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Returns On Capital At Zhe Jiang Headman MachineryLtd (SHSE:688577) Paint A Concerning Picture

Returns On Capital At Zhe Jiang Headman MachineryLtd (SHSE:688577) Paint A Concerning Picture

浙江 Headman MachineryLtd(上海证券交易所代码:688577)的资本回报率描绘了一幅令人担忧的画面
Simply Wall St ·  02/23 18:52

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Zhe Jiang Headman MachineryLtd (SHSE:688577), we don't think it's current trends fit the mold of a multi-bagger.

如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。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。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,在调查了Zhe Jiang Headman MachineryLtd(上海证券交易所代码:688577)之后,我们认为目前的趋势不符合多装袋机的模式。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (ROCE)

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Zhe Jiang Headman MachineryLtd is:

如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。Zhe Jiang Headman MachineryLtd 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)

0.032 = CN¥31m ÷ (CN¥1.3b - CN¥382m) (Based on the trailing twelve months to December 2023).

0.032 = 3100万元人民币 ÷(13亿元人民币-3.82亿元人民币) (基于截至2023年12月的过去十二个月)

Thus, Zhe Jiang Headman MachineryLtd has an ROCE of 3.2%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.

因此,Zhe Jiang Headman MachineryLtd的投资回报率为3.2%。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。

roce
SHSE:688577 Return on Capital Employed February 24th 2024
SHSE: 688577 2024 年 2 月 24 日动用资本回报率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhe Jiang Headman MachineryLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhe Jiang Headman MachineryLtd.

历史表现是研究股票的绝佳起点,因此在上面你可以看到Zheang Headman MachineryLtd的投资回报率与先前回报的对比。如果你想深入研究历史收益,可以查看这些免费图表,详细说明了Zhe Jiang Headman MachineryLtd的收入和现金流表现。

What The Trend Of ROCE Can Tell Us

ROCE 的趋势能告诉我们什么

Unfortunately, the trend isn't great with ROCE falling from 25% five years ago, while capital employed has grown 235%. 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. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Zhe Jiang Headman MachineryLtd might not have received a full period of earnings contribution from it.

不幸的是,这种趋势并不乐观,投资回报率从五年前的25%下降了,而资本利用率增长了235%。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。目前筹集的所有资金不太可能全部投入使用,因此,Zhe Jiang Headman MachineryLtd可能没有从中获得整整一段时间的收益捐款。

On a related note, Zhe Jiang Headman MachineryLtd has decreased its current liabilities to 29% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

与此相关的是,Zhe Jiang Headman MachineryLtd已将其流动负债减少至总资产的29%。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。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

What We Can Learn From Zhe Jiang Headman MachineryLtd's ROCE

我们可以从浙江 Headman MachineryLtd 的 ROCE 中学到什么

In summary, Zhe Jiang Headman MachineryLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 75% over the last three years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.

总而言之,Zhe Jiang Headman MachineryLtd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。尽管市场必须预期这些趋势会有所改善,因为该股在过去三年中上涨了75%。但是,如果这些潜在趋势的发展轨迹继续下去,我们认为从现在起它成为多股势力的可能性并不高。

If you'd like to know more about Zhe Jiang Headman MachineryLtd, we've spotted 3 warning signs, and 2 of them are significant.

如果你想进一步了解Zhe Jiang Headman MachineryLtd,我们已经发现了3个警告信号,其中2个信号很重要。

While Zhe Jiang Headman MachineryLtd 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Zhe Jiang Headman MachineryLtd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%的公司名单。在这里查看这个免费清单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。

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