Investors Could Be Concerned With Guizhou Wire Rope's (SHSE:600992) Returns On Capital
Investors Could Be Concerned With Guizhou Wire Rope's (SHSE:600992) Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Guizhou Wire Rope (SHSE:600992) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
尋找具有大幅增長潛力的企業並不容易，但如果我們看一些關鍵的財務指標，這是可能的。除其他事項外，我們希望看到兩件事情; 首先，越來越多 返回 就用資本（ROCE），其次是在公司的擴張 量 所使用的資本。最終，這表明這是一家以增加回報率重新投資利潤的業務。話雖如此，從第一眼看 貴州鋼絲繩 （SHSEE：600992）我們不是在回報趨勢方式上跳出椅子，但讓我們更深入地了解。
Return On Capital Employed (ROCE): What Is It?
就業資本回報率（ROCE）：這是什麼？
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 Guizhou Wire Rope, this is the formula:
只是為了澄清您是否不確定，ROCE 是評估公司從投資於其業務的資本中賺取多少稅前收入（以百分比計算）的指標。為了計算貴州鋼絲繩的指標，這是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.0047 = CN¥8.9m ÷ (CN¥3.3b - CN¥1.4b) (Based on the trailing twelve months to September 2022).
0.0047 = 人民幣 8.9 百萬円 ÷ (人民幣 3 億元-人民幣 1.4 億元) (以截至 2022 年 9 月為止的最近十二個月計算)。
So, Guizhou Wire Rope has an ROCE of 0.5%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 8.2%.
所以， 貴州鋼絲繩的 ROCE 為 0.5％。 從絕對來說，這是一個低回報，它的表現也低於金屬和採礦行業的平均 8.2％。
See our latest analysis for Guizhou Wire Rope
查看我們有關貴州鋼絲繩的最新分析
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 want to delve into the historical earnings, revenue and cash flow of Guizhou Wire Rope, check out these free graphs here.
雖然過去並不代表未來，但了解公司在歷史上的表現可能會有所幫助，這就是為什麼我們在上面有這張圖表的原因。如果您想深入了解貴州鋼絲繩的歷史收入，收入和現金流，請查看這些 自由 圖表在這裡。
So How Is Guizhou Wire Rope's ROCE Trending?
那麼貴州鋼絲繩的 ROCE 趨勢如何？
On the surface, the trend of ROCE at Guizhou Wire Rope doesn't inspire confidence. Around five years ago the returns on capital were 1.4%, but since then they've fallen to 0.5%. However it looks like Guizhou Wire Rope 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.
表面上看，貴州鋼絲繩 ROCE 的趨勢並沒有激發自信。大約五年前，資本回報率為 1.4％，但從那時起，他們已經下降到 0.5％。但是，看起來貴州鋼絲繩可能會為長期增長進行再投資，因為儘管所用資本增加，但在過去的 12 個月中，該公司的銷售額並沒有太大變化。在公司開始看到這些投資收益的任何變化之前，可能需要一些時間。
Another thing to note, Guizhou Wire Rope has a high ratio of current liabilities to total assets of 43%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一件需要注意的是，貴州鋼絲繩的流動負債與總資產的比率很高，為 43％。這可能會帶來一些風險，因為該公司基本上是對其供應商或其他類型的短期債權人的相當大的依賴經營。理想情況下，我們希望看到這種減少，因為這將意味著承擔風險的義務減少。
The Bottom Line On Guizhou Wire Rope's ROCE
貴州鋼絲繩 ROCE 的底線
In summary, Guizhou Wire Rope is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 105% gain to shareholders who have held 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.
總之，貴州鋼絲繩正在將資金重新投資到業務中以實現增長，但不幸的是，銷售額似乎還沒有增加太多。投資者必須認為還有更好的事情會發生，因為股票已經將其淘汰出園區，為過去五年中持有的股東帶來 105％ 的收益。最終，如果潛在趨勢持續存在，我們將不會屏住呼吸，因為它是一個多袋子前進。
Like most companies, Guizhou Wire Rope does come with some risks, and we've found 3 warning signs that you should be aware of.
像大多數公司一樣，貴州鋼絲繩確實存在一些風險，我們發現 3 警告標誌 你應該知道的。
While Guizhou Wire Rope isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然貴州鋼絲繩沒有獲得最高回報，但看看這個 自由 正在與穩固的資產負債表賺取高回報的公司名單。
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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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這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法，根據歷史數據和分析師預測提供評論，我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議，也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
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