Liaoning Fu-An Heavy IndustryLtd (SHSE:603315) Will Be Hoping To Turn Its Returns On Capital Around
Liaoning Fu-An Heavy IndustryLtd (SHSE:603315) Will Be Hoping To Turn Its Returns On Capital Around
0.053 = CN¥89m ÷ (CN¥2.9b - CN¥1.2b) If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Liaoning Fu-An Heavy IndustryLtd (SHSE:603315) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到一只能够长期放大的股票，我们应该寻找哪些潜在的趋势？理想情况下，一家企业应该展现两种趋势；首先是不断增长的资本使用回报率（ROCE），其次是日益增多的资本使用量。如果你看到这一点，通常意味着这是一家具有出色商业模式和许多有利可图的再投资机会的公司。然而，经过简要地查看数据，我们认为辽宁富安重工业有限公司（SHSE:603315）未来可能不具备多倍增长的潜质，但让我们看看可能的原因。
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 Liaoning Fu-An Heavy IndustryLtd is:
如果您之前没有使用过ROCE，它衡量的是公司从其业务中使用的资本中产生的‘回报’（税前利润）。在辽宁富安重工业有限公司的计算公式为：
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。
0.053 = CN¥89m ÷ (CN¥2.9b - CN¥1.2b) (Based on the trailing twelve months to June 2024).
0.053 = 8900万人民币 ÷ （290亿人民币 - 12亿人民币）（截至2024年6月的最近十二个月）。
Thus, Liaoning Fu-An Heavy IndustryLtd has an ROCE of 5.3%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 7.0%.
因此，辽宁富安重工业有限公司的ROCE为5.3%。从绝对值来看，这是一个较低的回报率，也表现不及金属和采矿行业平均水平的7.0%。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Liaoning Fu-An Heavy IndustryLtd has performed in the past in other metrics, you can view this free graph of Liaoning Fu-An Heavy IndustryLtd's past earnings, revenue and cash flow.
虽然过去不代表未来，但了解公司历史表现可能会有所帮助，这就是我们提供以上图表的原因。如果您想要查看辽宁富安重工业有限公司在其他指标上的历史表现，可以查看辽宁富安重工业有限公司过去收益、营业收入和现金流的免费图表。
So How Is Liaoning Fu-An Heavy IndustryLtd's ROCE Trending?
那么，辽宁富安重工业有限公司的ROCE趋势如何？
In terms of Liaoning Fu-An Heavy IndustryLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 11% over the last five years. However it looks like Liaoning Fu-An Heavy IndustryLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就辽宁富安重工业有限公司历史ROCE走势而言，这个趋势并不理想。具体来说，过去五年ROCE 下降了11%。然而，看起来辽宁富安重工业有限公司可能正在为长期增长进行再投资，因为资本雇用增加了，公司的销售额在过去12个月内并未发生太大变化。公司可能需要一些时间才能开始从这些投资中看到任何收益变化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 42%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
谈到这一点，我们注意到流动负债与总资产之比已经上升到42%，这影响了ROCE。如果流动负债没有增加得那么多，ROCE 实际上可能会更低。这意味着实际上有相当大比例的业务是由公司的供应商或短期债权人提供资金，这本身会带来一些风险。
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。
In summary, Liaoning Fu-An Heavy IndustryLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 12% over the last five years, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think Liaoning Fu-An Heavy IndustryLtd has the makings of a multi-bagger.
总而言之，辽宁富安重工业有限公司正在为业务增长进行再投资，但不幸的是，销售额似乎还没有太大增长。由于股价在过去五年下跌了12%，投资者对这种趋势改善可能并不太乐观。因此，根据本文的分析，我们认为辽宁富安重工业有限公司并不具备多袋资产的潜力。
One final note, you should learn about the 3 warning signs we've spotted with Liaoning Fu-An Heavy IndustryLtd (including 1 which doesn't sit too well with us) .
最后要注意，您应该学习一下我们发现的辽宁富安重工业有限责任公司的 3 个警示信号（其中 1 个不太符合我们的口味）。
While Liaoning Fu-An Heavy IndustryLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然辽宁富安重工业有限责任公司的回报率并非最高，但可以查看这份免费的公司名单，这些公司在股东权益上获得了高回报并且拥有扎实的资产负债表。
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