Dalian Huarui Heavy Industry Group (SZSE:002204) Shareholders Will Want The ROCE Trajectory To Continue
Dalian Huarui Heavy Industry Group (SZSE:002204) Shareholders Will Want The ROCE Trajectory To Continue
0.041 = CN¥376m ÷ (CN¥25b - CN¥16b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at Dalian Huarui Heavy Industry Group (SZSE:002204) and its trend of ROCE, we really liked what we saw.
什么是早期趋势，我们应该寻找什么样的股票能够在长期内增值？首先，我们希望找到一个增长的资本雇用回报率（ROCE），然后在此基础上，找到一个不断增长的资本雇用基数。简单来说，这些类型的企业是复利机器，意味着他们不断以越来越高的回报率重新投资他们的收益。因此，当我们看Dalian Huarui Heavy Industry Group (SZSE:002204)以及它的ROCE趋势时，我们真的很喜欢我们看到的东西。
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. The formula for this calculation on Dalian Huarui Heavy Industry Group is:
只是为了澄清，如果你不确定，ROCE是用来评估公司在其业务中投资的资本所获得的税前收入的指标（以百分比计算）。在Dalian Huarui Heavy Industry Group上进行这个计算的公式是：
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。
0.041 = CN¥376m ÷ (CN¥25b - CN¥16b) (Based on the trailing twelve months to June 2024).
0.041 = CN¥37600万 ÷ (CN¥250亿 - CN¥16b)（截至2024年6月的过去十二个月）。
Thus, Dalian Huarui Heavy Industry Group has an ROCE of 4.1%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.7%.
因此，大连重工（Dalian Huarui Heavy Industry Group）的ROCE为4.1%。总的来说，这是一个较低的回报率，低于机械行业平均水平5.7%。
Above you can see how the current ROCE for Dalian Huarui Heavy Industry Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Dalian Huarui Heavy Industry Group for free.
从上面可以看出大连重工的当前ROCE与其过去的资本回报率相比如何，但过去只能告诉你这么多。如果你愿意，你可以免费查看覆盖大连重工的分析师的预测。
What Can We Tell From Dalian Huarui Heavy Industry Group's ROCE Trend?
从大连重工的ROCE趋势中我们能得出什么结论？
While in absolute terms it isn't a high ROCE, it's promising to see that it has been moving in the right direction. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 4.1%. 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 30%. 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.
尽管ROCE在绝对值上并不高，但令人振奋的是它一直朝着正确的方向发展。数据显示，在过去的五年中，资本运作产生的回报率大幅增长至4.1%。公司有效利用资本获取了更多的利润，值得注意的是，资本的数量也增加了30%。这可能意味着在公司内部有很多的投资机会，并且投资回报率不断提高，这在多倍增长的公司中很常见。
On a separate but related note, it's important to know that Dalian Huarui Heavy Industry Group has a current liabilities to total assets ratio of 63%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，大连重工的流动负债占总资产比例达到了63%，我们认为这相当高。这实际上意味着供应商（或短期债权人）为公司提供了大部分资金，因此请了解这可能会引入一些风险。理想情况下，我们希望看到这个比例减少，因为这意味着承担风险的义务较少。
Our Take On Dalian Huarui Heavy Industry Group's ROCE
我们对大连重工的ROCE的看法
To sum it up, Dalian Huarui Heavy Industry Group has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Considering the stock has delivered 17% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
总的来说，大连重工已经证明了可以再投资于业务并产生更高的资本回报率，这非常棒。考虑到过去五年该股票为股东带来了17%的回报，可以说投资者可能还没有完全意识到这些有前途的趋势。因此，如果估值和其他指标达到预期，进一步了解这只股票可能会发现一个很好的投资机会。
One more thing: We've identified 2 warning signs with Dalian Huarui Heavy Industry Group (at least 1 which makes us a bit uncomfortable) , and understanding them would certainly be useful.
还有一件事：我们已经发现大连重工存在2个警告信号（至少有1个让我们有点不舒服），了解它们肯定会很有用。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
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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