Be Wary Of Hunan Sokan New Materials (SHSE:688157) And Its Returns On Capital
Be Wary Of Hunan Sokan New Materials (SHSE:688157) And Its Returns On Capital
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. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Hunan Sokan New Materials (SHSE:688157), it didn't seem to tick all of these boxes.
如果你在寻找下一款多袋装机时不确定从哪里开始,那么你应该注意一些关键趋势。在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,当我们查看湖南索凯新材(SHSE: 688157)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 Hunan Sokan New Materials, 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。要计算湖南索凯新材料的这个指标,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)
0.067 = CN¥88m ÷ (CN¥1.5b - CN¥175m) (Based on the trailing twelve months to December 2023).
0.067 = 8800万元人民币 ÷(15亿元人民币-1.75亿元人民币) (基于截至2023年12月的过去十二个月)。
Therefore, Hunan Sokan New Materials has an ROCE of 6.7%. On its own, that's a low figure but it's around the 6.0% average generated by the Chemicals industry.
因此,湖南索康新材料的投资回报率为6.7%。就其本身而言,这是一个很低的数字,但约为化工行业的平均水平6.0%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240416/0-9d9f429a9a8cfbfe82256eeadc6f8e3c-0-7ba414f1d873d63bf06d80857dadd37e.png/big)
In the above chart we have measured Hunan Sokan New Materials' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Hunan Sokan New Materials .
在上图中,我们将湖南索凯新材先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们的湖南索康新材料免费分析师报告中查看分析师的预测。
So How Is Hunan Sokan New Materials' ROCE Trending?
那么,湖南索凯新材料的投资回报率走势如何?
On the surface, the trend of ROCE at Hunan Sokan New Materials doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. 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. If these investments prove successful, this can bode very well for long term stock performance.
从表面上看,湖南索凯新材料的ROCE趋势并不能激发信心。更具体地说,投资回报率已从过去五年的15%下降。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。如果这些投资被证明是成功的,这对长期股票表现来说可能是个好兆头。
On a related note, Hunan Sokan New Materials has decreased its current liabilities to 12% 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. 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,湖南索凯新材料已将其流动负债减少至总资产的12%。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。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 Hunan Sokan New Materials' ROCE
我们可以从湖南索凯新材料的ROCE中学到什么
In summary, despite lower returns in the short term, we're encouraged to see that Hunan Sokan New Materials is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 47% over the last three years, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报较低,但我们欣慰地看到,湖南索康新材正在进行再投资以实现增长,从而实现更高的销售额。但是,尽管趋势乐观,但该股在过去三年中下跌了47%,因此对于精明的投资者来说,这里可能有机会。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究该股。
Like most companies, Hunan Sokan New Materials does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,湖南索康新材料确实存在一些风险,我们发现了一个你应该注意的警告信号。
While Hunan Sokan New Materials isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管湖南索凯新材料的回报率并不高,但请查看这份免费的股本回报率高、资产负债表稳健的公司名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。