Jiangsu Hengli HydraulicLtd (SHSE:601100) Might Be Having Difficulty Using Its Capital Effectively
Jiangsu Hengli HydraulicLtd (SHSE:601100) Might Be Having Difficulty Using Its Capital Effectively
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Jiangsu Hengli HydraulicLtd (SHSE:601100), it didn't seem to tick all of these boxes.
如果我们想找到下一个倍增股,有一些关键趋势需要注意。首先,我们需要看到一个经过验证的资本使用率。如果你看到这一点,通常意味着这是一家具有出色业务模式和充足盈利再投资机会的公司。但是,简要查看了数据后,我们认为BWX Technologies(纽交所:BWXT)未来不具备成为倍增股的特点,但让我们看看为什么。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)如果你看到这条信息,就意味着这是一家商业模式优秀且拥有充足盈利再投资机会的公司。然而当我们对江苏恒力液压机械股份有限公司(SHSE:601100)进行研究时,它似乎并未满足所有这些条件。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Jiangsu Hengli HydraulicLtd:
如果你之前没有涉及过ROCE,它衡量的是公司从其业务中使用的资本投入所产生的'回报'(税前利润)。分析师使用此公式来计算江苏恒力液压机械股份有限公司的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。
0.15 = CN¥2.3b ÷ (CN¥19b - CN¥3.2b) (Based on the trailing twelve months to March 2024).
0.15 = CN¥23亿 ÷ (CN¥190亿 - CN¥3.2b) 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, Jiangsu Hengli HydraulicLtd has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 5.6% generated by the Machinery industry.
因此,江苏恒力液压机械股份有限公司的ROCE为15%。仅仅从这个指标来看,这已经是一项标准的回报,但它比机械行业所产生的5.6%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240621/0-5caae86e3fd980c6299895873aa1466b-0-6391e8d6db1d08ab7e5d789c5dbd3c21.png/big)
Above you can see how the current ROCE for Jiangsu Hengli HydraulicLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Jiangsu Hengli HydraulicLtd .
你可以看到江苏恒力液压机械股份有限公司目前的ROCE与其过去的资本回报相比如何,但是从过去我们只能了解到这么多。如果您感兴趣,可以在我们的免费分析师报告中查看分析师的预测。
What Does the ROCE Trend For Jiangsu Hengli HydraulicLtd Tell Us?
江苏恒力液压机械股份有限公司的ROCE趋势告诉我们什么?
When we looked at the ROCE trend at Jiangsu Hengli HydraulicLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 19% over the last five years. 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.
当我们观察江苏恒力液压机械股份有限公司的ROCE趋势时,我们并没有得到太多的信心。具体来说,ROCE在过去五年中已经从19%下降了。同时,该公司正在利用更多的资本,但过去12个月的销售额并没有多大增长,因此这可能反映了更长期的投资。公司可能需要一些时间才能从这些投资中看到收益的变化。
On a side note, Jiangsu Hengli HydraulicLtd has done well to pay down its current liabilities to 17% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外值得一提的是,江苏恒力液压机械股份有限公司已经成功将其流动负债降至总资产的17%。这可能在一定程度上解释了ROCE下降的原因。实际上,这意味着他们的供应商或短期债权人资助了公司的其中一部分资金,从而降低了一些风险因素。由于该公司基本上是用自己的资金来为其经营活动提供更多资金,因此你可以认为这使得公司在产生ROCE方面效率变得更低。
What We Can Learn From Jiangsu Hengli HydraulicLtd's ROCE
总之,江苏恒力液压机械股份有限公司正在将资金重新投资到业务中以实现增长,但不幸的是,销售额似乎并没有增长太多。长期股东在过去的五年中获得了令人难以置信的142%回报,因此市场似乎对其未来感到乐观。但如果这些基本趋势的轨迹继续,我们认为它从这里成为一个多倍增长股票的可能性不高。
In summary, Jiangsu Hengli HydraulicLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Yet to long term shareholders the stock has gifted them an incredible 142% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
然而,江苏恒力液压机械股份有限公司也存在一些风险,在我们的投资分析中找到了2个警示信号,其中1个是不能忽视的……
Jiangsu Hengli HydraulicLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those can't be ignored...
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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