Zhejiang Century Huatong GroupLtd (SZSE:002602) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang Century Huatong GroupLtd (SZSE:002602) Might Be Having Difficulty Using Its Capital Effectively
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Zhejiang Century Huatong GroupLtd (SZSE:002602) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一支复利股，就要留意几点。首先，企业应展现两大趋势，一个是不断增长的资本回报率（ROCE），另一个是越来越多的资本回报率、资产规模。这样可以表明企业正在以逐渐增加的回报率再投资利润，反之则不然。但是，简要查看数据后，我们认为浙江世纪华通集团股份有限公司（SZSE:002602）未来不具备成长为复利股的条件，但让我们看看可能的原因。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Zhejiang Century Huatong GroupLtd, this is the formula:
对于不了解情况的人，ROCE是企业每年税前利润（回报）相对于投入业务的资本回报率。要计算浙江世纪华通集团股份有限公司的这一指标，可采用以下公式：
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。
0.068 = CN¥2.0b ÷ (CN¥38b - CN¥8.7b) (Based on the trailing twelve months to March 2024).
0.068= CN¥20亿 ÷ (CN¥380亿 - CN¥8.7亿)（基于最近十二个月结束于2024年3月）。
Therefore, Zhejiang Century Huatong GroupLtd has an ROCE of 6.8%. In absolute terms, that's a low return, but it's much better than the Entertainment industry average of 5.4%.
因此，浙江世纪华通集团股份有限公司具有6.8%的ROCE。就绝对数而言，这是一个低回报率，但比娱乐行业的平均水平5.4%好多了。
In the above chart we have measured Zhejiang Century Huatong GroupLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Zhejiang Century Huatong GroupLtd .
在上图中，我们比较了浙江世纪华通集团股份有限公司之前的ROCE及其之前的表现，但对未来而言，未来更为重要。如果你想查看分析师预测，请查看我们为浙江世纪华通集团股份有限公司准备的免费分析师报告。
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。
On the surface, the trend of ROCE at Zhejiang Century Huatong GroupLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 6.8% from 8.8% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
在表面上，浙江世纪华通集团股份有限公司ROCE的趋势并不让人有信心。在过去五年中，资本回报率从五年前的8.8%降至6.8%。尽管营收和投入资产规模都有所增加，但这可能表明该公司正在投资成长，额外的资金导致了短期资本回报率的降低。如果这些投资取得了成功，这对长期股票表现非常有利。
On a side note, Zhejiang Century Huatong GroupLtd's current liabilities have increased over the last five years to 23% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.8%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
顺便提一下，浙江世纪华通集团股份有限公司的流动负债在过去五年中已经增加到总资产的23%，从某种程度上扭曲了ROCE。如果流动负债过高，业务可能会遇到一些新的风险。请关注这一比率。如果没有这一增长，ROCE很可能会更低。
The Key Takeaway
重要提示
While returns have fallen for Zhejiang Century Huatong GroupLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And there could be an opportunity here if other metrics look good too, because the stock has declined 65% in the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管浙江世纪华通集团股份有限公司的回报率近年来有所下降，但我们看到销售额正在增长，企业正在重新投资运营。如果其他业绩指标看起来也不错，这可能是一个机会，因为过去五年该股票下跌了65%。因此，我们认为鉴于趋势值得期待，进一步了解该股票是很值得的。
Zhejiang Century Huatong GroupLtd could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 002602 on our platform quite valuable.
浙江世纪华通集团股份有限公司可以在其他方面以吸引人的价格交易，因此您可能会发现我们为002602提供的免费内在价值估算很有价值。
While Zhejiang Century Huatong GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然浙江世纪华通集团股份有限公司的回报率不是最高的，但请查看这份免费的公司股权回报率高、资产负债表稳健的清单。
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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
对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。