Be Wary Of China National Electric Apparatus Research Institute (SHSE:688128) And Its Returns On Capital
Be Wary Of China National Electric Apparatus Research Institute (SHSE:688128) And Its Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at China National Electric Apparatus Research Institute (SHSE:688128) and its ROCE trend, we weren't exactly thrilled.
你知道嗎，有一些財務指標可以提供潛在的多管齊下的線索？一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加，同時也在增長金額已動用資本的比例。歸根結底，這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。有鑒於此，當我們看到中國國家電器研究所(上海證券交易所：688128)和它的ROCE趨勢，我們並不是很興奮。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE)：它是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for China National Electric Apparatus Research Institute, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量的是一家公司可以從其業務中使用的資本產生的稅前利潤。要計算中國國家電器研究所的這一指標，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)
0.099 = CN¥290m ÷ (CN¥6.7b - CN¥3.8b) (Based on the trailing twelve months to June 2023).
0.099=人民幣2.9億？(人民幣67億元-人民幣38億元)(根據截至2023年6月的往績12個月計算)。
Thus, China National Electric Apparatus Research Institute has an ROCE of 9.9%. On its own that's a low return, but compared to the average of 6.3% generated by the Electrical industry, it's much better.
因此，中國國家電器研究所的淨資產收益率為9.9%。就其本身而言，這是一個很低的回報率，但與電氣行業6.3%的平均回報率相比，這要好得多。
See our latest analysis for China National Electric Apparatus Research Institute
請看我們對中國國家電器研究所的最新分析
In the above chart we have measured China National Electric Apparatus Research Institute's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for China National Electric Apparatus Research Institute.
在上面的圖表中，我們衡量了中國國家電器研究所先前的淨資產收益率與其先前的業績，但可以說，未來更重要。如果您想查看分析師對未來的預測，您應該查看我們的免費中國國家電器研究所報告。
The Trend Of ROCE
ROCE的發展趨勢
In terms of China National Electric Apparatus Research Institute's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 13%, but since then they've fallen to 9.9%. 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.
就中國國家電器研究所的歷史ROCE動作而言，這一趨勢並不奇妙。大約五年前，資本回報率為13%，但自那以來已降至9.9%。儘管，考慮到收入和業務中使用的資產數量都有所增加，這可能表明該公司正在投資於增長，而額外的資本導致了ROCE的短期下降。如果增加的資本產生額外的回報，從長遠來看，企業和股東都將受益。
On a side note, China National Electric Apparatus Research Institute's current liabilities are still rather high at 56% of total assets. 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外，中國電器研究所的流動負債仍相當高，佔總資產的56%。這可能會帶來一些風險，因為該公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人運營的。雖然這不一定是一件壞事，但如果這一比例較低，它可能是有益的。
What We Can Learn From China National Electric Apparatus Research Institute's ROCE
我們可以從中國電器研究所的ROCE中學到什麼
In summary, despite lower returns in the short term, we're encouraged to see that China National Electric Apparatus Research Institute is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 1.0% gain to shareholders who've held over the last three years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
綜上所述，儘管短期內回報較低，但令我們感到鼓舞的是，中國國家電器研究所正在為增長而進行再投資，並因此實現了更高的銷售額。這些趨勢開始得到投資者的認可，因為該股在過去三年裡為持有該股的股東帶來了1.0%的收益。因此，如果其他基本面被證明是健康的，這只股票可能仍然是一個有吸引力的投資機會。
On a final note, we've found 2 warning signs for China National Electric Apparatus Research Institute that we think you should be aware of.
最後一點，我們發現中國電器研究所的2個警示標誌我們認為你應該意識到.
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.
如果你想尋找收入豐厚的可靠公司，看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.
譯文內容由第三人軟體翻譯。