share_log

Capital Allocation Trends At Huaibei Mining HoldingsLtd (SHSE:600985) Aren't Ideal

Capital Allocation Trends At Huaibei Mining HoldingsLtd (SHSE:600985) Aren't Ideal

淮北矿业控股有限公司(上海证券交易所代码:600985)的资本配置趋势并不理想
Simply Wall St ·  03/11 23:00

To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 Huaibei Mining HoldingsLtd (SHSE:600985) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?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 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,我们认为淮北矿业控股有限公司(上海证券交易所股票代码:600985)在未来不具备多装箱商的实力,但让我们来看看为什么会这样。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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. To calculate this metric for Huaibei Mining HoldingsLtd, this is the formula:

如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。要计算淮北矿业控股有限公司的这一指标,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)

0.13 = CN¥7.8b ÷ (CN¥87b - CN¥26b) (Based on the trailing twelve months to September 2023).

0.13 = 78亿元人民币 ÷(87亿元人民币-26亿元人民币) (基于截至2023年9月的过去十二个月)

So, Huaibei Mining HoldingsLtd has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.4% it's much better.

因此,淮北矿业控股有限公司的投资回报率为13%。从绝对值来看,这是一个令人满意的回报,但与金属和采矿业6.4%的平均水平相比,回报要好得多。

roce
SHSE:600985 Return on Capital Employed March 12th 2024
SHSE: 600985 2024 年 3 月 12 日动用资本回报率

In the above chart we have measured Huaibei Mining HoldingsLtd'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 Huaibei Mining HoldingsLtd .

在上图中,我们将淮北矿业控股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,可以在我们为淮北矿业控股有限公司提供的免费分析师报告中查看分析师的预测。

How Are Returns Trending?

退货趋势如何?

On the surface, the trend of ROCE at Huaibei Mining HoldingsLtd doesn't inspire confidence. Around five years ago the returns on capital were 17%, but since then they've fallen to 13%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.

从表面上看,淮北矿业控股有限公司的投资回报率趋势并不能激发信心。大约五年前,资本回报率为17%,但此后已降至13%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。

On a side note, Huaibei Mining HoldingsLtd has done well to pay down its current liabilities to 30% of total assets. That could partly explain why the ROCE has dropped. 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. 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.

顺便说一句,淮北矿业控股有限公司在将其流动负债偿还至总资产的30%方面做得很好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。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。

The Bottom Line

底线

To conclude, we've found that Huaibei Mining HoldingsLtd is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 94% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.

总而言之,我们发现淮北矿业控股有限公司正在对该业务进行再投资,但回报率一直在下降。由于该股在过去五年中上涨了令人印象深刻的94%,因此投资者必须认为会有更好的事情发生。但是,除非这些潜在趋势变得更加乐观,否则我们不会抱太高的希望。

Huaibei Mining HoldingsLtd does have some risks though, and we've spotted 1 warning sign for Huaibei Mining HoldingsLtd that you might be interested in.

但是,淮北矿业控股有限公司确实存在一些风险,我们发现了淮北矿业控股有限公司的一个警告信号,你可能会感兴趣。

While Huaibei Mining HoldingsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管淮北矿业控股有限公司的回报率并不高,但请查看这份免费的股本回报率高、资产负债表稳健的公司名单。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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
    抢沙发