Some Investors May Be Worried About Guangdong Hongtu Technology (Holdings)Ltd's (SZSE:002101) Returns On Capital
Some Investors May Be Worried About Guangdong Hongtu Technology (Holdings)Ltd's (SZSE:002101) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Guangdong Hongtu Technology (holdings)Ltd (SZSE:002101), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多袋股票，我们应该在企业中寻找哪些潜在趋势？首先，我们希望看到一个经过验证的 返回 关于正在增加的资本使用率（ROCE），其次是扩大 基础 所用资本的比例。归根结底，这表明这是一家以不断提高的回报率对利润进行再投资的企业。但是，在调查了广东宏图科技（控股）有限公司（深圳证券交易所：002101）之后，我们认为目前的趋势不符合多袋机的模式。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Guangdong Hongtu Technology (holdings)Ltd:
为了澄清一下你是否不确定，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。分析师使用这个公式来计算广东宏图科技（控股）有限公司的利润：
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）
0.056 = CN¥476m ÷ (CN¥12b - CN¥3.7b) (Based on the trailing twelve months to September 2023).
0.056 = 4.76亿元人民币 ÷（12亿元人民币-37亿元人民币） （基于截至2023年9月的过去十二个月）。
So, Guangdong Hongtu Technology (holdings)Ltd has an ROCE of 5.6%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.1%.
因此，广东宏图科技（控股）有限公司的投资回报率为5.6％。这本身就是很低的资本回报率，但与该行业6.1％的平均回报率一致。
View our latest analysis for Guangdong Hongtu Technology (holdings)Ltd
查看我们对广东宏图科技（控股）有限公司的最新分析
In the above chart we have measured Guangdong Hongtu Technology (holdings)Ltd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中，我们将广东宏图科技（控股）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。如果您有兴趣，可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
We weren't thrilled with the trend because Guangdong Hongtu Technology (holdings)Ltd's ROCE has reduced by 46% over the last five years, while the business employed 62% more capital. That being said, Guangdong Hongtu Technology (holdings)Ltd raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Guangdong Hongtu Technology (holdings)Ltd probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
我们对这一趋势并不感到兴奋，因为广东宏图科技（控股）有限公司的投资回报率在过去五年中下降了46％，而该业务使用的资本增加了62％。话虽如此，广东宏图科技（控股）有限公司在最新业绩公布之前筹集了一些资金，因此这可以部分解释动用资本的增加。广东宏图科技（控股）有限公司可能尚未从其筹集的新资金中获得整整一年的收益，因此这些数字应该稍加考虑。
What We Can Learn From Guangdong Hongtu Technology (holdings)Ltd's ROCE
我们可以从广东宏图科技（控股）有限公司的ROCE中学到什么
Bringing it all together, while we're somewhat encouraged by Guangdong Hongtu Technology (holdings)Ltd's reinvestment in its own business, we're aware that returns are shrinking. Yet to long term shareholders the stock has gifted them an incredible 124% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
综上所述，尽管广东宏图科技（控股）有限公司对自有业务的再投资使我们感到有些鼓舞，但我们意识到回报正在萎缩。然而，对于长期股东来说，该股在过去五年中为他们带来了令人难以置信的124％的回报，因此市场似乎对其未来持乐观态度。归根结底，如果潜在的趋势持续下去，我们就不会屏住呼吸了，因为它是未来的 “多管齐下”。
On a final note, we've found 1 warning sign for Guangdong Hongtu Technology (holdings)Ltd that we think you should be aware of.
最后，我们发现了广东宏图科技（控股）有限公司的一个警告信号，我们认为你应该注意这个信号。
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.
对于那些喜欢投资稳健公司的人，可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。