Here's What's Concerning About Huafon Chemical's (SZSE:002064) Returns On Capital
Here's What's Concerning About Huafon Chemical's (SZSE:002064) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Huafon Chemical (SZSE:002064) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?除其他外,我们希望看到两件事;首先,成长 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。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,在简短地查看了这些数字之后,我们认为华丰化学(SZSE:002064)未来不具备多袋机的优势,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)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Huafon Chemical:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。分析师使用这个公式来计算华丰化学:
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)
0.084 = CN¥2.2b ÷ (CN¥37b - CN¥11b) (Based on the trailing twelve months to September 2023).
0.084 = 22亿元人民币 ÷(37亿元人民币-11亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Huafon Chemical has an ROCE of 8.4%. In absolute terms, that's a low return, but it's much better than the Chemicals industry average of 5.5%.
因此,华丰化工的投资回报率为8.4%。从绝对值来看,回报率很低,但远好于化工行业平均水平的5.5%。
See our latest analysis for Huafon Chemical
查看我们对华丰化学的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240117/0-8e2372091af4d13e1e5feda6c17b541e-0-5aa4e5f66d3ac239968639afd0d17c7c.png/big)
In the above chart we have measured Huafon Chemical'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,我们将华丰化学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 Can We Tell From Huafon Chemical's ROCE Trend?
我们可以从华丰化学的投资回报率趋势中得出什么?
In terms of Huafon Chemical's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 12%, but since then they've fallen to 8.4%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就华丰化学的历史投资回报率走势而言,这一趋势并不理想。大约五年前,资本回报率为12%,但此后已降至8.4%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
The Key Takeaway
关键要点
To conclude, we've found that Huafon Chemical is reinvesting in the business, but returns have been falling. Although the market must be expecting these trends to improve because the stock has gained 69% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
总而言之,我们发现华丰化学正在对该业务进行再投资,但回报率一直在下降。尽管市场必须预期这些趋势会有所改善,因为该股在过去五年中上涨了69%。但是,如果这些潜在趋势的发展轨迹继续下去,我们认为从现在起它成为多股势力的可能性并不高。
If you want to know some of the risks facing Huafon Chemical we've found 3 warning signs (1 is a bit unpleasant!) that you should be aware of before investing here.
如果你想了解华丰化学面临的一些风险,我们发现了3个警告信号(其中一个有点不愉快!)在这里投资之前,您应该注意这一点。
While Huafon Chemical 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.
尽管华丰化学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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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。