Investors Will Want Hengli PetrochemicalLtd's (SHSE:600346) Growth In ROCE To Persist
Investors Will Want Hengli PetrochemicalLtd's (SHSE:600346) Growth In ROCE To Persist
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Hengli PetrochemicalLtd (SHSE:600346) so let's look a bit deeper.
如果你不确定从哪里开始寻找下一个双倍股，那么你应该关注几个关键趋势。首先，我们想看到资本的回报率（ROCE）在增加，其次，资本投入在不断扩大。这向我们展示了一个复合机器，能够不断地将其收益再投资到业务中并产生更高的回报。有了这个想法，我们注意到恒力石化（SHSE：600346）的一些有前途的趋势，让我们来深入了解一下。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Hengli PetrochemicalLtd is:
如果你以前没有使用ROCE，那么它衡量的是一家公司从其业务中的资本投入中产生的”回报”（税前利润）。 在HengliPetrochemicalLtd上进行此计算的公式是：
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。
0.11 = CN¥15b ÷ (CN¥272b - CN¥130b) (Based on the trailing twelve months to March 2024).
0.11 = CN¥150亿 ÷ (CN¥2720亿 - CN¥130b) (基于截至2024年3月的过去十二个月)。
Therefore, Hengli PetrochemicalLtd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此，恒力石化公司的ROCE为11％。 相对而言，这是一个令人满意的回报率，但与化学品行业平均水平5.5％相比，它要好得多。
In the above chart we have measured Hengli PetrochemicalLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Hengli PetrochemicalLtd .
在上图中，我们测量了恒力石化公司的先前ROCE与其先前业绩的关系，但未来可能更为重要。如果您感兴趣，您可以查看我们的免费分析员报告，了解恒力石化公司的分析师预测。
What Does the ROCE Trend For Hengli PetrochemicalLtd Tell Us?
恒力石化公司的ROCE趋势告诉我们什么？
Investors would be pleased with what's happening at Hengli PetrochemicalLtd. The data shows that returns on capital have increased substantially over the last five years to 11%. Basically the business is earning more per dollar of capital invested and in addition to that, 85% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
投资者会对恒力石化公司正在发生的事情感到满意。数据显示，在过去的五年中，资本回报率大幅增加至11％。基本上，公司每投入1美元的资本所赚取的利润更多，此外，现在也雇用了更多的资本。这可能表明，有大量的机会在企业内部投资资本，并以更高的利率投资，这在多重资产中很常见。
On a separate but related note, it's important to know that Hengli PetrochemicalLtd has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，恒力石化公司的流动负债总资产比率为48％，我们认为这相当高。这可能会带来一些风险，因为公司基本上是在相当依赖其供应商或其他短期债权人的情况下运营。虽然这不一定是一件坏事，但如果这个比率低一点，就可能有益。
Our Take On Hengli PetrochemicalLtd's ROCE
总的来说，看到恒力石化公司正在从以前的投资中获得回报并增加其资本基础是非常棒的。由于该股票在过去的五年中仅回报了18％，因此投资者可能还没有意识到其有前途的基本面。因此，考虑到这一点，我们认为该股票值得进一步研究。
All in all, it's terrific to see that Hengli PetrochemicalLtd is reaping the rewards from prior investments and is growing its capital base. Since the stock has only returned 18% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
不过，恒力石化公司也存在风险，我们在投资分析中发现了2个警示信号，其中1个有点令人关注......总之，看到恒力石化公司正在从以前的投资中获得回报并增加其资本基础是非常棒的。由于该股票在过去的五年中仅回报了18％，因此投资者可能还没有意识到其有前途的基本面。因此，考虑到这一点，我们认为该股票值得进一步研究。
Hengli PetrochemicalLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit concerning...
然而，恒力石化公司目前可能没有获得最高的回报，我们已经编制了一张目前获得超过25％净投资回报率的公司名单。 在此处检查这份免费名单。
While Hengli PetrochemicalLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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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。