Investors Will Want Rongsheng Petrochemical's (SZSE:002493) Growth In ROCE To Persist
Investors Will Want Rongsheng Petrochemical's (SZSE:002493) Growth In ROCE To Persist
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Rongsheng Petrochemical (SZSE:002493) so let's look a bit deeper.
如果想要找长期可以大幅增值的股票,需要关注什么趋势?首先,我们需要找到一个资本雇用增长的资产回报率:它是什么?资本雇用回报率 (ROCE) 是一种早期趋势,可以用来识别有可能在长期内翻倍增值的股票,然后在此基础上,要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器,能够不断地将其收益再投入业务,从而产生更高的回报。因此,在这点上,Materialise (纳斯达克:MTLS) 看起来相当有前途,因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)资本投入回报率指标(ROCE)显示人形机器人-轴承是一个复合机器,能够不断将其收益重新投入业务中并产生更高的回报。因此我们发现了融盛石化(深圳证券交易所:002493)某些有希望的趋势,让我们深入了解一下。
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。
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. To calculate this metric for Rongsheng Petrochemical, this is the formula:
对于不了解ROCE是什么的人,它衡量了一家公司可以从其业务中所使用的资本中产生多少税前利润。要计算融盛石化的该指标,使用以下公式:
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。
0.065 = CN¥15b ÷ (CN¥381b - CN¥153b) (Based on the trailing twelve months to March 2024).
0.065 = CN¥150亿 ÷ (CN¥3810亿 - CN¥153b)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。.
Thus, Rongsheng Petrochemical has an ROCE of 6.5%. In absolute terms, that's a low return but it's around the Chemicals industry average of 5.5%.
因此,融盛石化的ROCE为6.5%。就绝对值而言,这是一个低回报,但接近于化学品行业的平均水平5.5%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240702/0-48493b3ff6b5b932092ff6111b4f6e5e-0-642e44fb12386c33611439d287a4f217.png/big)
Above you can see how the current ROCE for Rongsheng Petrochemical 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 Rongsheng Petrochemical for free.
从上面可以看出融盛石化当前ROCE如何与其以往的资本回报相比,但过去只能告诉我们这么多。如果您愿意,您可以免费查看覆盖融盛石化的分析师的预测。
What Does the ROCE Trend For Rongsheng Petrochemical Tell Us?
融盛石化ROCE趋势告诉我们什么?
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 6.5%. The amount of capital employed has increased too, by 172%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我们很高兴看到ROCE在向正确的方向发展,即使目前仍然很低。数字显示,在过去的五年中,资本投入回报率已经大幅增长,达到6.5%。投入的资本量也增加了172%。这可能表明有足够的机会在内部投资资本并以日益提高的利率获取返还,这是多倍赚取回报组合中常见的组合。
On a separate but related note, it's important to know that Rongsheng Petrochemical has a current liabilities to total assets ratio of 40%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是,荣盛石化的流动负债总资产比率达到了40%,我们认为这相当高。这意味着供应商(或短期债权人)资助了业务的大部分,因此必须注意这可能会带来一些风险。理想情况下,我们希望看到这一比例降低,因为这意味着承载风险的责任更少。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
To sum it up, Rongsheng Petrochemical has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Considering the stock has delivered 31% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So with that in mind, we think the stock deserves further research.
总体而言,荣盛石化已经证明它能够在业务中再投资并产生更高的回报,这非常出色。考虑到过去五年该股票已经为股东提供了31%的回报,可以认为投资者尚未完全意识到这些有前途的趋势,因此我们认为这只股票值得进一步研究。
One more thing: We've identified 2 warning signs with Rongsheng Petrochemical (at least 1 which is significant) , and understanding these would certainly be useful.
还有一件事:我们已经确定融盛石化存在2个警告信号(至少有一个信号很重要),了解这些信号肯定会有用。
While Rongsheng Petrochemical 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.
虽然融盛石化目前可能没有获得最高回报,但我们已经编制了一份当前回报率超过25%的公司名单。在此处查看免费清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,也可以发送电子邮件至editorial-team@simplywallst.com