Hailir Pesticides and Chemicals GroupLtd (SHSE:603639) Could Be Struggling To Allocate Capital
Hailir Pesticides and Chemicals GroupLtd (SHSE:603639) Could Be Struggling To Allocate 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Hailir Pesticides and Chemicals GroupLtd (SHSE:603639), it didn't seem to tick all of these boxes.
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。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,当我们查看海利尔农药化工集团有限公司(SHSE: 603639)时,它似乎并没有勾选所有这些方框。
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 Hailir Pesticides and Chemicals GroupLtd 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。海利尔农药化工集团有限公司的计算公式为:
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)
0.14 = CN¥508m ÷ (CN¥6.4b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.14 = 5.08亿元人民币 ÷(64亿元人民币-27亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Hailir Pesticides and Chemicals GroupLtd has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 5.7% generated by the Chemicals industry.
因此,海利尔农药化工集团有限公司的投资回报率为14%。就其本身而言,这是标准回报,但要比化工行业产生的5.7%好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240212/0-8ac36ace3da901370dbc295936cb6f24-0-00b5df94813eeff8ca4fa815eaa20ee2.png/big)
In the above chart we have measured Hailir Pesticides and Chemicals GroupLtd'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 Hailir Pesticides and Chemicals GroupLtd.
在上图中,我们将海利尔农药化工集团先前的投资回报率与之前的业绩进行了对比,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,你应该查看我们为海利尔农药和化工集团有限公司提供的免费报告。
How Are Returns Trending?
退货趋势如何?
In terms of Hailir Pesticides and Chemicals GroupLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 22%, but since then they've fallen to 14%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就海利尔农药化工集团有限公司的历史ROCE走势而言,这一趋势并不理想。大约五年前,资本回报率为22%,但此后已降至14%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Hailir Pesticides and Chemicals GroupLtd's current liabilities have increased over the last five years to 42% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 14%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
顺便说一句,海利尔农药化工集团有限公司的流动负债在过去五年中增加到总资产的42%,在某种程度上实际上扭曲了投资回报率。如果没有这样的增长,投资回报率很可能会低于14%。这意味着,实际上,相当一部分业务是由公司的供应商或短期债权人等机构提供资金的,这本身可能会带来一些风险。
Our Take On Hailir Pesticides and Chemicals GroupLtd's ROCE
我们对海利尔农药化工集团的投资回报率的看法
In summary, Hailir Pesticides and Chemicals GroupLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 8.7% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,海利尔农药化工集团有限公司正在将资金再投资到该业务以实现增长,但不幸的是,销售额似乎还没有太大增长。而且,在过去五年中,该股向股东的回报率仅为8.7%,你可以说他们意识到这些乏善可陈的趋势。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。
Hailir Pesticides and Chemicals GroupLtd does have some risks though, and we've spotted 1 warning sign for Hailir Pesticides and Chemicals GroupLtd that you might be interested in.
但是,海利尔农药化工集团有限公司确实存在一些风险,我们发现了海利尔农药化工集团有限公司的一个警告信号,你可能会对此感兴趣。
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。