Returns At Johnson Electric Holdings (HKG:179) Are On The Way Up
Returns At Johnson Electric Holdings (HKG:179) Are On The Way Up
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, we've noticed some promising trends at Johnson Electric Holdings (HKG:179) so let's look a bit deeper.
如果我们想要找到一只能够在长期内乘数增长的股票，我们需要寻找什么基础趋势呢？首先，我们需要看到资本雇用率回报率（ROCE）的验证趋势正在增长，其次，雇用资本的基础趋势正在扩大。如果您看到这个，通常意味着它是一家具有出色商业模式和丰富的有盈利再投资机会的公司。基于这个想法，我们注意到Johnson Electric Holdings(HKG:179)出现了一些有希望的趋势，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. To calculate this metric for Johnson Electric Holdings, this is the formula:
只是为了澄清，如果您不确定，ROCE是一种评估公司在其业务中投资的资本上赚取多少税前收入（以百分比形式）的指标。为了计算Johnson Electric Holdings的这个指标，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。
0.092 = US$281m ÷ (US$4.2b - US$1.1b) (Based on the trailing twelve months to March 2024).
0.092 = US$28100万 ÷ (US$42亿 - US$1.1b)（基于最近12个月截至2024年3月的数据）。
Thus, Johnson Electric Holdings has an ROCE of 9.2%. On its own that's a low return, but compared to the average of 5.2% generated by the Auto Components industry, it's much better.
因此，Johnson Electric Holdings的ROCE为9.2%。仅就此而言，回报率较低，但与汽车元件行业平均5.2%相比，要好得多。
In the above chart we have measured Johnson Electric Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Johnson Electric Holdings for free.
在上图中，我们已经测量了Johnson Electric Holdings过去的ROCE与其过去的表现，但未来可能更重要。如果您希望，您可以免费查看分析师们对Johnson Electric Holdings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。
Johnson Electric Holdings is showing promise given that its ROCE is trending up and to the right. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 28% over the last five years. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
鉴于Johnson Electric Holdings的ROCE趋势正在上升且向右，该公司正在展现出一些有前途的迹象。根据数据，我们可以看到，即使企业中雇用的资本保持相对稳定，但在过去的五年中，其产生的ROCE已经增长了28%。因此很可能企业正在充分利用其过去的投资所带来的全部好处，因为雇用资本并没有发生显著变化。不过，这值得进一步深入探讨，因为虽然企业更加高效，但这可能也意味着在未来进行内部有机增长的投资领域可能会缺乏。
What We Can Learn From Johnson Electric Holdings' ROCE
从Johnson Electric Holdings的ROCE中我们可以学到什么？
To bring it all together, Johnson Electric Holdings has done well to increase the returns it's generating from its capital employed. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. So researching this company further and determining whether or not these trends will continue seems justified.
综合全文，Johnson Electric Holdings已经成功地提高了从资本雇用中所获得的回报率。考虑到该公司过去五年的股价持平，如果其他指标强劲，这可能是一个机会。因此，进一步研究该公司并确定这些趋势是否会持续似乎是有道理的。
Johnson Electric Holdings does have some risks, we noticed 2 warning signs (and 1 which is a bit unpleasant) we think you should know about.
Johnson Electric Holdings确实存在一些风险，我们注意到了2个警告信号（还有1个有些不愉快的），我们认为您应该知道。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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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。
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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