China Zhenhua (Group) Science & Technology (SZSE:000733) Is Doing The Right Things To Multiply Its Share Price
China Zhenhua (Group) Science & Technology (SZSE:000733) Is Doing The Right Things To Multiply Its Share Price
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. So when we looked at China Zhenhua (Group) Science & Technology (SZSE:000733) and its trend of ROCE, we really liked what we saw.
如果您在寻找多头股票，有几点需要关注。首先，我们要确定资本雇用回报率（ROCE）不断增长，其次，资本雇用规模不断扩大。基本上，这意味着一家公司拥有盈利项目可以持续投资，这是一个复合机器的特征。因此，当我们看中国振华（集团）科技（SZSE:000733）和其ROCE趋势时，我们真的很喜欢我们所看到的。
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。
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 China Zhenhua (Group) Science & Technology:
如果您之前没有接触过ROCE，它衡量的是一家公司从其业务中雇用的资本所产生的“回报”（税前利润）。分析师使用这个公式来计算中国振华（集团）科技的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。
0.14 = CN¥2.2b ÷ (CN¥18b - CN¥2.1b) (Based on the trailing twelve months to March 2024).
0.14 = CN¥22亿 ÷ (CN¥180亿 - CN¥2.1b)（基于截至2024年3月的过去十二个月）。
Thus, China Zhenhua (Group) Science & Technology has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 5.2% generated by the Electronic industry.
因此，中国振华（集团）科技的ROCE为14％。单独看来，这是一个标准回报，但它比电子行业的5.2％要好得多。
In the above chart we have measured China Zhenhua (Group) Science & Technology'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 China Zhenhua (Group) Science & Technology .
在上图中，我们衡量了中国振华（集团）科技以往的ROCE与其以往表现，但未来才是最重要的。如果您有兴趣，您可以查看我们的免费分析师报告，以了解分析师的预测。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
China Zhenhua (Group) Science & Technology is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 14%. Basically the business is earning more per dollar of capital invested and in addition to that, 119% more capital is being employed now too. So we're very much inspired by what we're seeing at China Zhenhua (Group) Science & Technology thanks to its ability to profitably reinvest capital.
中国振华（集团）科技显示出一些积极的趋势。数据显示，在过去的五年中，资本回报率大幅提高至14％。基本上，企业正在为每个投资的美元赚取更多的利润，此外，现在还使用了更多的资本。因此，由于其能够获取盈利并持续投资，我们非常受到中国振华（集团）科技的启发。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 12%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So this improvement in ROCE has come from the business' underlying economics, which is great to see.
在我们分析的另一个部分中，我们注意到公司的流动负债与总资产的比率降至12％，这基本上意味着企业依赖供应商或短期债权人为其业务提供资金的程度有所降低。因此，这种ROCE的改善来源于企业的基本经济状况，这是很好的。
The Bottom Line On China Zhenhua (Group) Science & Technology's ROCE
中国振华（集团）科技ROCE的底线
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what China Zhenhua (Group) Science & Technology has. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. In light of that, we think it's worth looking further into this stock because if China Zhenhua (Group) Science & Technology can keep these trends up, it could have a bright future ahead.
一个不断增长其资本回报率并可以持续投资的企业是一个备受追捧的特质，这正是中国振华（集团）科技所拥有的。而且，随着股票过去五年表现异常出色，这些趋势正在被投资者所关注。鉴于此，我们认为值得进一步研究这支股票，因为如果中国振华（集团）科技能够保持这些趋势，它可能会拥有辉煌的未来。
On a final note, we've found 1 warning sign for China Zhenhua (Group) Science & Technology that we think you should be aware of.
最后，我们发现中国振华（集团）科技的1个警告信号，我们认为您应该知道。
While China Zhenhua (Group) Science & Technology 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.
尽管中国振华（集团）科技目前的回报率并不是最高的，但我们已编制了一份目前回报率高于25％的公司名单。请在此处查看此免费列表。
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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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