share_log

Qinghai Salt Lake IndustryLtd (SZSE:000792) Is Very Good At Capital Allocation

Qinghai Salt Lake IndustryLtd (SZSE:000792) Is Very Good At Capital Allocation

青海鹽湖工業股份有限公司(深交所股票代碼:000792)非常擅長資本配置
Simply Wall St ·  04/21 21:25

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. With that in mind, the ROCE of Qinghai Salt Lake IndustryLtd (SZSE:000792) looks great, so lets see what the trend can tell us.

尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。考慮到這一點,青海鹽湖工業股份有限公司(SZSE: 000792)的投資回報率看起來不錯,所以讓我們看看趨勢能告訴我們什麼。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (ROCE)

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Qinghai Salt Lake IndustryLtd:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算青海鹽湖工業有限公司的利潤:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.27 = CN¥9.9b ÷ (CN¥46b - CN¥9.4b) (Based on the trailing twelve months to December 2023).

0.27 = 99億元人民幣 ÷(46億元人民幣-9.4億元人民幣) (基於截至2023年12月的過去十二個月)

So, Qinghai Salt Lake IndustryLtd has an ROCE of 27%. That's a fantastic return and not only that, it outpaces the average of 5.8% earned by companies in a similar industry.

因此,青海鹽湖工業有限公司的投資回報率爲27%。這是一個了不起的回報,不僅如此,它還超過了類似行業公司的平均5.8%。

roce
SZSE:000792 Return on Capital Employed April 22nd 2024
SZSE: 000792 2024 年 4 月 22 日動用資本回報率

In the above chart we have measured Qinghai Salt Lake IndustryLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Qinghai Salt Lake IndustryLtd .

在上圖中,我們將青海鹽湖工業股份有限公司之前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們的青海鹽湖工業有限公司免費分析師報告中查看分析師的預測。

What Can We Tell From Qinghai Salt Lake IndustryLtd's ROCE Trend?

我們可以從青海鹽湖工業有限公司的投資回報率趨勢中得出什麼?

Qinghai Salt Lake IndustryLtd has broken into the black (profitability) and we're sure it's a sight for sore eyes. The company was generating losses five years ago, but has managed to turn it around and as we saw earlier is now earning 27%, which is always encouraging. Interestingly, the capital employed by the business has remained relatively flat, so these higher returns are either from prior investments paying off or increased efficiencies. That being said, while an increase in efficiency is no doubt appealing, it'd be helpful to know if the company does have any investment plans going forward. So if you're looking for high growth, you'll want to see a business's capital employed also increasing.

青海鹽湖工業有限公司已陷入虧損(盈利能力),我們確信這是一個好景象。該公司在五年前出現了虧損,但已經設法扭轉了局面,正如我們之前看到的那樣,現在的盈利爲27%,這始終令人鼓舞。有趣的是,該企業使用的資本一直相對持平,因此這些更高的回報要麼來自先前投資的回報,要麼來自效率的提高。話雖如此,儘管效率的提高無疑很有吸引力,但了解該公司未來是否有任何投資計劃會很有幫助。因此,如果您正在尋求高增長,則希望看到企業的資本也有所增加。

On a related note, the company's ratio of current liabilities to total assets has decreased to 20%, which basically reduces it's funding from the likes of short-term creditors or suppliers. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.

與此相關的是,該公司的流動負債佔總資產的比率已降至20%,這基本上減少了來自短期債權人或供應商等機構的融資。因此,股東們會很高興回報的增長主要來自基礎業務表現。

The Bottom Line On Qinghai Salt Lake IndustryLtd's ROCE

青海鹽湖工業股份有限公司投資回報率的底線

In summary, we're delighted to see that Qinghai Salt Lake IndustryLtd has been able to increase efficiencies and earn higher rates of return on the same amount of capital. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. In light of that, we think it's worth looking further into this stock because if Qinghai Salt Lake IndustryLtd can keep these trends up, it could have a bright future ahead.

總之,我們很高興看到青海鹽湖工業有限公司能夠提高效率,並在相同數額的資本中獲得更高的回報率。而且,由於該股在過去五年中表現異常出色,投資者正在考慮這些模式。有鑑於此,我們認爲值得進一步研究這隻股票,因爲如果青海鹽湖工業股份有限公司能夠保持這些趨勢,它可能會有一個光明的未來。

On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for 000792 on our platform that is definitely worth checking out.

在ROCE的另一方面,我們必須考慮估值。這就是爲什麼我們在平台上免費提供了000792的內在價值估算值,絕對值得一試。

If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.

如果你想搜索更多獲得高回報的股票,可以查看這份資產負債表穩健且淨資產回報率也很高的股票的免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論