占总资产的比率很高,为46%。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。

In Conclusion...

总之...

As we've seen above, AviChina Industry & Technology's returns on capital haven't increased but it is reinvesting in the business. Since the stock has declined 21% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.

正如我们在上面看到的,中航工业与科技的资本回报率没有增加,但它正在对该业务进行再投资。由于该股在过去五年中下跌了21%,因此投资者对这一趋势的改善可能也不太乐观。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。

If you'd like to know about the risks facing AviChina Industry & Technology, we've discovered 1 warning sign that you should be aware of.

如果你想了解中航工业与科技所面临的风险,我们发现了一个你应该注意的警告信号。

While AviChina Industry & Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管AviChina Industry & Technology的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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
    抢沙发