Returns On Capital At Ningbo Huaxiang Electronic (SZSE:002048) Have Hit The Brakes
Returns On Capital At Ningbo Huaxiang Electronic (SZSE:002048) Have Hit The Brakes
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Ningbo Huaxiang Electronic (SZSE:002048) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票?一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加,同时也在增长金额已动用资本的比例。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。然而,在简单地看了一下数字之后,我们认为宁波华翔电子(SZSE:002048)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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. The formula for this calculation on Ningbo Huaxiang Electronic is:
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。宁波华翔电子的这一计算公式为:
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)
0.098 = CN¥1.5b ÷ (CN¥25b - CN¥10b) (Based on the trailing twelve months to June 2023).
0.098=CN元15亿?(CN元25B-CN元10B)(根据截至2023年6月的往绩12个月计算)。
Therefore, Ningbo Huaxiang Electronic has an ROCE of 9.8%. In absolute terms, that's a low return, but it's much better than the Auto Components industry average of 5.6%.
所以呢,宁波华翔电子的净资产收益率为9.8%。按绝对值计算,这是一个较低的回报率,但远好于汽车零部件行业5.6%的平均水平。
View our latest analysis for Ningbo Huaxiang Electronic
查看我们对宁波华翔电子的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231020/0-d5375dfd62d28de16a8523939e58cda1-0-17d698b777209b19f265882c67e8846f.png/big)
Above you can see how the current ROCE for Ningbo Huaxiang Electronic compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Ningbo Huaxiang Electronic here for free.
上面你可以看到宁波华翔电子目前的净资产收益率与其之前的资本回报率相比如何,但从过去你只能看出这么多。如果您愿意,您可以在这里查看宁波华翔电子分析师的预测。免费的。
So How Is Ningbo Huaxiang Electronic's ROCE Trending?
那么,宁波华翔电子的ROCE趋势如何?
In terms of Ningbo Huaxiang Electronic's historical ROCE trend, it doesn't exactly demand attention. The company has employed 53% more capital in the last five years, and the returns on that capital have remained stable at 9.8%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就宁波华翔电子的历史ROCE走势而言,它并不完全需要关注。该公司在过去五年中增聘了53%的资本,这些资本的回报率一直稳定在9.8%。这种糟糕的ROCE目前并没有激发人们的信心,而且随着所用资本的增加,很明显,该公司没有将资金用于高回报投资。
Another thing to note, Ningbo Huaxiang Electronic has a high ratio of current liabilities to total assets of 40%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是,宁波华翔电子的流动负债与总资产之比高达40%。这实际上意味着供应商(或短期债权人)正在为很大一部分业务提供资金,因此只需意识到这可能会带来一些风险因素。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
The Key Takeaway
关键的外卖
In summary, Ningbo Huaxiang Electronic has simply been reinvesting capital and generating the same low rate of return as before. Since the stock has gained an impressive 85% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总而言之,宁波华翔电子一直在进行资本再投资,产生的回报率与以前一样低。由于该股在过去五年中上涨了85%,投资者肯定认为未来会有更好的事情发生。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太大希望。
On a final note, we've found 1 warning sign for Ningbo Huaxiang Electronic that we think you should be aware of.
最后一点,我们发现宁波华翔电子1个警示标志我们认为你应该意识到。
While Ningbo Huaxiang Electronic isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管宁波华翔电子的回报率并不是最高的,但看看这个。免费资产负债表稳健、股本回报率高的公司名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。