Some Investors May Be Worried About Xianheng International Science&Technology's (SHSE:605056) Returns On Capital
Some Investors May Be Worried About Xianheng International Science&Technology's (SHSE:605056) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Xianheng International Science&Technology (SHSE:605056) and its ROCE trend, we weren't exactly thrilled.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。有鉴于此,当我们看到咸亨国际科技有限公司(上海证券交易所:605056)和它的ROCE趋势,我们并不是很兴奋。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Xianheng International Science&Technology:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。分析师们用这个公式来计算鲜恒国际科技的股价:
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)
0.17 = CN¥249m ÷ (CN¥2.3b - CN¥797m) (Based on the trailing twelve months to June 2023).
0.17=人民币2.49亿元?(人民币23亿元-人民币7.97亿元)(根据截至2023年6月的往绩12个月计算)。
So, Xianheng International Science&Technology has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 6.3% it's much better.
所以,先恒国际科技的净资产收益率为17%。就绝对值而言,这是一个令人满意的回报率,但与机械行业6.3%的平均回报率相比,这要好得多。
View our latest analysis for Xianheng International Science&Technology
查看我们对先恒国际科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231031/0-03051701593b11ae7aee8e1ec639c9d5-0-6e06d0710f14d9cdeb2ac7c0377226ba.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Xianheng International Science&Technology, check out these free graphs here.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想深入研究先恒国际科技的历史收益、收入和现金流,请查看以下内容免费图表在这里。
The Trend Of ROCE
ROCE的发展趋势
When we looked at the ROCE trend at Xianheng International Science&Technology, we didn't gain much confidence. Around five years ago the returns on capital were 32%, but since then they've fallen to 17%. 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.
当我们看着咸恒国际科技的ROCE趋势时,我们并没有获得太多信心。大约五年前,资本回报率为32%,但自那以来已降至17%。尽管,考虑到收入和业务中使用的资产数量都有所增加,这可能表明该公司正在投资于增长,而额外的资本导致了ROCE的短期下降。如果增加的资本产生额外的回报,从长远来看,企业和股东都将受益。
The Bottom Line
底线
In summary, despite lower returns in the short term, we're encouraged to see that Xianheng International Science&Technology 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 0.3% gain to shareholders who've held over the last year. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
总而言之,尽管短期内回报较低,但我们感到鼓舞的是,鲜恒国际科技正在为增长而进行再投资,并因此实现了更高的销售额。这些趋势开始得到投资者的认可,因为该股在过去一年里为持有该股的股东带来了0.3%的收益。因此,我们建议进一步研究这只股票,以确认它是否具备良好的投资条件。
Xianheng International Science&Technology does have some risks, we noticed 3 warning signs (and 1 which can't be ignored) we think you should know about.
鲜恒国际科技确实存在一些风险,我们注意到3个警示标志(还有一个不容忽视)我们认为你应该知道这一点。
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.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。