Ningbo Zhoushan Port (SHSE:601018) Will Want To Turn Around Its Return Trends
Ningbo Zhoushan Port (SHSE:601018) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Ningbo Zhoushan Port (SHSE:601018), we don't think it's current trends fit the mold of a multi-bagger.
要找到一隻多袋裝箱的股票，我們應該在企業中尋找哪些潛在趨勢？首先，我們希望看到經過驗證的 返回 關於正在增加的資本使用率（ROCE），其次是擴大 基礎 所用資本的比例。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。但是，在調查了寧波舟山港（SHSE: 601018）之後，我們認爲目前的趨勢不符合多袋裝船的模式。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（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 Ningbo Zhoushan Port, this is the formula:
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。要計算寧波舟山港的這個指標，公式如下：
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）
0.053 = CN¥4.8b ÷ (CN¥112b - CN¥22b) (Based on the trailing twelve months to December 2023).
0.053 = 4.8億元人民幣 ÷（112億元人民幣-22億元人民幣） （基於截至2023年12月的過去十二個月）。
Therefore, Ningbo Zhoushan Port has an ROCE of 5.3%. Even though it's in line with the industry average of 5.3%, it's still a low return by itself.
因此，寧波舟山港的投資回報率爲5.3％。儘管它與行業平均水平的5.3％一致，但其本身的回報率仍然很低。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Ningbo Zhoushan Port's ROCE against it's prior returns. If you're interested in investigating Ningbo Zhoushan Port's past further, check out this free graph covering Ningbo Zhoushan Port's past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點，因此在上方您可以看到寧波舟山港投資回報率與先前回報對比的指標。如果你有興趣進一步調查寧波舟山港的過去，請查看這張涵蓋寧波舟山港過去的收益、收入和現金流的免費圖表。
What Can We Tell From Ningbo Zhoushan Port's ROCE Trend?
我們可以從寧波舟山港的ROCE趨勢中得出什麼？
In terms of Ningbo Zhoushan Port's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 7.2%, but since then they've fallen to 5.3%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就寧波舟山港的歷史ROCE走勢而言，這種趨勢並不理想。大約五年前，資本回報率爲7.2％，但此後已降至5.3％。另一方面，該公司在去年一直在使用更多資本，但銷售額沒有相應改善，這可能表明這些投資是長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a related note, Ningbo Zhoushan Port has decreased its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是，寧波舟山港已將其流動負債減少至總資產的20％。因此，我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是，這可以降低業務風險的某些方面，因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率，因爲該公司現在正在用自己的資金爲更多的業務提供資金。
Our Take On Ningbo Zhoushan Port's ROCE
我們對寧波舟山港投資回報率的看法
In summary, Ningbo Zhoushan Port is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 26% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總而言之，寧波舟山港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。投資者似乎對趨勢的回升猶豫不決，因爲該股在過去五年中下跌了26％。總而言之，多裝袋機的固有趨勢並不常見，因此，如果您想要這樣做，我們認爲您在其他地方可能會有更多的運氣。
Like most companies, Ningbo Zhoushan Port does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，寧波舟山港確實存在一些風險，我們發現了一個你應該注意的警告信號。
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.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。
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