Shenzhen WOTE Advanced MaterialsLtd (SZSE:002886) May Have Issues Allocating Its Capital
Shenzhen WOTE Advanced MaterialsLtd (SZSE:002886) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Shenzhen WOTE Advanced MaterialsLtd (SZSE:002886), it didn't seem to tick all of these boxes.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。但是,當我們查看深圳沃特新材料有限公司(深圳證券交易所:002886)時,它似乎並沒有勾選所有這些方框。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. Analysts use this formula to calculate it for Shenzhen WOTE Advanced MaterialsLtd:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。分析師使用這個公式來計算深圳沃特新材料有限公司的利潤:
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)
0.0083 = CN¥22m ÷ (CN¥3.2b - CN¥657m) (Based on the trailing twelve months to September 2023).
0.0083 = 2200萬元人民幣 ÷(32億元人民幣-6.57億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Shenzhen WOTE Advanced MaterialsLtd has an ROCE of 0.8%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 6.0%.
因此,深圳沃特新材料有限公司的投資回報率爲0.8%。從絕對值來看,這是一個低迴報,其表現也低於化工行業6.0%的平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen WOTE Advanced MaterialsLtd's ROCE against it's prior returns. If you're interested in investigating Shenzhen WOTE Advanced MaterialsLtd's past further, check out this free graph covering Shenzhen WOTE Advanced MaterialsLtd's past earnings, revenue and cash flow.
在研究股票時,歷史表現是一個很好的起點,因此在上面你可以看到深圳WOTE先進材料有限公司的投資回報率與先前的回報對比的指標。如果你有興趣進一步調查深圳沃特新材料有限公司的過去,請查看這張涵蓋深圳沃特新材料有限公司過去的收益、收入和現金流的免費圖表。
What Does the ROCE Trend For Shenzhen WOTE Advanced MaterialsLtd Tell Us?
深圳沃特新材料有限公司的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Shenzhen WOTE Advanced MaterialsLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 0.8% from 7.2% five years ago. 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.
從表面上看,深圳沃特新材料有限公司的ROCE趨勢並不能激發信心。在過去五年中,資本回報率從五年前的7.2%下降到0.8%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a side note, Shenzhen WOTE Advanced MaterialsLtd has done well to pay down its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. 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.
順便說一句,深圳沃特新材料有限公司在將其流動負債償還至總資產的20%方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
The Bottom Line On Shenzhen WOTE Advanced MaterialsLtd's ROCE
深圳沃特新材料有限公司投資回報率的底線
In summary, Shenzhen WOTE Advanced MaterialsLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 42% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之,深圳WOTE先進材料有限公司正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。儘管市場必須預期這些趨勢會有所改善,因爲該股在過去五年中上漲了42%。歸根結底,如果潛在的趨勢持續下去,我們就不會屏住呼吸了,因爲它是未來的 “多管齊下”。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Shenzhen WOTE Advanced MaterialsLtd (of which 1 is a bit unpleasant!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得了解它們是什麼,我們已經發現了深圳沃特新材料有限公司的4個警告標誌(其中1個有點不愉快!)你應該知道的。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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。