Hengsheng Energy (SHSE:605580) May Have Issues Allocating Its Capital
Hengsheng Energy (SHSE:605580) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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 Hengsheng Energy (SHSE:605580), it didn't seem to tick all of these boxes.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票?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。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,当我们查看恒盛能源(SHSE: 605580)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. To calculate this metric for Hengsheng Energy, this is the formula:
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。要计算恒盛能源的这个指标,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)
0.15 = CN¥156m ÷ (CN¥1.3b - CN¥256m) (Based on the trailing twelve months to September 2023).
0.15 = 1.56亿元人民币 ÷(13亿元人民币-2.56亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Hengsheng Energy has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Integrated Utilities industry average of 5.0% it's much better.
因此,恒盛能源的投资回报率为15%。从绝对值来看,这是一个令人满意的回报,但与综合公用事业行业平均水平的5.0%相比,回报要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240315/0-475d8aa8fdaa6cb459885945972062b9-0-d4fb4a13fd508b84e4db7ac51dec1dd0.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hengsheng Energy's ROCE against it's prior returns. If you're interested in investigating Hengsheng Energy's past further, check out this free graph covering Hengsheng Energy's past earnings, revenue and cash flow.
在研究股票时,历史表现是一个很好的起点,因此在上面你可以看到衡量恒盛能源投资回报率与先前回报率的对比。如果你有兴趣进一步调查恒盛能源的过去,请查看这张涵盖恒盛能源过去的收益、收入和现金流的免费图表。
What Does the ROCE Trend For Hengsheng Energy Tell Us?
恒盛能源的投资回报率趋势告诉我们什么?
On the surface, the trend of ROCE at Hengsheng Energy doesn't inspire confidence. Around five years ago the returns on capital were 35%, but since then they've fallen to 15%. 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.
从表面上看,恒盛能源的投资回报率趋势并不能激发信心。大约五年前,资本回报率为35%,但此后已降至15%。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 related note, Hengsheng Energy has decreased its current liabilities to 20% 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,恒盛能源已将其流动负债减少至总资产的20%。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
In summary, Hengsheng Energy is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has gained an impressive 8.6% over the last year, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总而言之,恒盛能源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。由于该股去年上涨了令人印象深刻的8.6%,投资者一定认为会有更好的事情发生。归根结底,如果潜在的趋势持续下去,我们就不会屏住呼吸了。
On a final note, we found 2 warning signs for Hengsheng Energy (1 is a bit unpleasant) you should be aware of.
最后,我们发现了恒盛能源的两个警告信号(其中一个有点不愉快),你应该注意。
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。