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Winstech Precision Holding (SZSE:001319) Might Be Having Difficulty Using Its Capital Effectively

Winstech Precision Holding (SZSE:001319) Might Be Having Difficulty Using Its Capital Effectively

Winstech Precision Holding(深圳证券交易所:001319)可能难以有效使用其资本
Simply Wall St ·  01/22 18:07

What trends should we look for it we want to identify stocks that can 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Winstech Precision Holding (SZSE:001319) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?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 所用资本的比例。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到业务中并产生更高的回报。话虽如此,乍一看Winstech Precision Holding(深圳证券交易所:001319),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (ROCE)

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Winstech Precision Holding, this is the formula:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算 Winstech Precision Holding 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)

0.062 = CN¥77m ÷ (CN¥1.6b - CN¥313m) (Based on the trailing twelve months to September 2023).

0.062 = 7700万元人民币 ÷(16亿元人民币-3.13亿元人民币) (基于截至2023年9月的过去十二个月)

Therefore, Winstech Precision Holding has an ROCE of 6.2%. Even though it's in line with the industry average of 5.8%, it's still a low return by itself.

因此,Winstech Precision Holding的投资回报率为6.2%。尽管它与行业平均水平的5.8%一致,但其本身的回报率仍然很低。

Check out our latest analysis for Winstech Precision Holding

查看我们对 Winstech Precision Holding 的最新分析

roce
SZSE:001319 Return on Capital Employed January 22nd 2024
SZSE: 001319 2024 年 1 月 22 日动用资本回报率

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Winstech Precision Holding has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你想在其他指标中查看Winstech Precision Holding过去的表现,你可以查看这张过去收益、收入和现金流的免费图表。

How Are Returns Trending?

退货趋势如何?

In terms of Winstech Precision Holding's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 20% over the last four years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

就Winstech Precision Holding的历史投资回报率走势而言,这一趋势并不理想。更具体地说,投资回报率已从过去四年的20%下降。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。

On a related note, Winstech Precision Holding has decreased its current liabilities to 20% 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. 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.

与此相关的是,Winstech Precision Holding已将其流动负债减少至总资产的20%。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。由于该企业基本上是用自己的资金为其运营提供更多资金,因此你可以争辩说,这降低了企业产生投资回报的效率。

In Conclusion...

总之...

From the above analysis, we find it rather worrisome that returns on capital and sales for Winstech Precision Holding have fallen, meanwhile the business is employing more capital than it was four years ago. And long term shareholders have watched their investments stay flat over the last year. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

从上述分析来看,我们发现相当令人担忧的是,Winstech Precision Holding的资本回报率和销售额有所下降,同时该业务使用的资本比四年前还要多。去年,长期股东的投资一直保持平稳。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。

Winstech Precision Holding does have some risks, we noticed 2 warning signs (and 1 which is potentially serious) we think you should know about.

Winstech Precision Holding确实存在一些风险,我们注意到两个警告信号(其中一个可能很严重),我们认为你应该知道。

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.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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