Wuxi Taiji Industry Limited (SHSE:600667) Will Be Hoping To Turn Its Returns On Capital Around
Wuxi Taiji Industry Limited (SHSE:600667) Will Be Hoping To Turn Its Returns On Capital Around
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. On that note, looking into Wuxi Taiji Industry Limited (SHSE:600667), we weren't too upbeat about how things were going.
如果你看的是一个已经过了增长阶段的成熟企业，那么会出现哪些潜在趋势？当我们看到下降时 返回 在资本使用率（ROCE）的下降的同时 基础 就所使用的资本而言，成熟的企业通常会以这种方式显示出老化的迹象。归根结底，这意味着该公司每投资1美元的收入减少了，最重要的是，它正在缩小其使用的资本基础。从这个角度来看，调查无锡太极实业有限公司（SHSE: 600667），我们对事情的发展并不太乐观。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Wuxi Taiji Industry Limited is:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。无锡太极实业有限公司的计算公式为：
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）
0.065 = CN¥684m ÷ (CN¥31b - CN¥20b) (Based on the trailing twelve months to September 2023).
0.065 = CN¥684 m ≤（CN¥31b-CN¥20b） （基于截至2023年9月的过去十二个月）。
Therefore, Wuxi Taiji Industry Limited has an ROCE of 6.5%. On its own, that's a low figure but it's around the 5.8% average generated by the Semiconductor industry.
因此，无锡太极实业有限公司的投资回报率为6.5％。就其本身而言，这是一个很低的数字，但大约是半导体行业产生的5.8％的平均水平。
In the above chart we have measured Wuxi Taiji Industry Limited'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 analyst report for Wuxi Taiji Industry Limited .
在上图中，我们将无锡太极实业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。如果你想了解分析师对未来的预测，你应该查看我们为无锡太极实业有限公司提供的免费分析师报告。
What Does the ROCE Trend For Wuxi Taiji Industry Limited Tell Us?
无锡太极实业有限公司的投资回报率趋势告诉我们什么？
There is reason to be cautious about Wuxi Taiji Industry Limited, given the returns are trending downwards. About five years ago, returns on capital were 9.4%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Wuxi Taiji Industry Limited becoming one if things continue as they have.
鉴于回报率呈下降趋势，有理由对无锡太极实业有限公司持谨慎态度。大约五年前，资本回报率为9.4％，但现在已大大低于我们在上面看到的水平。最重要的是，值得注意的是，企业内部使用的资本量一直保持相对稳定。由于回报率下降且该企业的资产数量相同，这可能表明它是一家成熟的企业，在过去五年中没有太大的增长。因此，由于这些趋势通常不利于创建多袋机，因此，如果情况照原样下去，我们就不会屏住呼吸希望无锡太极工业有限公司成为其中之一。
On a side note, Wuxi Taiji Industry Limited's current liabilities have increased over the last five years to 66% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
顺便说一句，无锡太极实业有限公司的流动负债在过去五年中增加到总资产的66％，在某种程度上实际上扭曲了投资回报率。如果流动负债没有像以前那样增加，投资回报率实际上可能会更低。而且，由于流动负债处于这些水平，供应商或短期债权人实际上是在为业务的很大一部分提供资金，这可能会带来一些风险。
What We Can Learn From Wuxi Taiji Industry Limited's ROCE
我们可以从无锡太极实业有限公司的ROCE中学到什么
In summary, it's unfortunate that Wuxi Taiji Industry Limited is generating lower returns from the same amount of capital. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总而言之，不幸的是，无锡太极实业有限公司从相同数量的资本中获得的回报较低。而且，该股在过去五年中一直保持平稳，因此投资者似乎也没有留下太深刻的印象。由于这些领域的潜在趋势并不理想，我们会考虑将目光投向其他地方。
Wuxi Taiji Industry Limited could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 600667 on our platform quite valuable.
无锡太极实业有限公司在其他方面可能会以诱人的价格进行交易，因此您可能会发现我们在我们的平台上对600667的免费内在价值估算非常有价值。
While Wuxi Taiji Industry Limited may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管无锡太极实业有限公司目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这个免费清单。
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