Zhejiang Dahua Technology (SZSE:002236) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang Dahua Technology (SZSE:002236) Might Be Having Difficulty Using Its Capital Effectively
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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 investigating Zhejiang Dahua Technology (SZSE:002236), we don't think it's current trends fit the mold of a multi-bagger.
我们应该寻找什么样的趋势,我们想要找出能够长期成倍增值的股票?首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。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。不过,经过调查,浙江大华科技(SZSE:002236),我们认为目前的趋势不适合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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 Zhejiang Dahua Technology 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。对浙江大华科技的这一计算公式为:
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)
0.066 = CN¥2.3b ÷ (CN¥49b - CN¥14b) (Based on the trailing twelve months to September 2023).
0.066=CN元23亿?(CN元49亿-CN元14亿)(根据截至2023年9月的往绩12个月计算)。
Thus, Zhejiang Dahua Technology has an ROCE of 6.6%. On its own that's a low return, but compared to the average of 5.3% generated by the Electronic industry, it's much better.
因此,浙江大华科技ROCE为6.6%。就其本身而言,这是一个很低的回报率,但与电子行业5.3%的平均回报率相比,这要好得多。
See our latest analysis for Zhejiang Dahua Technology
查看我们对浙江大华科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231023/0-43a92b8e4504093a1f77630081e7a40c-0-f753376f6790b592978d72568408e5f8.png/big)
Above you can see how the current ROCE for Zhejiang Dahua Technology 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 report on analyst forecasts for the company.
上面你可以看到浙江大华科技目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
The Trend Of ROCE
ROCE的发展趋势
On the surface, the trend of ROCE at Zhejiang Dahua Technology doesn't inspire confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 6.6%. 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.
从表面上看,浙江大华科技的ROCE走势并没有激发信心。大约五年前,资本回报率为22%,但自那以来已降至6.6%。另一方面,该公司一直在使用更多的资本,但去年的销售额没有相应的改善,这可能表明这些投资是更长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
On a side note, Zhejiang Dahua Technology has done well to pay down its current liabilities to 29% 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.
另一方面,浙江大华科技在偿还当前负债至总资产的29%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。一些人会说,这降低了企业产生净资产收益率的效率,因为它现在用自己的钱为更多的运营提供资金。
The Key Takeaway
关键的外卖
To conclude, we've found that Zhejiang Dahua Technology is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 94% 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.
综上所述,我们发现浙江大华科技正在对该业务进行再投资,但回报一直在下降。由于该股在过去五年中上涨了94%,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 separate note, we've found 3 warning signs for Zhejiang Dahua Technology you'll probably want to know about.
另外,我们发现浙江大华科技的三个警示标志你可能会想知道。
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.
对于那些喜欢投资于稳固的公司,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。