Jinhua Chunguang TechnologyLtd (SHSE:603657) May Have Issues Allocating Its Capital
Jinhua Chunguang TechnologyLtd (SHSE:603657) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Jinhua Chunguang TechnologyLtd (SHSE:603657) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一款多功能装袋机,有几件事需要注意。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。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,在简短地查看了这些数字之后,我们认为金华春光科技股份有限公司(SHSE: 603657)在未来不具备多装袋机的实力,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. To calculate this metric for Jinhua Chunguang TechnologyLtd, this is the formula:
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。要计算金华春光科技有限公司的这个指标,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)
0.051 = CN¥52m ÷ (CN¥2.0b - CN¥958m) (Based on the trailing twelve months to September 2023).
0.051 = 5200万元人民币 ÷(2.0亿元人民币-9.58亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Jinhua Chunguang TechnologyLtd has an ROCE of 5.1%. Ultimately, that's a low return and it under-performs the Consumer Durables industry average of 8.1%.
因此,金华春光科技有限公司的投资回报率为5.1%。归根结底,这是一个低回报,其表现低于耐用消费品行业平均水平的8.1%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240416/0-585334d1fcb69fda21fef436ff878fc1-0-3fa1b02e31495f8708c667e94842b768.png/big)
Above you can see how the current ROCE for Jinhua Chunguang TechnologyLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Jinhua Chunguang TechnologyLtd .
上面你可以看到金华春光科技有限公司当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们的金华春光科技有限公司的免费分析师报告。
So How Is Jinhua Chunguang TechnologyLtd's ROCE Trending?
那么金华春光科技有限公司的投资回报率走势如何?
On the surface, the trend of ROCE at Jinhua Chunguang TechnologyLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 12% 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,金华春光科技有限公司的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12%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 side note, Jinhua Chunguang TechnologyLtd's current liabilities have increased over the last five years to 49% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. 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,金华春光科技有限公司的流动负债在过去五年中增加到总资产的49%,在某种程度上实际上扭曲了投资回报率。如果流动负债没有像以前那样增加,投资回报率实际上可能会更低。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。
The Key Takeaway
关键要点
In summary, despite lower returns in the short term, we're encouraged to see that Jinhua Chunguang TechnologyLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 27% over the last five years. 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,金华春光科技有限公司正在进行再投资以实现增长,因此销售额有所增加。但是,这些增长趋势并未带来增长回报,因为该股在过去五年中下跌了27%。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究该股。
On a separate note, we've found 3 warning signs for Jinhua Chunguang TechnologyLtd you'll probably want to know about.
另一方面,我们发现了你可能想知道的金华春光科技有限公司的3个警告标志。
While Jinhua Chunguang TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管金华春光科技有限公司的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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。