Returns On Capital Signal Tricky Times Ahead For Hangjin Technology (SZSE:000818)
Returns On Capital Signal Tricky Times Ahead For Hangjin Technology (SZSE:000818)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Hangjin Technology (SZSE:000818) and its ROCE trend, we weren't exactly thrilled.
我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。有鉴于此,当我们研究航锦科技(深圳证券交易所代码:000818)及其投资回报率趋势时,我们并不十分兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. Analysts use this formula to calculate it for Hangjin Technology:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用以下公式来计算航锦科技:
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)
0.016 = CN¥69m ÷ (CN¥5.1b - CN¥885m) (Based on the trailing twelve months to September 2023).
0.016 = 6900万元人民币 ÷(51亿元人民币-8.85亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Hangjin Technology has an ROCE of 1.6%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,航锦科技的投资回报率为1.6%。归根结底,这是一个低回报,其表现低于化工行业5.5%的平均水平。
See our latest analysis for Hangjin Technology
查看我们对航锦科技的最新分析
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're interested in investigating Hangjin Technology's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果您有兴趣进一步调查航锦科技的过去,请查看这张免费的过去收益、收入和现金流图表。
What Can We Tell From Hangjin Technology's ROCE Trend?
我们可以从航锦科技的投资回报率趋势中得出什么?
On the surface, the trend of ROCE at Hangjin Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 22% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
从表面上看,航锦科技的投资回报率趋势并不能激发信心。更具体地说,投资回报率已从过去五年的22%下降。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多资金,但实际上产生的回报却较低——本身 “性价比更低”。
On a side note, Hangjin Technology has done well to pay down its current liabilities to 17% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一句,航锦科技在将其流动负债偿还至总资产的17%方面做得很好。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。
Our Take On Hangjin Technology's ROCE
我们对航锦科技投资回报率的看法
In summary, we're somewhat concerned by Hangjin Technology's diminishing returns on increasing amounts of capital. Yet despite these poor fundamentals, the stock has gained a huge 208% over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
总而言之,我们对航锦科技因资本额增加而产生的回报减少感到担忧。然而,尽管基本面不佳,但该股在过去五年中仍大幅上涨了208%,因此投资者似乎非常乐观。无论如何,我们对基本面不太满意,因此我们暂时会避开这只股票。
Hangjin Technology does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is concerning...
但是,航锦科技确实存在一些风险,我们在投资分析中发现了3个警告信号,其中一个是令人担忧的...
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。