Investors Met With Slowing Returns on Capital At Shanghai HIUV New MaterialsLtd (SHSE:688680)
Investors Met With Slowing Returns on Capital At Shanghai HIUV New MaterialsLtd (SHSE:688680)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Shanghai HIUV New MaterialsLtd (SHSE:688680) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到潜在的多袋装袋机,通常有一些潜在的趋势可以提供线索。一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。有鉴于此,当我们查看上海HIUV新材料有限公司(上海证券交易所代码:688680)及其投资回报率趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. The formula for this calculation on Shanghai HIUV New MaterialsLtd is:
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。上海HIUV新材料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)
0.10 = CN¥317m ÷ (CN¥6.5b - CN¥3.3b) (Based on the trailing twelve months to December 2023).
0.10 = 3.17亿元人民币 ÷(6.5亿元人民币-3.3亿元人民币) (基于截至2023年12月的过去十二个月)。
Thus, Shanghai HIUV New MaterialsLtd has an ROCE of 10.0%. On its own that's a low return, but compared to the average of 6.0% generated by the Chemicals industry, it's much better.
因此,上海HIUV新材料有限公司的投资回报率为10.0%。就其本身而言,回报率很低,但与化工行业6.0%的平均回报率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-9f865ad72495b2e18888d9a54dd2a88e-0-c9a739d63be6eb69aa08845199b9548e.png/big)
In the above chart we have measured Shanghai HIUV New MaterialsLtd'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 analyst report for Shanghai HIUV New MaterialsLtd .
在上图中,我们将上海HIUV新材料有限公司之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,你应该查看我们为上海HIUV新材料有限公司提供的免费分析师报告。
What Can We Tell From Shanghai HIUV New MaterialsLtd's ROCE Trend?
我们可以从上海HIUV新材料有限公司的ROCE趋势中得出什么?
In terms of Shanghai HIUV New MaterialsLtd's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 10.0% and the business has deployed 582% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就上海HIUV新材料有限公司的历史投资回报率走势而言,这并不完全值得关注。在过去五年中,投资回报率一直相对持平,约为10.0%,该业务在运营中投入的资金增加了582%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 51% of total assets, this reported ROCE would probably be less than10.0% because total capital employed would be higher.The 10.0% ROCE could be even lower if current liabilities weren't 51% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一方面,尽管投资回报率趋势的变化可能不会引起人们的关注,但有趣的是,在过去五年中,流动负债实际上一直在增加。这很有趣,因为如果流动负债没有增加到总资产的51%,则报告的投资回报率可能会低于10.0%,因为使用的总资本会更高。如果流动负债不占总资产的51%,则10.0%的ROCE可能会更低,因为该公式将显示动用总资本的基数更大。此外,如此高的流动负债水平并不理想,因为这意味着公司的供应商(或短期债权人)实际上正在为业务的很大一部分提供资金。
What We Can Learn From Shanghai HIUV New MaterialsLtd's ROCE
我们可以从上海HIUV新材料有限公司的ROCE中学到什么
Long story short, while Shanghai HIUV New MaterialsLtd has been reinvesting its capital, the returns that it's generating haven't increased. And in the last three years, the stock has given away 54% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
长话短说,尽管上海HIUV新材料有限公司一直在对其资本进行再投资,但其产生的回报并未增加。在过去的三年中,该股已经下跌了54%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。
On a final note, we've found 2 warning signs for Shanghai HIUV New MaterialsLtd that we think you should be aware of.
最后,我们发现了上海HIUV新材料有限公司的两个警告信号,我们认为您应该注意这些信号。
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。