Investors Met With Slowing Returns on Capital At Shanghai Zhenhua Heavy Industries (SHSE:900947)
Investors Met With Slowing Returns on Capital At Shanghai Zhenhua Heavy Industries (SHSE:900947)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Shanghai Zhenhua Heavy Industries (SHSE:900947) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在寻找下一款多袋装机时不确定从哪里开始，那么你应该注意一些关键趋势。除其他外，我们希望看到两件事；首先，一个不断增长的 返回 论资本使用率（ROCE），其次是公司的扩张 金额 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，在简要看了这些数字之后，我们认为上海振华重工（SHSE: 900947）在未来不具备多装袋机的实力，但让我们来看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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 Shanghai Zhenhua Heavy Industries:
如果你以前没有与ROCE合作过，它会衡量公司从其业务中使用的资本中产生的 “回报”（税前利润）。分析师使用这个公式来计算上海振华重工的计算公式：
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）
0.043 = CN¥1.6b ÷ (CN¥84b - CN¥48b) (Based on the trailing twelve months to September 2023).
0.043 = 16亿元人民币 ÷（84亿元人民币-48亿元人民币） （基于截至2023年9月的过去十二个月）。
Thus, Shanghai Zhenhua Heavy Industries has an ROCE of 4.3%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.1%.
因此，上海振华重工的投资回报率为4.3％。归根结底，这是一个低回报，其表现低于机械行业6.1％的平均水平。
See our latest analysis for Shanghai Zhenhua Heavy Industries
查看我们对上海振华重工的最新分析
In the above chart we have measured Shanghai Zhenhua Heavy Industries' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Shanghai Zhenhua Heavy Industries.
在上图中，我们将上海振华重工先前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果你想了解分析师对未来的预测，你应该查看我们的上海振华重工免费报告。
What Can We Tell From Shanghai Zhenhua Heavy Industries' ROCE Trend?
我们可以从上海振华重工的ROCE趋势中得出什么？
There hasn't been much to report for Shanghai Zhenhua Heavy Industries' returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Shanghai Zhenhua Heavy Industries to be a multi-bagger going forward.
上海振华重工的回报率及其资本利用水平没有太多可报告的，因为这两个指标在过去五年中一直保持稳定。具有这些特征的企业往往是成熟而稳定的运营，因为它们已经过了增长阶段。考虑到这一点，除非未来投资再次回升，否则我们预计上海振华重工未来不会成为一个多口袋企业。
On a separate but related note, it's important to know that Shanghai Zhenhua Heavy Industries has a current liabilities to total assets ratio of 57%, which we'd consider pretty high. 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.
另一方面，重要的是要知道上海振华重工的流动负债与总资产的比率为57％，我们认为这个比率相当高。这实际上意味着供应商（或短期债权人）正在为业务的很大一部分提供资金，因此请注意，这可能会带来一些风险因素。理想情况下，我们希望看到这种情况减少，因为这将意味着减少承担风险的债务。
The Bottom Line
底线
In a nutshell, Shanghai Zhenhua Heavy Industries has been trudging along with the same returns from the same amount of capital over the last five years. And in the last five years, the stock has given away 39% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Shanghai Zhenhua Heavy Industries has the makings of a multi-bagger.
简而言之，在过去的五年中，上海振华重工一直在努力从相同数量的资本中获得同样的回报。在过去的五年中，该股已经下跌了39％，因此市场对这些趋势在短期内走强似乎并不抱太大希望。因此，根据本文的分析，我们认为上海振华重工不具备多装袋机的优势。
If you'd like to know more about Shanghai Zhenhua Heavy Industries, we've spotted 3 warning signs, and 1 of them doesn't sit too well with us.
如果你想进一步了解上海振华重工，我们已经发现了3个警告标志，其中一个不太适合我们。
While Shanghai Zhenhua Heavy Industries may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管上海振华重工目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这个免费清单。
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