Returns On Capital Signal Tricky Times Ahead For Hunan Aihua Group (SHSE:603989)
Returns On Capital Signal Tricky Times Ahead For Hunan Aihua Group (SHSE:603989)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. In light of that, when we looked at Hunan Aihua Group (SHSE:603989) and its ROCE trend, we weren't exactly thrilled.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。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。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。有鉴于此,当我们查看湖南艾华集团(SHSE: 603989)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?
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. The formula for this calculation on Hunan Aihua Group is:
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。湖南艾华集团的计算公式为:
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)
0.10 = CN¥430m ÷ (CN¥5.6b - CN¥1.5b) (Based on the trailing twelve months to September 2023).
0.10 = 4.3亿元人民币 ÷(56亿元人民币-1.5亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Hunan Aihua Group has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.0% it's much better.
因此,湖南艾华集团的投资回报率为10%。从绝对值来看,这是一个令人满意的回报,但与电子行业的平均水平5.0%相比,回报要好得多。
See our latest analysis for Hunan Aihua Group
查看我们对湖南艾华集团的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-03cde315cb91370368abe7eafc749c6c-0-21235821494f6bb92fcd6e8c6e87f455.png/big)
In the above chart we have measured Hunan Aihua Group'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 Hunan Aihua Group.
在上图中,我们将湖南艾华集团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,你应该查看我们的湖南艾华集团免费报告。
What Does the ROCE Trend For Hunan Aihua Group Tell Us?
湖南艾华集团的投资回报率趋势告诉我们什么?
On the surface, the trend of ROCE at Hunan Aihua Group doesn't inspire confidence. Around five years ago the returns on capital were 13%, but since then they've fallen to 10%. 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.
从表面上看,湖南艾华集团的ROCE趋势并不能激发信心。大约五年前,资本回报率为13%,但此后已降至10%。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 Bottom Line
底线
In summary, Hunan Aihua Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 4.2% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,湖南艾华集团正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。投资者可能会意识到这些趋势,因为在过去五年中,该股向股东的总回报率仅为4.2%。因此,如果你正在寻找一款多袋装车,潜在的趋势表明你在其他地方的机会可能更大。
If you'd like to know about the risks facing Hunan Aihua Group, we've discovered 1 warning sign that you should be aware of.
如果你想了解湖南艾华集团面临的风险,我们发现了一个你应该注意的警告信号。
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。