Shandong Hualu-Hengsheng Chemical (SHSE:600426) May Have Issues Allocating Its Capital
Shandong Hualu-Hengsheng Chemical (SHSE:600426) May Have Issues Allocating Its Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Having said that, from a first glance at Shandong Hualu-Hengsheng Chemical (SHSE:600426) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
想找到下一个多倍榜样，需要注意以下关键趋势。一种常见的方法是尝试找到一个开多的公司。看到这种情况，通常意味着这是一家拥有出色的业务模式和大量盈利再投资机会的公司。因此，当我们简要查看纳斯达克nova（NASDAQ:NVMI）的资本回报率趋势时，我们对我们看到的感到非常高兴。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。基本上，这意味着一个公司可以继续重投盈利的业务，这是一个复利机器的特点。然而，从华鲁恒升化学( SHSE:600426 )的回报趋势来看，我们并不十分兴奋，但让我们深入了解一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. Analysts use this formula to calculate it for Shandong Hualu-Hengsheng Chemical:
对于不了解的人，ROCE是指一家公司的年利润（其回报）相对于企业所投资的资本的一种衡量方法。分析师使用以下公式计算华鲁恒升化学的ROCE ：
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。
0.13 = CN¥5.0b ÷ (CN¥45b - CN¥5.3b) (Based on the trailing twelve months to March 2024).
0.13 = CN¥50亿 ÷ (CN¥450亿 - CN¥5.3亿) 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, Shandong Hualu-Hengsheng Chemical has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此，华鲁恒升化学的ROCE为13％。在绝对值上，这是一个令人满意的回报，但与化学行业平均水平5.5％相比，则更好。
In the above chart we have measured Shandong Hualu-Hengsheng Chemical's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shandong Hualu-Hengsheng Chemical for free.
在上图中，我们已经测量了华鲁恒升化学的以前ROCE与以前的表现，但未来可能更重要。如果您愿意，可以免费查看分析师对华鲁恒升化学的预测。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
On the surface, the trend of ROCE at Shandong Hualu-Hengsheng Chemical doesn't inspire confidence. Over the last five years, returns on capital have decreased to 13% from 24% five years ago. However it looks like Shandong Hualu-Hengsheng Chemical might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
表面上看，华鲁恒升化学的ROCE趋势并不让人信心满满。在过去的五年中，资本回报从五年前的24％降至13％。然而，看起来华鲁恒升化学可能正在为长期增长重投资本，因为虽然投资的资本增加了，但公司的销售收入在过去12个月没有太大变化。从现在开始，关注公司的收益情况，以查看这些投资是否最终对营收产生贡献。
The Bottom Line On Shandong Hualu-Hengsheng Chemical's ROCE
总之，我们发现华鲁恒升化学正在重投资本，但回报率正在下降。然而，对于长期股东来说，该股票在过去的五年中给出了令人难以置信的188％回报，因此市场似乎对其未来充满信心。然而，除非这些基础趋势变得更加积极，否则我们不会抱太高期望。
To conclude, we've found that Shandong Hualu-Hengsheng Chemical is reinvesting in the business, but returns have been falling. Yet to long term shareholders the stock has gifted them an incredible 188% return in the last five years, so the market appears to be rosy about its future. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
最后，我们发现华鲁恒升化学存在2个警告信号（1个具有疑虑性），您应该了解。
On a final note, we found 2 warning signs for Shandong Hualu-Hengsheng Chemical (1 is concerning) you should be aware of.
尽管华鲁恒升化学目前未赚取最高回报率，但我们已列出目前回报率超过25％的公司的列表。免费查看此免费列表。
While Shandong Hualu-Hengsheng Chemical may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管华鲁恒升化学目前可能没有最高的收益，我们已经列出了目前股本回报率超过25％的公司清单。在这里查看免费清单。
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