We Like These Underlying Return On Capital Trends At Shenzhen Zhongheng Huafa (SZSE:000020)
We Like These Underlying Return On Capital Trends At Shenzhen Zhongheng Huafa (SZSE:000020)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Speaking of which, we noticed some great changes in Shenzhen Zhongheng Huafa's (SZSE:000020) returns on capital, so let's have a look.
查找多倍股时,我们应该查看业务中的基本趋势。理想情况下,一个业务会表现出两个趋势;首先,资本使用量不断增长。简而言之,这些类型的企业就像复利计算机器,意味着他们会不断地再投资,以更高的回报率。我们注意到,在浙江维尔科技(SZSE:002590)看到一些有希望的趋势,让我们深入了解一下。资产回报率:它是什么?资本使用率回报(ROCE)是什么?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。 所谓复合机器企业,指的是这些企业不断使用挣来的钱,以越来越高的投资回报率再投资。说到这里,我们注意到深华发b(SZSE:000020)资金回报率出现了很大变化,所以让我们来看看。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)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. The formula for this calculation on Shenzhen Zhongheng Huafa is:
如果您不确定,ROCE是一种评估公司在其业务所投资的资本中赚取多少税前收入的度量标准。在深华发b计算公式中,它的计算公式是:
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。
0.05 = CN¥19m ÷ (CN¥593m - CN¥218m) (Based on the trailing twelve months to March 2024).
0.05=CN¥1900万÷(CN¥59300万-CN¥218m) 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。.
Therefore, Shenzhen Zhongheng Huafa has an ROCE of 5.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.2%.
因此,深华发b的ROCE为5.0%。单独看这个比率,这是一个较低的资本回报率,但它与行业平均回报率5.2%相符。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-8214f72a57557e4fe02bed28d198d8bb-0-2b9a0c9316d9f1365c062a65919f1884.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shenzhen Zhongheng Huafa's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Shenzhen Zhongheng Huafa.
历史表现是研究一只股票的好的起点,所以上面您可以看到深华发b的ROCE与之前的回报数据对比。如果您想深入了解历史收益情况,请查看这些自由图表,详细描述深华发b的营业收入和现金流表现。
So How Is Shenzhen Zhongheng Huafa's ROCE Trending?
那么深华发b的ROCE趋势如何?
Shenzhen Zhongheng Huafa is showing promise given that its ROCE is trending up and to the right. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 28% over the last five years. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
深华发b的ROCE呈现出向上和向右趋势,显示出良好的前景。从数据来看,尽管企业所使用的资本相对平坦,但所产生的ROCE在过去5年中上升了28%。因此,企业现在可能正在收获其过去投资的全部好处,因为所使用的资本并没有发生显著变化。但是有必要深入研究一下,因为尽管企业变得更有效率是件好事,但这也可能意味着今后内部有机增长的投资领域不足。
What We Can Learn From Shenzhen Zhongheng Huafa's ROCE
我们从深华发b的ROCE中能够学到什么?
As discussed above, Shenzhen Zhongheng Huafa appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. With that in mind, we believe the promising trends warrant this stock for further investigation.
正如上面所讨论的,深华发b似乎正在变得更擅长于产生回报,因为所使用的资本并没有增长,但收益(利息和税前收入之前)却有所增加。鉴于该股票在过去5年中基本保持平稳,如果其他指标强劲,则可能存在机会。考虑到这一点,我们认为有前景的趋势值得进一步调查。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for 000020 on our platform that is definitely worth checking out.
在ROCE的另一面,我们需要考虑估值问题。对于000020,我们平台上有一个免费的内在价值估算,值得一看。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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