Capital Allocation Trends At Jiangsu Hoperun Software (SZSE:300339) Aren't Ideal
Capital Allocation Trends At Jiangsu Hoperun Software (SZSE:300339) Aren't Ideal
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. And from a first read, things don't look too good at Jiangsu Hoperun Software (SZSE:300339), so let's see why.
说到投资,有一些有用的财务指标可以提示我们企业潜在的困境。当我们看到持续下降的资本雇用率,通常意味着一个成熟的企业逐渐变老。最终这意味着公司获得的投入回报降低且其资本雇用额逐步缩小。话虽如此,康宁公司(纽交所:GLW)经简短查看后,我们对其发展前景不是很乐观,但还是让我们继续调查。资产回报率:它是什么?与资本雇用下降相结合,如果股本雇用下降,这通常表明一家成熟企业正在变老。这表明该公司未能增加股东财富,因为回报下降且净资产基础正在缩小。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债) 资产回报率(ROCE)是衡量公司资本运作的利润(税前利润),较低的ROCE表示公司从其投资中获得较少的利润,其总资产也在减少。 江苏润和软件(SZSE:300339) ROCE的情况不太好,让我们看看原因。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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 Jiangsu Hoperun Software is:
如果你以前没有使用过ROCE,它衡量的是公司从其业务中所使用的资本中产生的“回报”(税前利润)。 这个计算公式适用于江苏润和软件公司:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.03 = CN¥117m ÷ (CN¥5.0b - CN¥1.1b) (Based on the trailing twelve months to March 2024).
0.03 = 11700万 ÷ (50亿 - 1.1b) 在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
So, Jiangsu Hoperun Software has an ROCE of 3.0%. Even though it's in line with the industry average of 3.2%, it's still a low return by itself.
所以,润和软件的资本回报率为3.0%。尽管与行业平均水平3.2%持平,但单独来看,这仍然是一个较低的回报率。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240514/0-7e9a327c2d347dd55d61183170fa8ec0-0-c34c41dda48bb9fb853bdd98d638db33.png/big)
Above you can see how the current ROCE for Jiangsu Hoperun Software compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Jiangsu Hoperun Software for free.
从以上信息可以看出,润和软件目前的资本回报率与其以往的回报率相比,但过去只能告诉我们有限的信息。如果您愿意,您可以免费查看分析师对润和软件的预测。
So How Is Jiangsu Hoperun Software's ROCE Trending?
所以,润和软件的资本回报率走势如何?
In terms of Jiangsu Hoperun Software's historical ROCE movements, the trend doesn't inspire confidence. To be more specific, the ROCE was 7.1% five years ago, but since then it has dropped noticeably. Meanwhile, capital employed in the business has stayed roughly the flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Jiangsu Hoperun Software becoming one if things continue as they have.
就江苏润和软件的历史ROCE变动而言,其趋势并不令人信心满满。具体来说,ROCE在五年前为7.1%,但自那时以来明显下降。与此同时,资本在业务中的使用基本保持平稳。这种组合可能表明公司业务已趋于成熟,但由于可能面临新竞争或较低利润率而导致收益不高。因此,由于这些趋势通常不利于创造多倍收益,如果局势继续保持目前的状况,我们不会对江苏润和软件寄予厚望。
What We Can Learn From Jiangsu Hoperun Software's ROCE
从江苏润和软件的ROCE学到了什么
In summary, it's unfortunate that Jiangsu Hoperun Software is generating lower returns from the same amount of capital. Yet despite these concerning fundamentals, the stock has performed strongly with a 72% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
总之,遗憾的是,江苏润和软件从相同资本中获得的回报降低了。然而,尽管存在这些令人担忧的基本指标,但该股票在过去五年中表现强劲,回报率达到72% ,因此投资者看来非常乐观。无论如何,我们对基本面并不太放心,所以目前会避开这只股票。
Like most companies, Jiangsu Hoperun Software does come with some risks, and we've found 1 warning sign that you should be aware of.
与大多数公司一样,江苏润和软件也存在一些风险,并且我们发现了1个提示,您应该注意。
While Jiangsu Hoperun Software isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管江苏润和软件的回报率并不是最高的,但请查看此免费的公司列表,这些公司在平衡表上获得了高回报率。
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