Investors Could Be Concerned With Hwa Create's (SZSE:300045) Returns On Capital
Investors Could Be Concerned With Hwa Create's (SZSE:300045) Returns On Capital
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. On that note, looking into Hwa Create (SZSE:300045), we weren't too upbeat about how things were going.
如果我们想要避免一个正在衰退的商业,有哪些趋势可以提前警示我们呢?通常情况下,我们会看到资本投入回报率(ROCE)和资本投入量的下降。最终,这意味着公司的每投资一美元的收益更少,而且它还在缩小其资本投入的基础。在这方面,我们对华信创科技(深圳证券交易所:300045)的情况并不太乐观。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. Analysts use this formula to calculate it for Hwa Create:
对于那些不确定什么是ROCE的人来说,它衡量了一家公司从其业务中使用的资本所能产生的税前利润数额。分析师使用这个公式来计算华信创科技的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。
0.021 = CN¥38m ÷ (CN¥2.5b - CN¥599m) (Based on the trailing twelve months to June 2024).
0.021 = CN¥3800万 ÷ (CN¥25亿 - CN¥599m)(基于2024年6月的过去十二个月)。
Thus, Hwa Create has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Aerospace & Defense industry average of 4.3%.
因此,华信创科技的ROCE为2.1%。从绝对数值来看,这是一个较低的回报率,而且也低于航空与国防行业平均水平4.3%。
![1724285632289](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42693157-0-77cfb248c02f8f76f7b8e32f74d61980.webp/bigjpg)
In the above chart we have measured Hwa Create'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 Hwa Create for free.
在上面的图表中,我们已经测量了华创的先前ROCE与其先前业绩,但未来可能更重要。如果您愿意,可以免费查看分析师对华创的预测。
What Does the ROCE Trend For Hwa Create Tell Us?
华创的ROCE趋势告诉我们什么?
We are a bit worried about the trend of returns on capital at Hwa Create. Unfortunately the returns on capital have diminished from the 7.7% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Hwa Create becoming one if things continue as they have.
我们对华创资本回报率的趋势有些担忧。遗憾的是,资本回报率已经从五年前的7.7%下降。除此之外,值得注意的是,企业所使用的资本量保持相对稳定。这一组合可能表明一个成熟的企业仍有资金可供部署,但由于潜在的新竞争或较小的利润率,所获得的回报并不高。因此,由于这些趋势通常不利于创造多倍收益,如果情况继续下去,我们不认为华创会成为一个多倍股。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. However the stock has delivered a 85% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
最终,相同资本下回报率的下降趋势通常不是我们正在寻找的一个增长股的迹象。然而,该股票在过去五年内为股东提供了85%的回报,因此投资者可能期待这些趋势得到逆转。不过,基本面并不让我们感到很舒服,所以我们暂时会避开这只股票。
On a separate note, we've found 1 warning sign for Hwa Create you'll probably want to know about.
另外,我们发现了一项有关华创的警告信号,您可能想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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