HUAYU Automotive Systems (SHSE:600741) Has Some Way To Go To Become A Multi-Bagger
HUAYU Automotive Systems (SHSE:600741) Has Some Way To Go To Become A Multi-Bagger
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. In light of that, when we looked at HUAYU Automotive Systems (SHSE:600741) and its ROCE trend, we weren't exactly thrilled.
如果我们想识别长期价值翻倍的股票，应该关注哪些趋势？理想情况下，一家企业将会展现两种趋势：首先是投入资本回报率（ROCE）不断增长，其次是投入的资本不断增加。简而言之，这些类型的企业是复合机器，意味着它们不断将其收益以越来越高的回报率再投资。就这一点而言，当我们查看华域汽车（SHSE:600741）和其ROCE趋势时，我们并不是很激动。
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. The formula for this calculation on HUAYU Automotive Systems is:
如果您以前没有使用ROCE，它衡量了公司从其业务中使用的资本产生的“回报率”（税前利润）。此计算在华域汽车上的公式为：
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。
0.074 = CN¥5.4b ÷ (CN¥175b - CN¥102b) (Based on the trailing twelve months to March 2024).
0.074 = CN¥54亿 ÷ (CN¥1750亿 - CN¥102亿）（截至2024年3月的过去十二个月）。
Thus, HUAYU Automotive Systems has an ROCE of 7.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.9%.
因此，华域汽车的ROCE为7.4％。仅这一点就是资本低回报，但与行业平均回报率6.9％相符。
Above you can see how the current ROCE for HUAYU Automotive Systems 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 HUAYU Automotive Systems for free.
在上面的内容中，您可以看到华域汽车的当前ROCE与其先前资本回报率的比较情况，但过去只能提供有限的信息。如果您想了解更多，您可以免费查看研究华域汽车的分析师的预测。
What Does the ROCE Trend For HUAYU Automotive Systems Tell Us?
华域汽车的ROCE趋势告诉我们什么？
Things have been pretty stable at HUAYU Automotive Systems, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect HUAYU Automotive Systems to be a multi-bagger going forward. This probably explains why HUAYU Automotive Systems is paying out 45% of its income to shareholders in the form of dividends. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在过去的五年中，华域汽车的投入资本和资本回报率都保持相对稳定。具有这些特点的企业往往是成熟和稳定的运营，因为它们已经过了增长阶段。鉴于此，除非未来的投资再次加强，否则我们不认为华域汽车未来能成为多重大赢家。这可能解释了为什么华域汽车向股东支付其收入的45％以形式的分红派息。考虑到企业没有自我再投资，将一部分收益分配给股东是有意义的。
On a separate but related note, it's important to know that HUAYU Automotive Systems has a current liabilities to total assets ratio of 58%, 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，华域汽车的流动负债总资产比率为58％，我们认为这相当高。这实际上意味着供应商（或短期债权人）正在为企业提供资金，因此要注意这可能会引入一些风险。虽然这不一定是坏事，但如果这个比率更低就可能更有益。
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。
We can conclude that in regards to HUAYU Automotive Systems' returns on capital employed and the trends, there isn't much change to report on. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
综上所述，华域汽车的投入资本回报率和趋势没有太大变化。此外，股票过去五年的总回报给股东呈现平稳状态，这并不太令人惊讶。总体而言，我们并不太受到这些潜在趋势的启发，我们认为在其他地方寻找多重大赢家的机会可能更好。
One more thing, we've spotted 1 warning sign facing HUAYU Automotive Systems that you might find interesting.
还有一件事，我们发现了华域汽车面临着一个警告标志，您可能会发现此事很有趣。
While HUAYU Automotive Systems 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.
虽然华域汽车目前可能并不具备最高的回报率，我们已编制了一份比目前回报率高于25％的公司清单。在这里查看此免费清单。
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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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