Returns On Capital Signal Tricky Times Ahead For Bichamp Cutting Technology (Hunan) (SZSE:002843)
Returns On Capital Signal Tricky Times Ahead For Bichamp Cutting Technology (Hunan) (SZSE:002843)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. However, after investigating Bichamp Cutting Technology (Hunan) (SZSE:002843), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想发现那些能够在长期内成倍增值的股票，我们应该寻找什么趋势？ 我们需要看到两件事：首先是资本运作的增长。如果你看到这一点，通常意味着这是一家拥有出色业务模式和大量有利可图的再投资机会的公司。所以在这方面，专业零售商Academy Sports and Outdoors（纳斯达克股票代码ASO）在其资本回报趋势方面看起来相当有前途。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）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。投入资金回报率，简单来说，这些类型的企业是复合机器，意味着它们会不断地将其盈利再投资于更高的回报率中。然而，经过对泰嘉股份（湖南）（SZSE：002843）的调查，我们认为目前的趋势不符合倍增企业的模式。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Bichamp Cutting Technology (Hunan), this is the formula:
如果您之前没有使用过ROCE，它测量的是公司从其业务所使用的资本中产生的“回报率”（税前利润）。要为泰嘉股份（湖南）计算这个指标，这是公式：
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。
0.06 = CN¥106m ÷ (CN¥2.7b - CN¥940m) (Based on the trailing twelve months to December 2023).
0.06 = CN¥10600万 ÷ (CN¥27亿 - CN¥940m)（基于截至2023年12月的过去十二个月）.
Thus, Bichamp Cutting Technology (Hunan) has an ROCE of 6.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.6%.
因此，泰嘉股份（湖南）的ROCE为6.0%。独立看来这是一个低回报率，但它符合行业平均回报率5.6%。
Above you can see how the current ROCE for Bichamp Cutting Technology (Hunan) 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 Bichamp Cutting Technology (Hunan) for free.
从以上内容中，您可以看到泰嘉股份（湖南）的当前ROCE与其过去的资本回报率相比如何，但从过去只能得到有限的信息。如果您想了解更多，您可以免费查看分析师对泰嘉股份（湖南）的预测。
What Can We Tell From Bichamp Cutting Technology (Hunan)'s ROCE Trend?
从泰嘉股份（湖南）的ROCE趋势中，我们能了解到什么？
The trend of ROCE doesn't look fantastic because it's fallen from 8.5% five years ago, while the business's capital employed increased by 151%. That being said, Bichamp Cutting Technology (Hunan) raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Bichamp Cutting Technology (Hunan) probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不太好，因为它从五年前的8.5%下降到现在，而企业的资本投资增长了151%。尽管如此，泰嘉股份（湖南）在最新财报公布之前筹集了一些资本，这可能部分解释了资本投资的增加。泰嘉股份（湖南）可能还没有从募集到的新资金中获得全年收益，因此应该对这些数据持有怀疑态度。
On a side note, Bichamp Cutting Technology (Hunan)'s current liabilities have increased over the last five years to 35% of total assets, effectively distorting the ROCE to some degree. 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.
另外，泰嘉股份（湖南）当前负债已经增加了五年，占总资产的35%，这在一定程度上扭曲了ROCE。如果流动负债没有增加，ROCE实际上可能会更低。虽然这个比率目前并不太高，但还是值得关注的，因为如果它变得特别高，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。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Bichamp Cutting Technology (Hunan). Furthermore the stock has climbed 76% over the last five years, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.
虽然资本回报率在短期内有所下降，但我们认为泰嘉股份（湖南）的营业收入和资本投资的双倍增长值得期待。此外，该股票在过去五年中上涨了76%，投资者对未来感到乐观。因此，如果这些增长趋势继续下去，我们对该股票持乐观态度。
On a final note, we've found 4 warning signs for Bichamp Cutting Technology (Hunan) that we think you should be aware of.
最后，我们发现了泰嘉股份（湖南）的4个警示信号，我们认为您应该了解他们。
While Bichamp Cutting Technology (Hunan) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然泰嘉股份（湖南）的回报率不是最高的，但请查看这个免费的公司列表，这些公司的权益回报率高，财务状况稳健。
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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。
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