Ningbo Changhong Polymer Scientific and Technical (SHSE:605008) May Have Issues Allocating Its Capital
Ningbo Changhong Polymer Scientific and Technical (SHSE:605008) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating Ningbo Changhong Polymer Scientific and Technical (SHSE:605008), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想寻找一只股票,在长期内能够增值,我们应该寻找什么样的基本趋势呢?理想情况下,一家企业将展现两种趋势;首先是资本的增长。基本上这意味着一个公司拥有可以继续投资的盈利倡议,这是复合机器的特质。鉴于此,我们看到的伊克赛尔服务 (NASDAQ:EXLS) 的趋势非常有前途,所以让我们来看一下。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。总资产回报率(ROCE)能够衡量企业从全部资产中获得的利润水平。一家企业能够持续、可靠地将获利再投资于业务中是成为复利概念中的复利机器的标志。然而,经过对宁波长虹高分子科技(SHSE:605008)的研究后,我们认为其当前趋势并不符合成为“翻倍股”的模式。
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. The formula for this calculation on Ningbo Changhong Polymer Scientific and Technical is:
如果您不了解ROCE是什么,请注意,它度量了企业从业务所需的资本中产生的税前利润的数量。这项计算方法在对宁波长虹高分子科技进行计算时的公式为:
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。
0.004 = CN¥13m ÷ (CN¥4.8b - CN¥1.7b) (Based on the trailing twelve months to March 2024).
0.004 = CN¥1300万 ÷ (CN¥48亿 - CN¥1.7b)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, Ningbo Changhong Polymer Scientific and Technical has an ROCE of 0.4%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.
因此,宁波长虹高分子科技的ROCE为0.4%。在绝对值上,这是一个较低的回报率,也低于化学行业板块的平均回报率(5.5%)。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240704/0-555148ed80272ac9cda0bdacb2564442-0-df55307fe6d0b889e529241a74761139.png/big)
In the above chart we have measured Ningbo Changhong Polymer Scientific and Technical's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Ningbo Changhong Polymer Scientific and Technical .
在上图中,我们已经测量了宁波长虹高分子科技之前的ROCE与之前的表现,但未来才是更重要的。如有兴趣,您可以在我们为宁波长虹高分子科技编制的免费分析师报告中查看分析师的预测。
So How Is Ningbo Changhong Polymer Scientific and Technical's ROCE Trending?
那么,宁波长虹高分子科技的ROCE趋势如何?
We weren't thrilled with the trend because Ningbo Changhong Polymer Scientific and Technical's ROCE has reduced by 98% over the last five years, while the business employed 226% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Ningbo Changhong Polymer Scientific and Technical's earnings and if they change as a result from the capital raise.
我们对这一趋势并不满意,因为在过去的五年中,宁波长虹高分子科技的ROCE已经下降了98%,而企业使用的资本增长了226%。但是,一部分资本的增加可能归因于近期资本增加,且在观察ROCE下降时请记住这一点。募集的资金可能还没有得到充分利用,因此,值得密切关注宁波长虹高分子科技的收益及其是否因资本增加而发生变化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 35%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在这个主题上,我们注意到流动负债与总资产的比率已经上升至35%,这影响了ROCE。如果流动负债的增加没有那么大,ROCE可能会更低。虽然这个比率目前还不算太高,但值得密切关注,因为如果它变得非常高,企业可能面临一些新的风险因素。
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。
In summary, Ningbo Changhong Polymer Scientific and Technical is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 31% over the last three years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
综上所述,宁波长虹高分子科技正在将资金再投资于业务发展,但不幸的是,销售量还没有增长太多。由于股票在过去三年中下降了31%,投资者对这一趋势的改善可能并不太乐观。无论如何,该股票并不具备上述复利股的特点,因此,如果您正在寻找这种股票,我们认为您在其他股票中有更多的运气。
If you want to know some of the risks facing Ningbo Changhong Polymer Scientific and Technical we've found 4 warning signs (2 don't sit too well with us!) that you should be aware of before investing here.
如果您想了解宁波长虹高分子科技面临的一些风险,我们发现了4个警示信号(2个对我们来说并不太令人满意!)在这里进行投资之前,您应该注意。
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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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
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