Investors Could Be Concerned With Hangzhou Youngsun Intelligent Equipment's (SHSE:603901) Returns On Capital
Investors Could Be Concerned With Hangzhou Youngsun Intelligent Equipment's (SHSE:603901) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Hangzhou Youngsun Intelligent Equipment (SHSE:603901) and its ROCE trend, we weren't exactly thrilled.
如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。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。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。有鉴于此,当我们查看杭州永创智能装备(SHSE: 603901)及其投资回报率趋势时,我们并不十分兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 Hangzhou Youngsun Intelligent Equipment:
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。分析师使用以下公式来计算杭州永创智能设备的计算公式:
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)
0.035 = CN¥153m ÷ (CN¥7.0b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.035 = 1.53亿元人民币 ÷(7.0亿元人民币-27亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Hangzhou Youngsun Intelligent Equipment has an ROCE of 3.5%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.
因此,杭州永创智能装备的投资回报率为3.5%。从绝对值来看,这是一个低回报,其表现也低于机械行业6.1%的平均水平。
See our latest analysis for Hangzhou Youngsun Intelligent Equipment
查看我们对杭州永创智能装备的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240118/0-4bd8c4694698692a89c95ba2231a227c-0-7ee17a532ac8aab29db6c21847fc56be.png/big)
In the above chart we have measured Hangzhou Youngsun Intelligent Equipment's 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 Hangzhou Youngsun Intelligent Equipment.
在上图中,我们将杭州永创智能设备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,你应该查看我们的杭州永创智能设备免费报告。
The Trend Of ROCE
ROCE 的趋势
We weren't thrilled with the trend because Hangzhou Youngsun Intelligent Equipment's ROCE has reduced by 49% over the last five years, while the business employed 196% more capital. That being said, Hangzhou Youngsun Intelligent Equipment raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Hangzhou Youngsun Intelligent Equipment's earnings and if they change as a result from the capital raise.
我们对这一趋势并不感到兴奋,因为杭州永创智能设备的投资回报率在过去五年中下降了49%,而该业务使用的资本增加了196%。话虽如此,杭州永创智能装备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。筹集的资金可能尚未投入使用,因此值得关注的是,杭州永创智能设备的未来收益会发生什么,以及这些收益是否会因筹集资金而发生变化。
Our Take On Hangzhou Youngsun Intelligent Equipment's ROCE
我们对杭州永创智能设备投资回报率的看法
Bringing it all together, while we're somewhat encouraged by Hangzhou Youngsun Intelligent Equipment's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 55% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
综上所述,尽管杭州永创智能设备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。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55%。但是,除非这些潜在趋势变得更加乐观,否则我们不会抱太高的希望。
If you'd like to know about the risks facing Hangzhou Youngsun Intelligent Equipment, we've discovered 2 warning signs that you should be aware of.
如果你想了解杭州永创智能设备面临的风险,我们发现了两个警告信号,你应该注意。
While Hangzhou Youngsun Intelligent Equipment 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.
尽管杭州永创智能设备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%的公司清单。在这里查看这个免费清单。
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