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Zhuhai CosMX Battery (SHSE:688772) May Have Issues Allocating Its Capital

Zhuhai CosMX Battery (SHSE:688772) May Have Issues Allocating Its Capital

珠海冠宇电池(上海证券交易所代码:688772)的资本配置可能出现问题
Simply Wall St ·  2023/11/26 21:11

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Although, when we looked at Zhuhai CosMX Battery (SHSE:688772), it didn't seem to tick all of these boxes.

如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?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 已动用资本的百分比。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。但是,当我们看珠海CosmX电池(SHSE: 688772)时,它似乎并没有满足所有这些要求。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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. To calculate this metric for Zhuhai CosMX Battery, this is the formula:

对于那些不知道的人来说,投资回报率是衡量公司年度税前利润(其回报率)与企业所用资本的关系。要计算珠海 CosmX 电池的这个指标,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)

0.011 = CN¥134m ÷ (CN¥22b - CN¥9.8b) (Based on the trailing twelve months to September 2023).

0.011 = CN¥1.34m ≤(CN¥22b-CN¥9.8b) (基于截至2023年9月的过去十二个月)

So, Zhuhai CosMX Battery has an ROCE of 1.1%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.3%.

因此,珠海冠宇电池的投资回报率为1.1%。从绝对值来看,这是一个低回报,而且表现也低于电气行业6.3%的平均水平。

View our latest analysis for Zhuhai CosMX Battery

查看我们对珠海 CosMX 电池的最新分析

roce
SHSE:688772 Return on Capital Employed November 27th 2023
SHSE: 688772 2023 年 11 月 27 日已动用资本回报率

Above you can see how the current ROCE for Zhuhai CosMX Battery 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 report on analyst forecasts for the company.

在上方你可以看到珠海CosmX Battery当前的投资回报率与之前的资本回报率相比如何,但从过去你能看出来只有这么多。如果你有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。

So How Is Zhuhai CosMX Battery's ROCE Trending?

那么,珠海冠宇电池的ROCE趋势如何?

On the surface, the trend of ROCE at Zhuhai CosMX Battery doesn't inspire confidence. To be more specific, ROCE has fallen from 10% over the last five years. However it looks like Zhuhai CosMX Battery might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.

从表面上看,珠海CosmX Battery的ROCE趋势并不能激发信心。更具体地说,投资回报率已从过去五年的10%有所下降。但是,珠海CosmX Battery似乎正在进行再投资以实现长期增长,因为尽管资本使用量有所增加,但该公司的销售在过去12个月中并没有太大变化。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。

On a related note, Zhuhai CosMX Battery has decreased its current liabilities to 45% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Keep in mind 45% is still pretty high, so those risks are still somewhat prevalent.

与此相关的是,珠海冠宇电池已将其流动负债减少至总资产的45%。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低企业风险的某些方面,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业创造投资回报的效率,因为它现在用自己的资金为更多的业务提供资金。请记住,45%仍然很高,因此这些风险仍然很普遍。

In Conclusion...

总之...

To conclude, we've found that Zhuhai CosMX Battery is reinvesting in the business, but returns have been falling. Since the stock has declined 13% over the last year, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think Zhuhai CosMX Battery has the makings of a multi-bagger.

总而言之,我们发现珠海CosmX Battery正在对该业务进行再投资,但回报率一直在下降。由于该股去年下跌了13%,因此投资者也可能对这种改善趋势不太乐观。因此,根据本文所做的分析,我们认为珠海CosmX Battery不具备多功能装袋机的特性。

One more thing to note, we've identified 1 warning sign with Zhuhai CosMX Battery and understanding this should be part of your investment process.

还有一点需要注意,我们已经在珠海CosmX Battery上发现了一个警告信号,我们知道这应该是您投资过程的一部分。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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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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。

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