Capital Allocation Trends At Hydsoft TechnologyLtd (SZSE:301316) Aren't Ideal
Capital Allocation Trends At Hydsoft TechnologyLtd (SZSE:301316) Aren't Ideal
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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 Hydsoft TechnologyLtd (SZSE:301316) 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。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 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。但是,在简要研究了这些数字之后,我们认为Hydsoft TechnologyLTD(深圳证券交易所代码:301316)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。
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. To calculate this metric for Hydsoft TechnologyLtd, this is the formula:
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。要计算Hydsoft TechnologyLtd的这个指标,公式如下:
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)
0.07 = CN¥80m ÷ (CN¥1.4b - CN¥288m) (Based on the trailing twelve months to September 2023).
0.07 = 8000万元人民币 ÷(14亿元人民币-2.88亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Hydsoft TechnologyLtd has an ROCE of 7.0%. In absolute terms, that's a low return, but it's much better than the IT industry average of 4.0%.
因此,Hydsoft TechnologyLtd的投资回报率为7.0%。从绝对值来看,回报率很低,但比IT行业平均水平的4.0%要好得多。
View our latest analysis for Hydsoft TechnologyLtd
查看我们对慧软科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-011412718ea24b32d2fb5da6edd30124-0-c9c3967ea453b2c3ea642f171d53ef3d.png/big)
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'd like to look at how Hydsoft TechnologyLtd has performed in the past in other metrics, you can view 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。如果你想在其他指标中查看Hydsoft TechnologyLtd过去的表现,你可以查看这张过去收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
When we looked at the ROCE trend at Hydsoft TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 7.0% from 21% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们研究Hydsoft TechnologyLtd的投资回报率趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率从五年前的21%降至7.0%。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
On a side note, Hydsoft TechnologyLtd has done well to pay down its current liabilities to 20% of total assets. That could partly explain why the ROCE has dropped. 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.
顺便说一句,Hydsoft TechnologyLtd在将其流动负债偿还至总资产的20%方面做得很好。这可以部分解释投资回报率下降的原因。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率的效率,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。
In Conclusion...
总之...
While returns have fallen for Hydsoft TechnologyLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 35% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
尽管最近Hydsoft TechnologyLtd的回报率有所下降,但我们感到鼓舞的是,销售额正在增长,业务正在对其业务进行再投资。但是,尽管趋势乐观,但该股比去年下跌了35%,因此对于精明的投资者来说,这里可能有机会。因此,我们建议进一步研究这只股票,以发现该业务的其他基本面可以向我们展示什么。
One more thing, we've spotted 1 warning sign facing Hydsoft TechnologyLtd that you might find interesting.
还有一件事,我们发现了面向Hydsoft TechnologyLtd的1个警告标志,你可能会觉得有趣。
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。