Capital Allocation Trends At NINGBO HENGSHUAI (SZSE:300969) Aren't Ideal
Capital Allocation Trends At NINGBO HENGSHUAI (SZSE:300969) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, while the ROCE is currently high for NINGBO HENGSHUAI (SZSE:300969), we aren't jumping out of our chairs because returns are decreasing.
要找到一个潜力大的企业并不容易，但只要我们关注几个重要的财务指标就有可能办到。通常而言，我们要注意收益资本率（ROCE）不断增长的趋势，同时，资本雇用数量逐渐扩大。这能够证明这家企业正在以逐渐增加的投资回报率再度投资利润。话虽如此，尽管NINGBO HENGSHUAI（SZSE:300969）ROCE目前很高，但我们并不会为此捧腹大笑，因为回报率正在下降。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for NINGBO HENGSHUAI, this is the formula:
对于不了解什么是ROCE的人来说，它衡量公司在业务中使用的资本能够产生多少税前利润。要为NINGBO HENGSHUAI计算这个指标，可以使用以下公式：
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。
0.20 = CN¥238m ÷ (CN¥1.4b - CN¥257m) (Based on the trailing twelve months to March 2024).
0.20 = CN¥23800万 ÷ (CN¥14亿 - CN¥257m) （基于截至2024年3月的最近十二个月）。
Thus, NINGBO HENGSHUAI has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 6.9% earned by companies in a similar industry.
因此，NINGBO HENGSHUAI的ROCE为20%。这是很棒的回报，而且不仅如此，它还超过了同行业公司6.9%的平均水平。
In the above chart we have measured NINGBO HENGSHUAI's 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 NINGBO HENGSHUAI for free.
在上图中，我们将NINGBO HENGSHUAI先前的ROCE与其先前表现进行了比较，但未来可能更为重要。如果您愿意，您可以免费查看覆盖NINGBO HENGSHUAI的分析师的预测。
So How Is NINGBO HENGSHUAI's ROCE Trending?
那么，NINGBO HENGSHUAI的ROCE趋势如何？
On the surface, the trend of ROCE at NINGBO HENGSHUAI doesn't inspire confidence. Historically returns on capital were even higher at 29%, but they have dropped over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
表面上看来，NINGBO HENGSHUAI的ROCE趋势并不令人信服。历史上，资本回报率甚至更高达到29%，但在过去的五年中已经下降。然而，鉴于资本雇用和营业收入都增加了，似乎该企业目前正在追求增长，代价是短期回报。如果这些投资被证明是成功的，这对于长期股票表现非常有利。
On a side note, NINGBO HENGSHUAI has done well to pay down its current liabilities to 18% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
顺便说一句，NINGBO HENGSHUAI已经成功地将其流动负债减少到总资产的18%。因此我们可以将这部分与ROCE的下降联系起来。此外，这也可以减少企业的某些风险，因为现在公司的供应商或短期债权人正在为其运营筹集的资金较少。由于企业基本上是用自己的资金更多地为其运营提供资金，因此您可以认为这使企业在产生ROCE方面不那么高效。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for NINGBO HENGSHUAI. And the stock has done incredibly well with a 101% return over the last three years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
尽管资本回报率在短期内下降，但我们发现NINGBO HENGSHUAI的营业收入和资本雇用都增加了，这很有前途。股票在过去三年中的回报率高达101%，因此长期投资者无疑对此结果感到非常高兴。因此，尽管投资者似乎认识到这些有前途的趋势，我们仍然需要深入了解这支股票，以确保其他指标支持积极的观点。
If you're still interested in NINGBO HENGSHUAI it's worth checking out our FREE intrinsic value approximation for 300969 to see if it's trading at an attractive price in other respects.
如果您仍然对NINGBO HENGSHUAI感兴趣，可以查看我们300969的自由内在价值近似值，以查看其他方面是否有吸引人的交易价格。
NINGBO HENGSHUAI is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
NINGBO HENGSHUAI并不是唯一盈利颇丰的股票。如果您想了解更多情况，请查看我们的免费公司股本收益率高且基本面良好的公司列表。
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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
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。