Investors Will Want Shijiazhuang Tonhe Electronics TechnologiesLtd's (SZSE:300491) Growth In ROCE To Persist
Investors Will Want Shijiazhuang Tonhe Electronics TechnologiesLtd's (SZSE:300491) Growth In ROCE To Persist
0.081 = CN¥97m ÷ (CN¥2.0b - CN¥789m) What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. With that in mind, we've noticed some promising trends at Shijiazhuang Tonhe Electronics TechnologiesLtd (SZSE:300491) so let's look a bit deeper.
如果想要找到长期增值的股票，应注意什么趋势？一般来说，我们会想要注意日益增长的资本投入收益率(ROCE)趋势以及这一趋势背后资本投入的扩大。简而言之，这些类型的企业是复利计算机，这意味着它们不断地以越来越高的收益率重新投资它们的收入。考虑到这一点，我们注意到石家庄通合电子技术股份有限公司(SZSE:300491)有一些有前途的趋势，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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shijiazhuang Tonhe Electronics TechnologiesLtd is:
只要你不确定，ROCE是用于评估公司在其业务中投入的资本所赚取的税前收入百分比指标。在Shijiazhuang Tonhe Electronics TechnologiesLtd的计算公式为：
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。
0.081 = CN¥97m ÷ (CN¥2.0b - CN¥789m) (Based on the trailing twelve months to March 2024).
0.081＝CN¥9700万÷(CN¥20亿-CN¥789m)(基于2024年3月的过去十二个月)。
Therefore, Shijiazhuang Tonhe Electronics TechnologiesLtd has an ROCE of 8.1%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.0%.
因此，Shijiazhuang Tonhe Electronics TechnologiesLtd的ROCE为8.1%。在绝对值上，这是一个较低的回报，但比电气行业平均水平6.0%要好得多。
Above you can see how the current ROCE for Shijiazhuang Tonhe Electronics TechnologiesLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shijiazhuang Tonhe Electronics TechnologiesLtd .
上面可以看到Shijiazhuang Tonhe Electronics TechnologiesLtd目前的ROCE与其过去的资本回报相比如何，但过去只能告诉我们那么多。如果你想看看分析师对未来的预测，你应该查看我们为Shijiazhuang Tonhe Electronics TechnologiesLtd提供的免费分析师报告。
What Can We Tell From Shijiazhuang Tonhe Electronics TechnologiesLtd's ROCE Trend?
我们可以从Shijiazhuang Tonhe Electronics TechnologiesLtd的ROCE趋势中了解些什么？
Shijiazhuang Tonhe Electronics TechnologiesLtd has recently broken into profitability so their prior investments seem to be paying off. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 8.1% on its capital. Not only that, but the company is utilizing 78% more capital than before, but that's to be expected from a company trying to break into profitability. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.
Shijiazhuang Tonhe Electronics TechnologiesLtd最近突破盈利，因此它们以前的投资似乎正在产生回报。股东无疑会对此感到高兴，因为这家公司五年前还是亏损的，但现在它的资本回报率达到了8.1%。不仅如此，但该公司的资本利用率比以前高出78%，但这是可以预料的，因为一家试图突破盈利的公司需要投入更多资金。这告诉我们，该公司有足够的再投资机会，能够产生更高的回报。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 40% of the business, which is more than it was five years ago. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
另外值得一提的是，ROCE的提高似乎部分是由于流动负债的增加。实际上，这意味着供应商或短期债权人现在正在资助该企业的40%，这比五年前要多。以后要密切注意这一比率的增长，因为流动负债与总资产的比率过高时，这可能会为企业带来一些新的风险。
Our Take On Shijiazhuang Tonhe Electronics TechnologiesLtd's ROCE
我们认为Shijiazhuang Tonhe Electronics TechnologiesLtd的ROCE值得关注。对于大多数股东来说，Shijiazhuang Tonhe Electronics TechnologiesLtd现在已经突破了盈利。考虑到这只股票在过去五年中为股东带来了20%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。所以鉴于这一点，我们认为这支股票值得进一步研究。
To the delight of most shareholders, Shijiazhuang Tonhe Electronics TechnologiesLtd has now broken into profitability. Considering the stock has delivered 20% 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.
Shijiazhuang Tonhe Electronics TechnologiesLtd确实存在一些风险，我们注意到3个警告信号(还有一个有点不愉快)我们认为你应该知道。
Shijiazhuang Tonhe Electronics TechnologiesLtd does have some risks, we noticed 3 warning signs (and 1 which is a bit unpleasant) we think you should know about.
虽然Shijiazhuang Tonhe Electronics TechnologiesLtd的回报不是最高的，但请查看此免费名单，其中列出了具有坚实资产负债表和高回报的公司。
While Shijiazhuang Tonhe Electronics TechnologiesLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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