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Capital Allocation Trends At Sanwei Holding GroupLtd (SHSE:603033) Aren't Ideal

Capital Allocation Trends At Sanwei Holding GroupLtd (SHSE:603033) Aren't Ideal

三威控股集團有限公司(SHSE: 603033)的資本配置趨勢並不理想
Simply Wall St ·  05/12 08:10

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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Sanwei Holding GroupLtd (SHSE:603033), we don't think it's current trends fit the mold of a multi-bagger.

尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。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。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。但是,在調查了三威控股集團有限公司(SHSE: 603033)之後,我們認爲目前的趨勢不符合多袋機的模式。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

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. To calculate this metric for Sanwei Holding GroupLtd, this is the formula:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算三威控股集團有限公司的這一指標,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)

0.045 = CN¥291m ÷ (CN¥11b - CN¥4.4b) (Based on the trailing twelve months to March 2024).

0.045 = 2.91億元人民幣 ÷(11億元人民幣-4.4億元人民幣) (基於截至2024年3月的過去十二個月)

So, Sanwei Holding GroupLtd has an ROCE of 4.5%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.6%.

因此,三威控股集團有限公司的投資回報率爲4.5%。從絕對值來看,回報率很低,也低於化工行業5.6%的平均水平。

roce
SHSE:603033 Return on Capital Employed May 12th 2024
SHSE: 603033 2024 年 5 月 12 日動用資本回報率

Above you can see how the current ROCE for Sanwei Holding GroupLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Sanwei Holding GroupLtd .

在上面你可以看到三威控股集團有限公司當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們爲三威控股集團有限公司提供的免費分析師報告中查看分析師的預測。

How Are Returns Trending?

退貨趨勢如何?

On the surface, the trend of ROCE at Sanwei Holding GroupLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 4.5% from 5.7% five years ago. 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. If these investments prove successful, this can bode very well for long term stock performance.

從表面上看,三威控股集團有限公司的投資回報率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5.7%下降到4.5%。儘管考慮到該業務的收入和資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了投資回報率的短期下降。如果這些投資被證明是成功的,這對長期股票表現來說可能是個好兆頭。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 40%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.

在這個問題上,我們注意到流動負債佔總資產的比率已上升至40%,這影響了投資回報率。如果流動負債沒有像以前那樣增加,投資回報率實際上可能會更低。這意味着,實際上,相當一部分業務是由公司的供應商或短期債權人等機構提供資金的,這本身可能會帶來一些風險。

The Bottom Line On Sanwei Holding GroupLtd's ROCE

三威控股集團有限公司投資回報率的底線

In summary, despite lower returns in the short term, we're encouraged to see that Sanwei Holding GroupLtd is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 157% return over the last five years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.

總而言之,儘管短期內回報較低,但令我們感到鼓舞的是,三威控股集團有限公司正在進行再投資以實現增長,從而實現了更高的銷售額。在過去五年中,該股表現非常出色,回報率爲157%,因此,長期投資者無疑對這一結果欣喜若狂。因此,儘管投資者似乎已經意識到了這些令人鼓舞的趨勢,但我們將進一步研究該股,以確保其他指標證明正面觀點是合理的。

If you'd like to know more about Sanwei Holding GroupLtd, we've spotted 3 warning signs, and 2 of them are potentially serious.

如果您想進一步了解三威控股集團有限公司,我們已經發現了3個警告信號,其中2個可能很嚴重。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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