Hangzhou Star Shuaier Electric Appliance (SZSE:002860) Could Be Struggling To Allocate Capital
Hangzhou Star Shuaier Electric Appliance (SZSE:002860) Could Be Struggling To Allocate Capital
0.093 = CN¥207m ÷ (CN¥3.2b - CN¥970m) What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. In light of that, when we looked at Hangzhou Star Shuaier Electric Appliance (SZSE:002860) and its ROCE trend, we weren't exactly thrilled.
如果我们想要找到可以长期增值的股票，我们应该关注哪些趋势呢？首先，我们希望看到资本利用率（ROCE）逐渐增加，其次，资本利用率基数不断扩大。简单来说，这些类型的业务是复利机器，意味着它们始终以越来越高的回报率重新投资其收益。鉴于此，当我们审视映秀尔（SZSE:002860）及其ROCE趋势时，并没有让我们感到兴奋。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. Analysts use this formula to calculate it for Hangzhou Star Shuaier Electric Appliance:
只是为了澄清，如果您不确定，ROCE是一种衡量公司在其业务中投资资本获得多少税前收入（以百分比形式）的度量标准。分析师使用这个公式来计算映秀尔的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。
0.093 = CN¥207m ÷ (CN¥3.2b - CN¥970m) (Based on the trailing twelve months to June 2024).
0.093 = 2.07亿人民币 ÷ （320亿人民币 - 9.7亿人民币）（基于2024年6月过去十二个月）。
Therefore, Hangzhou Star Shuaier Electric Appliance has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 5.9% generated by the Electrical industry, it's much better.
因此，映秀尔的ROCE为9.3%。单独看来这是一个较低的回报，但与电气行业平均5.9%的回报相比，表现要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hangzhou Star Shuaier Electric Appliance's ROCE against it's prior returns. If you're interested in investigating Hangzhou Star Shuaier Electric Appliance's past further, check out this free graph covering Hangzhou Star Shuaier Electric Appliance's past earnings, revenue and cash flow.
历史表现是研究股票的好地方，所以您可以看到杭州星帅尔电器的ROCE评级相对于其先前收益。如果您对进一步调查杭州星帅尔电器的历史感兴趣，请查看这张免费图表，涵盖了杭州星帅尔电器的过往收益、营业收入和现金流。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
When we looked at the ROCE trend at Hangzhou Star Shuaier Electric Appliance, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 9.3% from 12% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
当我们查看杭州星帅尔电器的ROCE趋势时，我们并没有获得太多信心。在过去的五年里，资本回报率从五年前的12%下降到了9.3%。鉴于企业正在使用更多资本，而营业收入却有所下滑，这有点令人担忧。如果这种情况继续下去，您可能会面对一家试图为增长重新投资但实际上失去市场份额的公司，因为销售额并未增加。
On a side note, Hangzhou Star Shuaier Electric Appliance's current liabilities have increased over the last five years to 30% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 9.3%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
另外，杭州星帅尔电器的流动负债在过去五年中增加到总资产的30%，在一定程度上扭曲了ROCE。如果没有这种增长，ROCE很可能会比9.3%还要更低。虽然比率目前并不是太高，但值得密切关注，因为如果它变得特别高，企业可能会面临一些新的风险要素。
What We Can Learn From Hangzhou Star Shuaier Electric Appliance's ROCE
我们可以从杭州星帅尔电器的ROCE中学到什么
In summary, we're somewhat concerned by Hangzhou Star Shuaier Electric Appliance's diminishing returns on increasing amounts of capital. In spite of that, the stock has delivered a 10% return to shareholders who held over the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
总的来说，我们对杭州星帅尔电器资本回报率不断下降的情况感到有些担忧。尽管如此，这支股票在过去五年里为持有股东提供了10%的回报。无论如何，我们并不是当前趋势的铁杆支持者，所以我们认为您可能会在其他地方找到更好的投资。
One more thing to note, we've identified 1 warning sign with Hangzhou Star Shuaier Electric Appliance and understanding this should be part of your investment process.
还有一件事需要注意，我们已经发现了星帅尔电器的1个警告信号，了解这一点应该成为您的投资流程的一部分。
While Hangzhou Star Shuaier Electric Appliance isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然杭州星帅尔电器的回报率不是最高的，但可以查看一下这份免费的公司名单，这些公司在权益回报率和健康资产负债表方面获得了高回报。
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