Hangzhou Jingye Intelligent Technology (SHSE:688290) Is Reinvesting At Lower Rates Of Return
Hangzhou Jingye Intelligent Technology (SHSE:688290) Is Reinvesting At Lower Rates Of Return
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. However, after briefly looking over the numbers, we don't think Hangzhou Jingye Intelligent Technology (SHSE:688290) 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。但是,在简要看了这些数字之后,我们认为杭州精业智能科技(SHSE: 688290)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)?
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 Hangzhou Jingye Intelligent Technology 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。杭州精业智能科技的计算公式为:
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)
0.031 = CN¥39m ÷ (CN¥1.5b - CN¥270m) (Based on the trailing twelve months to September 2023).
0.031 = 3,900万元人民币 ÷(15亿元人民币-2.7亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Hangzhou Jingye Intelligent Technology has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.0%.
因此,杭州精业智能科技的投资回报率为3.1%。从绝对值来看,这是一个低回报,其表现也低于机械行业6.0%的平均水平。
See our latest analysis for Hangzhou Jingye Intelligent Technology
查看我们对杭州精业智能科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240125/0-2e20005e07adddc3571419ca65bd29f2-0-cea37a5a84717ab95dd0907cae0b45b0.png/big)
Above you can see how the current ROCE for Hangzhou Jingye Intelligent Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Hangzhou Jingye Intelligent Technology.
上面你可以看到杭州精业智能科技当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。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精业智能科技免费报告。
How Are Returns Trending?
退货趋势如何?
Unfortunately, the trend isn't great with ROCE falling from 27% four years ago, while capital employed has grown 1,354%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Hangzhou Jingye Intelligent Technology probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
不幸的是,这种趋势并不乐观,投资回报率从四年前的27%下降了,而资本利用率增长了1,354%。但是,动用资本的增加在一定程度上可能归因于最近的融资是在其最新报告期之前完成的,因此在考虑投资回报率下降时请记住这一点。杭州晶业智能科技可能尚未从其筹集的新资金中获得整整一年的收益,因此这些数字应该稍加考虑。
On a related note, Hangzhou Jingye Intelligent Technology has decreased its current liabilities to 18% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是,杭州精业智能科技已将其流动负债减少至总资产的18%。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Key Takeaway
关键要点
From the above analysis, we find it rather worrisome that returns on capital and sales for Hangzhou Jingye Intelligent Technology have fallen, meanwhile the business is employing more capital than it was four years ago. Long term shareholders who've owned the stock over the last year have experienced a 34% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
从上述分析来看,我们发现相当令人担忧的是,杭州精业智能科技的资本回报率和销售回报率有所下降,同时该业务雇用的资金比四年前还要多。去年持有该股的长期股东的投资贬值了34%,因此看来市场可能也不喜欢这些趋势。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Hangzhou Jingye Intelligent Technology (of which 1 can't be ignored!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解它们是什么,我们已经发现了杭州精业智能科技的4个警告信号(其中1个不容忽视!)你应该知道的。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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。