There Are Reasons To Feel Uneasy About Hangzhou Zhengqiang's (SZSE:301119) Returns On Capital
There Are Reasons To Feel Uneasy About Hangzhou Zhengqiang's (SZSE:301119) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Hangzhou Zhengqiang (SZSE:301119) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?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。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。话虽如此,乍一看杭州正强(深交所股票代码:301119),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。
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 Hangzhou Zhengqiang 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)。杭州正强的计算公式为:
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)
0.088 = CN¥83m ÷ (CN¥1.2b - CN¥227m) (Based on the trailing twelve months to September 2023).
0.088 = 8300万元人民币 ÷(12亿元人民币-2.27亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Hangzhou Zhengqiang has an ROCE of 8.8%. In absolute terms, that's a low return, but it's much better than the Auto Components industry average of 6.6%.
因此,杭州正强的投资回报率为8.8%。从绝对值来看,回报率很低,但比汽车零部件行业6.6%的平均水平要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240417/0-c4fc98b17691cda0655a2c350f6398cf-0-2e990a891ec805a886ff1538ac60b37a.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hangzhou Zhengqiang's ROCE against it's prior returns. If you're interested in investigating Hangzhou Zhengqiang's past further, check out this free graph covering Hangzhou Zhengqiang's past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点,因此在上方您可以看到杭州正强的投资回报率与先前回报率对比的指标。如果你有兴趣进一步调查杭州正强的过去,请查看这张涵盖杭州正强过去的收益、收入和现金流的免费图表。
How Are Returns Trending?
退货趋势如何?
When we looked at the ROCE trend at Hangzhou Zhengqiang, we didn't gain much confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 8.8%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看杭州正强的投资回报率走势时,我们并没有获得太大的信心。大约五年前,资本回报率为20%,但此后已降至8.8%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。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。
What We Can Learn From Hangzhou Zhengqiang's ROCE
我们可以从杭州正强的投资回报率中学到什么
In summary, Hangzhou Zhengqiang is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 24% in the last year. 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.
总而言之,杭州正强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。投资者似乎对趋势能否回升犹豫不决,因为该股去年下跌了24%。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。
Hangzhou Zhengqiang does have some risks, we noticed 2 warning signs (and 1 which is a bit concerning) we think you should know about.
杭州正强确实存在一些风险,我们注意到两个警告信号(还有一个有点令人担忧),我们认为你应该知道。
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。