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The Returns On Capital At Sichuan Teway Food GroupLtd (SHSE:603317) Don't Inspire Confidence

The Returns On Capital At Sichuan Teway Food GroupLtd (SHSE:603317) Don't Inspire Confidence

四川天威食品集团有限公司(SHSE: 603317)的资本回报并不能激发信心
Simply Wall St ·  02/20 17:53

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. However, after briefly looking over the numbers, we don't think Sichuan Teway Food GroupLtd (SHSE:603317) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗?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。但是,在简短地查看了这些数字之后,我们认为四川天威食品集团有限公司(SHSE: 603317)未来不具备多袋装机的实力,但让我们来看看为什么会这样。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(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. The formula for this calculation on Sichuan Teway Food GroupLtd is:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。四川天威食品集团有限公司的计算公式为:

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)

0.12 = CN¥530m ÷ (CN¥5.1b - CN¥893m) (Based on the trailing twelve months to December 2023).

0.12 = 5.3亿元人民币 ÷(51亿元人民币-8.93亿元人民币) (基于截至2023年12月的过去十二个月)

Therefore, Sichuan Teway Food GroupLtd has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 7.6% generated by the Food industry.

因此,四川天威食品集团有限公司的投资回报率为12%。就其本身而言,这是标准回报,但要比食品行业产生的7.6%好得多。

roce
SHSE:603317 Return on Capital Employed February 20th 2024
SHSE: 603317 2024 年 2 月 20 日动用资本回报率

In the above chart we have measured Sichuan Teway Food GroupLtd'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 Sichuan Teway Food GroupLtd .

在上图中,我们将四川天威食品集团有限公司之前的投资回报率与之前的业绩进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们为四川天威食品集团有限公司提供的免费分析师报告中查看分析师的预测。

The Trend Of ROCE

ROCE 的趋势

On the surface, the trend of ROCE at Sichuan Teway Food GroupLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 26% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.

从表面上看,四川天威食品集团有限公司的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26%下降。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东将受益。

The Bottom Line

底线

While returns have fallen for Sichuan Teway Food GroupLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And there could be an opportunity here if other metrics look good too, because the stock has declined 66% in the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.

尽管近来四川天威食品集团有限公司的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,该业务正在对其业务进行再投资。如果其他指标也看起来不错,那么这里可能会有机会,因为该股在过去三年中下跌了66%。因此,我们建议进一步研究这只股票,以发现该业务的其他基本面可以向我们展示什么。

On a final note, we've found 1 warning sign for Sichuan Teway Food GroupLtd that we think you should be aware of.

最后,我们发现了四川天威食品集团有限公司的1个警告信号,我们认为你应该注意这个信号。

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。

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.

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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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