Zhejiang NHU (SZSE:002001) Hasn't Managed To Accelerate Its Returns
Zhejiang NHU (SZSE:002001) Hasn't Managed To Accelerate Its Returns
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. However, after briefly looking over the numbers, we don't think Zhejiang NHU (SZSE:002001) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到一个潜在的多头股,通常会有一些潜在的趋势可以提供线索。首先,我们要看到一个经过验证的资本雇用率。这表明它是一个在投资回报率逐渐增加的业务中再投资利润的公司。考虑到这一点,我们注意到了凯西一般商店(纳斯达克股票交易所股票代码:CASY)的一些有希望的趋势,让我们来深入看看它。资产回报率:它是什么?了解资本使用回报率(ROCE)如果你以前没有接触过ROCE,它衡量公司从资本使用中产生的“回报”(税前利润)。要为洪恩计算此指标,这是公式:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)基本上,这意味着公司有盈利的举措可以继续进行再投资,这是复利机器的特点。然而,简要看过数字后,我们认为新和成(SZSE: 002001)未来不具备成为多倍股的潜力,但让我们看看原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Zhejiang NHU:
对于不确定ROCE是什么的人,它衡量的是公司从业务中使用的资本可以产生的税前利润。分析师使用这个公式来计算新和成的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。
0.10 = CN¥3.5b ÷ (CN¥40b - CN¥4.9b) (Based on the trailing twelve months to March 2024).
0.10 = 35亿人民币 ÷ (400亿人民币 - 49亿人民币)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, Zhejiang NHU has an ROCE of 10.0%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此,新和成的ROCE为10.0%。单独来看是一个低回报,但与化学品行业的5.5%的平均水平相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240609/0-6b4cb15014a2b4cc3ceda85b118a2fe8-0-df9e5a0caa31ee032b99af22e9467af5.png/big)
Above you can see how the current ROCE for Zhejiang NHU 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 Zhejiang NHU .
上面您可以看到新和成当前ROCE与其先前资本回报的比较情况,但是您只能从过去看出这么多。如果您想查看分析师对未来的预测,您应该查看我们的免费分析师报告。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
In terms of Zhejiang NHU's historical ROCE trend, it doesn't exactly demand attention. The company has employed 91% more capital in the last five years, and the returns on that capital have remained stable at 10.0%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就新和成历史上的ROCE趋势而言,它并没有引起太多关注。公司过去五年投入的资本增加了91%,而该资本的回报率保持在10.0%的稳定水平。由于公司增加了投资,因此似乎已经进行的投资对资本的回报率过低。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 12% of total assets, is good to see from a business owner's perspective. Effectively suppliers now fund less of the business, which can lower some elements of risk.
还有一件事值得注意的是,尽管过去五年中ROCE相对稳定,但是当前负债占总资产的比率降低到12%,从业主的角度来看,这是一个好的迹象。实际上,现在供应商提供给企业的资金较少,这可能降低某些风险因素。
In Conclusion...
最后,同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好,因此投资者不太可能表现友好。自五年前以来,该股下跌了32%。除非这些指标朝着更积极的轨迹转变,否则我们将继续寻找其他股票。
As we've seen above, Zhejiang NHU's returns on capital haven't increased but it is reinvesting in the business. Since the stock has gained an impressive 59% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
正如我们上面所看到的,新和成的资本回报率并没有增加,但它正在重新投资于业务。由于股票在过去五年中取得了59%的可观收益,投资者一定认为有更好的前景。最终,如果基本趋势持续存在,我们不会抱有对其未来成为多倍股的期望。
On a final note, we've found 1 warning sign for Zhejiang NHU that we think you should be aware of.
最后需要注意的是,我们已经发现1个关于新和成的警示信号,我们认为您应该知道。
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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