Returns On Capital At Hubei Xingfa Chemicals Group (SHSE:600141) Paint A Concerning Picture
Returns On Capital At Hubei Xingfa Chemicals Group (SHSE:600141) Paint A Concerning Picture
0.058 = CN¥2.0b ÷ (CN¥46b - CN¥12b) There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. However, after investigating Hubei Xingfa Chemicals Group (SHSE:600141), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要识别下一个潜力股，有几个关键趋势需要关注。通常情况下，我们会注意到资本利用率（ROCE）不断增长的趋势，并伴随着不断扩大的资本投入基础。基本上这意味着公司拥有盈利举措，并能持续进行再投资，这是一个具有复利效应的特征。然而，经过调查兴发集团（SHSE:600141）后，我们认为其当前趋势并不符合潜力股的特征。
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. Analysts use this formula to calculate it for Hubei Xingfa Chemicals Group:
如果您之前没有接触过ROCE，它测量了公司从业务中使用的资本所产生的“回报”（税前利润）。分析师使用此公式为兴发集团计算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。
0.058 = CN¥2.0b ÷ (CN¥46b - CN¥12b) (Based on the trailing twelve months to March 2024).
0.058 = 2000000000人民币 ÷ （46000000000人民币 - 12000000000人民币）（截至2024年3月的过去十二个月）。
Thus, Hubei Xingfa Chemicals Group has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Chemicals industry average of 5.5%.
因此，兴发集团的ROCE为5.8%。绝对来说，这是一个低回报，但它大约是化学行业平均水平5.5%。
Above you can see how the current ROCE for Hubei Xingfa Chemicals Group 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 Hubei Xingfa Chemicals Group .
以上是兴发集团当前资本回报率（ROCE）与之前资本回报率的比较，但从过去只能得出有限的结论。如果您想了解分析师对未来的预测，请查看我们兴发集团的免费分析师报告。
So How Is Hubei Xingfa Chemicals Group's ROCE Trending?
兴发集团的ROCE走势如何？
In terms of Hubei Xingfa Chemicals Group's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 13%, but since then they've fallen to 5.8%. However it looks like Hubei Xingfa Chemicals Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就兴发集团历史ROCE变化而言，趋势并不乐观。大约五年前资本回报率为13%，但此后下降至5.8%。然而，兴发集团可能正在进行长期增长的再投资，因为尽管资本投入增加，公司的销售在过去12个月并没有太大变化。值得密切关注公司未来的盈利情况，以查看这些投资是否最终能为公司带来利润。
On a side note, Hubei Xingfa Chemicals Group has done well to pay down its current liabilities to 25% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一下，兴发集团已成功将其流动负债偿还至总资产的25%。这在一定程度上解释了ROCE的下降。实际上，这意味着他们的供应商或短期债权人为企业提供的资金减少了一些风险因素。由于企业基本上使用自有资金为其运营提供更多资金，可以说这使得企业在获得ROCE方面不那么高效。
What We Can Learn From Hubei Xingfa Chemicals Group's ROCE
我们能从兴发集团的ROCE中学到什么？
Bringing it all together, while we're somewhat encouraged by Hubei Xingfa Chemicals Group's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 75% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
综合来看，虽然我们对兴发集团对自身业务的重新投资有些鼓舞，但我们意识到回报正在减少。由于过去五年股价上涨了令人印象深刻的75%，投资者必定认为未来会更好。最终，如果潜在趋势持续下去，我们对其成为多袋提不抱太大希望。
One more thing: We've identified 3 warning signs with Hubei Xingfa Chemicals Group (at least 1 which doesn't sit too well with us) , and understanding these would certainly be useful.
还有一件事：我们已经发现了兴发集团的3个警告信号（其中至少有1个对我们来说不太好），了解这些肯定会很有用。
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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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