Some Investors May Be Worried About Hunan Development Group's (SZSE:000722) Returns On Capital
Some Investors May Be Worried About Hunan Development Group's (SZSE:000722) Returns On Capital
0.017 = CN¥54m ÷ (CN¥3.3b - CN¥132m) If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. In light of that, from a first glance at Hunan Development Group (SZSE:000722), we've spotted some signs that it could be struggling, so let's investigate.
如果您关注的是一个成熟的业务，已经过了增长阶段，那么会有哪些潜在趋势浮现呢？当我们看到资本使用回报率（ROCE）下降，同时资本使用基数也在下降，这通常是一个成熟企业衰老的迹象。这向我们表明，企业不仅在缩小其净资产规模，而且其回报也在下降。基于这一点，在初步看湖南发展（SZSE:000722）时，我们发现了一些迹象表明它可能面临困境，所以让我们来调查一下。
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。
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. To calculate this metric for Hunan Development Group, this is the formula:
只是为了澄清，如果您不确定，ROCE是衡量公司在其业务中投入的资本上赚取多少税前收入（以百分比表示）的指标。要为湖南发展集团计算此指标，这是公式：
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。
0.017 = CN¥54m ÷ (CN¥3.3b - CN¥132m) (Based on the trailing twelve months to June 2024).
0.017 = 5400万人民币 ÷ (33亿人民币 - 1.32亿人民币)（截至2024年6月的过去十二个月）。
Thus, Hunan Development Group has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Renewable Energy industry average of 5.6%.
因此，湖南发展（SZSE:000722）的ROCE为1.7%。从绝对值来看，这是一个较低的回报，并且表现也低于可再生能源行业的平均水平5.6%。
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 Hunan Development Group has performed in the past in other metrics, you can view this free graph of Hunan Development Group's past earnings, revenue and cash flow.
尽管过去并不代表未来，但了解公司过去的业绩对我们是很有帮助的，这也是为什么我们在上面有这张图表。如果您想了解湖南发展在其他指标上过去的表现，可以查看这张湖南发展过去盈利、营业收入和现金流的免费图表。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
In terms of Hunan Development Group's historical ROCE movements, the trend doesn't inspire confidence. To be more specific, the ROCE was 3.0% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Hunan Development Group to turn into a multi-bagger.
就湖南发展的历史ROCE走势而言，这一趋势并不令人信服。更具体地说，五年前ROCE为3.0%，但自那时以来显著下降。而在资本运作方面，企业正在利用大致相同数量的资金。展现这些特征的企业往往不会萎缩，但可能已经成熟并面临来自竞争的利润压力。如果这些趋势持续下去，我们就不会期待湖南发展会成为一个翻番股。
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。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. However the stock has delivered a 58% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
总的来说，在利用相同数量资本的情况下收益较低并不是一个连续复利的迹象。然而，这支股票在过去五年中为股东提供了58%的回报，因此投资者可能期待趋势会扭转。无论如何，当前的基本趋势对长期绩效并不乐观，除非它们出现逆转，否则我们会开始寻找其他机会。
One more thing to note, we've identified 1 warning sign with Hunan Development Group and understanding this should be part of your investment process.
还有一件事需要注意，我们已经发现了湖南发展的1个警示信号，了解这一点应该成为您的投资过程的一部分。
While Hunan Development Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管湖南发展的回报率不是最高的，但请查看这份正在获得高股权回报率并拥有 solide 资产负债表的公司名单。
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