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The Returns At NORINCO International Cooperation (SZSE:000065) Aren't Growing

The Returns At NORINCO International Cooperation (SZSE:000065) Aren't Growing

北方国际合作组织(SZSE:000065)的回报率没有增长
Simply Wall St ·  05/11 21:58

There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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 investigating NORINCO International Cooperation (SZSE:000065), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 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,在调查了北方国际合作组织(SZSE:000065)之后,我们认为目前的趋势不符合多袋机的模式。

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 NORINCO International Cooperation, 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。要计算北方国际合作公司的这一指标,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)

0.067 = CN¥968m ÷ (CN¥24b - CN¥9.8b) (Based on the trailing twelve months to March 2024).

0.067 = 9.68亿元人民币 ÷(24亿元人民币-9.8亿元人民币) (基于截至2024年3月的过去十二个月)

So, NORINCO International Cooperation has an ROCE of 6.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.9%.

因此,北方国际合作的投资回报率为6.7%。这本身就是很低的资本回报率,但与该行业6.9%的平均回报率一致。

roce
SZSE:000065 Return on Capital Employed May 12th 2024
SZSE: 000065 2024 年 5 月 12 日动用资本回报率

In the above chart we have measured NORINCO International Cooperation'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 NORINCO International Cooperation for free.

在上图中,我们将北方国际合作公司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。如果你愿意,你可以免费查看报道北方国际合作的分析师的预测。

So How Is NORINCO International Cooperation's ROCE Trending?

那么,北方国际合作的投资回报率趋势如何呢?

The returns on capital haven't changed much for NORINCO International Cooperation in recent years. Over the past five years, ROCE has remained relatively flat at around 6.7% and the business has deployed 160% 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.

近年来,北方国际合作公司的资本回报率没有太大变化。在过去的五年中,投资回报率一直相对持平,约为6.7%,该业务在运营中投入的资金增加了160%。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, NORINCO International Cooperation has a high ratio of current liabilities to total assets of 40%. 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,北方国际合作的流动负债与总资产的比率很高,为40%。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 Bottom Line On NORINCO International Cooperation's ROCE

北方国际合作组织投资回报率的底线

As we've seen above, NORINCO International Cooperation's returns on capital haven't increased but it is reinvesting in the business. Since the stock has gained an impressive 62% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.

正如我们在上面看到的,北方国际合作公司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上涨了令人印象深刻的62%,因此投资者必须认为会有更好的事情发生。归根结底,如果潜在的趋势持续下去,我们就不会屏住呼吸了,因为它是未来的 “多管齐下”。

If you'd like to know about the risks facing NORINCO International Cooperation, we've discovered 1 warning sign that you should be aware of.

如果你想了解北方国际合作组织面临的风险,我们发现了一个你应该注意的警告信号。

While NORINCO International Cooperation may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

尽管北方国际合作组织目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。

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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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