Guangdong Yangshan United Precision Manufacturing (SZSE:001268) Could Be Struggling To Allocate Capital
Guangdong Yangshan United Precision Manufacturing (SZSE:001268) Could Be Struggling To Allocate Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. However, after investigating Guangdong Yangshan United Precision Manufacturing (SZSE:001268), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多袋股票，我们应该在一家企业中寻找什么潜在趋势？在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。这向我们表明，它是一台复合机器，能够不断地将其收益再投资于企业，并产生更高的回报。不过，经过调查，广东阳山联合精密制造(SZSE：001268)，我们认为目前的趋势不适合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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 Guangdong Yangshan United Precision Manufacturing:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。分析师使用以下公式来计算广东阳山联合精密制造的价格：
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)
0.051 = CN¥50m ÷ (CN¥1.2b - CN¥227m) (Based on the trailing twelve months to June 2023).
0.051=CN元5000万？(CN元12亿-CN元2.27亿)(根据截至2023年6月的往绩12个月计算)。
Thus, Guangdong Yangshan United Precision Manufacturing has an ROCE of 5.1%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.4%.
因此，广东阳山联合精密制造的净资产收益率为5.1%。归根结底，这是一个低回报率，表现低于机械行业6.4%的平均水平。
Check out our latest analysis for Guangdong Yangshan United Precision Manufacturing
查看我们对广东阳山联合精密制造的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Yangshan United Precision Manufacturing's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Guangdong Yangshan United Precision Manufacturing, check out these free graphs here.
在研究一只股票时，历史表现是一个很好的起点，因为在历史表现上方，你可以看到广东阳山联合精密制造公司的ROCE相对于其先前回报的衡量标准。如果你想深入研究广东阳山联合精密制造公司的历史收益、收入和现金流，请查看以下内容免费图表在这里。
How Are Returns Trending?
回报趋势如何？
In terms of Guangdong Yangshan United Precision Manufacturing's historical ROCE movements, the trend isn't fantastic. Over the last four years, returns on capital have decreased to 5.1% from 23% four years ago. 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 may take some time before the company starts to see any change in earnings from these investments.
就广东阳山联合精密制造公司历史上的ROCE运动而言，这一趋势并不美妙。过去四年，资本回报率从四年前的23%降至5.1%。另一方面，该公司一直在使用更多的资本，但去年的销售额没有相应的改善，这可能表明这些投资是更长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
On a related note, Guangdong Yangshan United Precision Manufacturing has decreased its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
另外，广东阳山联合精密制造有限公司已将其流动负债降至总资产的19%。因此，我们可以将其中一些因素与净资产收益率的下降联系起来。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金，你可以说这降低了企业产生净资产收益率的效率。
What We Can Learn From Guangdong Yangshan United Precision Manufacturing's ROCE
我们可以从广东阳山联合精密制造的ROCE中得到什么
To conclude, we've found that Guangdong Yangshan United Precision Manufacturing is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 1.4% in the last year to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总而言之，我们发现广东阳山联合精密制造正在对该业务进行再投资，但回报一直在下降。鉴于该股去年对股东的回报率仅为1.4%，你可以说他们意识到了这些乏善可陈的趋势。因此，如果您正在寻找一个多袋子，我们建议寻找其他选择。
If you want to know some of the risks facing Guangdong Yangshan United Precision Manufacturing we've found 3 warning signs (2 can't be ignored!) that you should be aware of before investing here.
如果你想知道广东阳山联合精密制造面临的一些风险，我们找到了3个警示标志(2不可忽视！)在这里投资之前你应该意识到这一点。
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.
对于那些喜欢投资于稳固的公司，看看这个免费资产负债表稳健、股本回报率高的公司名单。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。