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Returns On Capital Signal Tricky Times Ahead For Dalian Insulator Group (SZSE:002606)
Returns On Capital Signal Tricky Times Ahead For Dalian Insulator Group (SZSE:002606)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Dalian Insulator Group (SZSE:002606), it didn't seem to tick all of these boxes.
Understanding Return On Capital Employed (ROCE)
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 Dalian Insulator Group:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.083 = CN¥127m ÷ (CN¥1.8b - CN¥260m) (Based on the trailing twelve months to March 2022).
So, Dalian Insulator Group has an ROCE of 8.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 8.4%.
Check out our latest analysis for Dalian Insulator Group
SZSE:002606 Return on Capital Employed May 26th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Dalian Insulator Group's ROCE against it's prior returns. If you're interested in investigating Dalian Insulator Group's past further, check out this free graph of past earnings, revenue and cash flow.
What The Trend Of ROCE Can Tell Us
In terms of Dalian Insulator Group's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 11%, but since then they've fallen to 8.3%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
On a side note, Dalian Insulator Group has done well to pay down its current liabilities to 15% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
What We Can Learn From Dalian Insulator Group's ROCE
In summary, we're somewhat concerned by Dalian Insulator Group's diminishing returns on increasing amounts of capital. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 51% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
If you'd like to know about the risks facing Dalian Insulator Group, we've discovered 1 warning sign that you should be aware of.
While Dalian Insulator Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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.
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Dalian Insulator Group (SZSE:002606), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?理想情況下,一家企業將呈現兩種趨勢;第一,增長返回關於已使用資本(ROCE),第二,增加金額已動用資本的比例。基本上,這意味着一家公司有盈利的舉措,可以繼續進行再投資,這是複合機器的一個特點。雖然,當我們看到大連絕緣子集團(SZSE:002606),它似乎沒有勾選所有這些框。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(ROCE)
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 Dalian Insulator Group:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(税前利潤)。分析師使用以下公式計算大連絕緣子集團的電價:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息税前收益(EBIT)?(總資產-流動負債)
0.083 = CN¥127m ÷ (CN¥1.8b - CN¥260m) (Based on the trailing twelve months to March 2022).
0.083=人民幣1.27億元?(人民幣18億元-人民幣2.6億元)(根據截至2022年3月的往績12個月計算).
So, Dalian Insulator Group has an ROCE of 8.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 8.4%.
所以,大連絕緣子集團的淨資產收益率為8.3%。就其本身而言,這是一個較低的資本回報率,但與該行業8.4%的平均回報率一致。
Check out our latest analysis for Dalian Insulator Group
查看我們對大連絕緣子集團的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Dalian Insulator Group's ROCE against it's prior returns. If you're interested in investigating Dalian Insulator Group's past further, check out this free graph of past earnings, revenue and cash flow.
在研究一隻股票時,歷史表現是一個很好的起點,因為在歷史表現上方,你可以看到大連絕緣子集團ROCE相對於其先前回報的衡量標準。如果您有興趣進一步調查大連絕緣子集團的過去,請查看以下內容免費過去收益、收入和現金流的圖表。
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
In terms of Dalian Insulator Group's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 11%, but since then they've fallen to 8.3%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就大連絕緣子集團歷史上的ROCE運動而言,這一趨勢並不美妙。大約五年前,資本回報率為11%,但自那以來已降至8.3%。考慮到在僱傭更多資本的同時收入有所下降,我們會持謹慎態度。這可能意味着企業正在失去其競爭優勢或市場份額,因為雖然更多的資金被投入到風險投資中,但實際上它產生的回報更低--本身就是“更少的回報”。
On a side note, Dalian Insulator Group has done well to pay down its current liabilities to 15% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外,大連絕緣子集團在償還當前負債至總資產的15%方面做得很好。這可能在一定程度上解釋了ROCE下降的原因。實際上,這意味着它們的供應商或短期債權人減少了對業務的融資,這降低了一些風險因素。一些人會説,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。
What We Can Learn From Dalian Insulator Group's ROCE
大連絕緣子集團ROCE值得我們借鑑
In summary, we're somewhat concerned by Dalian Insulator Group's diminishing returns on increasing amounts of capital. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 51% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
綜上所述,我們對大連絕緣子集團增資收益遞減感到有點擔憂。但投資者肯定期待着某種改善,因為在過去三年裏,該股實現了可觀的51%的回報率。無論如何,目前的潛在趨勢對長期表現來説都不是好兆頭,所以除非它們逆轉,否則我們將開始尋找其他地方。
If you'd like to know about the risks facing Dalian Insulator Group, we've discovered 1 warning sign that you should be aware of.
如果您想了解大連絕緣子集團面臨的風險,我們發現1個警告標誌這一點你應該知道。
While Dalian Insulator Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然大連絕緣子集團並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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