Nongfu Spring (HKG:9633) Is Investing Its Capital With Increasing Efficiency
Nongfu Spring (HKG:9633) Is Investing Its Capital With Increasing Efficiency
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at the ROCE trend of Nongfu Spring (HKG:9633) we really liked what we saw.
如果我们想要找到一只能够长期成倍增长的股票,我们应该寻找什么潜在趋势?常见的方法是尝试寻找ROCE逐渐增加,同时资本雇用的数量也在不断增长的公司。这表明它是一个复利机器,能够不断将盈利再投入业务并产生更高的回报。因此,当我们看到农夫山泉(HKG:9633)的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。
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. Analysts use this formula to calculate it for Nongfu Spring:
只是为了澄清,如果您不确定,ROCE是一种衡量公司在其业务中投资的资本所赚取的税前收入的度量标准(以百分比表示)。分析师使用以下公式为农夫山泉计算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。
0.48 = CN¥14b ÷ (CN¥49b - CN¥20b) (Based on the trailing twelve months to December 2023).
0.48 = CN¥140亿 ÷ (CN¥490亿 - CN¥20b)(基于截至2023年12月的过往12个月)。
So, Nongfu Spring has an ROCE of 48%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
所以,农夫山泉的ROCE为48%。这是一个了不起的回报,不仅如此,它还超过了同行业公司11%的平均水平。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240730/0-e28d43d07df60755f9b71d41346d30c1-0-4eb66f1368444273abd511aad6f83974.png/big)
Above you can see how the current ROCE for Nongfu Spring compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Nongfu Spring .
在上面,您可以看到农夫山泉当前ROCE与其以前资本回报的比较情况,但仅从过去看到的是有限的。如果您感兴趣,您可以在我们的免费研究报告中查看分析师的预测。
What Can We Tell From Nongfu Spring's ROCE Trend?
我们可以从农夫山泉的ROCE趋势中了解到什么?
We like the trends that we're seeing from Nongfu Spring. Over the last five years, returns on capital employed have risen substantially to 48%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 98%. So we're very much inspired by what we're seeing at Nongfu Spring thanks to its ability to profitably reinvest capital.
我们非常喜欢从农夫山泉中看到的趋势。在过去的五年中,资本回报率大幅上升至48%。该公司目前能够有效地运用更少的资本实现更高的利润。值得注意的是,资本的数量也已经增加了98%。因此,我们非常赞赏农夫山泉公司赚钱的能力并能够盈利地再投资资本。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Essentially the business now has suppliers or short-term creditors funding about 40% of its operations, which isn't ideal. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
但值得一提的是,在这段时间内,该公司的流动负债有显着增加,因此我们认为其中一部分ROCE增长是归因于此的。实际上,该公司现在有约40%的营运资金来自供应商或短期债权人,这并不理想。鉴于这种比率相当高,我们提醒投资者,在某些企业中,流动负债达到这个水平可能带来一些风险。
What We Can Learn From Nongfu Spring's ROCE
从农夫山泉的ROCE我们可以学到什么?
To sum it up, Nongfu Spring has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Given the stock has declined 21% in the last three years, this could be a good investment if the valuation and other metrics are also appealing. So researching this company further and determining whether or not these trends will continue seems justified.
总之,农夫山泉已证明其可以对业务进行再投资并产生更高的资本回报,这非常棒。考虑到该股在过去三年中下跌了21%,如果估值和其他指标也吸引人,这可能是一个不错的投资。因此,进一步研究这家公司并确定这些趋势是否会继续似乎是有必要的。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for 9633 on our platform that is definitely worth checking out.
在ROCE的另一方面,我们还必须考虑估值。这就是为什么我们在我们的平台上有一个免费的9633内在价值估算,绝对值得一看。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回报率是强劲表现的关键因素,因此请查看我们的免费股票列表,其中列出了盈利能力强、资产负债表坚实的股票。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。