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Returns On Capital Are Showing Encouraging Signs At Henan Senyuan Electric (SZSE:002358)

Returns On Capital Are Showing Encouraging Signs At Henan Senyuan Electric (SZSE:002358)

森源电气的资本回报率显示出令人鼓舞的迹象(SZSE:002358)
Simply Wall St ·  2024/12/05 20:21

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, Henan Senyuan Electric (SZSE:002358) looks quite promising in regards to its trends of return on capital.

找到一个具有大幅增长潜力的业务并不容易,但如果我们关注几个关键财务指标,这也是可能的。通常,我们希望注意到资本收益率(ROCE)持续增长的趋势,以及随之而来的就业资本基础的扩张。这向我们表明这是一个复利机器,能够不断将收益再投资回业务中并产生更高的回报。因此,基于资本回报率的趋势,森源电气(SZSE:002358)看起来相当有前景。

What Is Return On Capital Employed (ROCE)?

什么是资本回报率(ROCE)?

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Henan Senyuan Electric is:

对于那些不知道的人来说,ROCE是公司年度税前利润(其回报)与在业务中投入的资本的比率。对森源电气的计算公式是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.077 = CN¥257m ÷ (CN¥6.5b - CN¥3.2b) (Based on the trailing twelve months to September 2024).

0.077 = CN¥25700万 ÷ (CN¥65亿 - CN¥3.2b) (基于截至2024年9月的最近十二个月数据)。

Thus, Henan Senyuan Electric has an ROCE of 7.7%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 5.8%.

因此,森源电气的ROCE为7.7%。在绝对数值上,这是一个较低的回报,但远高于电气行业平均水平的5.8%。

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SZSE:002358 Return on Capital Employed December 6th 2024
SZSE:002358 资本收益率 2024年12月6日

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're interested in investigating Henan Senyuan Electric's past further, check out this free graph covering Henan Senyuan Electric's past earnings, revenue and cash flow.

虽然过去并不能代表未来,但了解一家公司历史上的表现是有帮助的,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查森源电气的历史,可以查看这张免费的图表,涵盖了森源电气过去的盈利、营业收入和现金流。

So How Is Henan Senyuan Electric's ROCE Trending?

那么森源电气的资本回报率(ROCE)趋势如何?

Henan Senyuan Electric has not disappointed in regards to ROCE growth. The data shows that returns on capital have increased by 401% over the trailing five years. That's a very favorable trend because this means that the company is earning more per dollar of capital that's being employed. Interestingly, the business may be becoming more efficient because it's applying 35% less capital than it was five years ago. A business that's shrinking its asset base like this isn't usually typical of a soon to be multi-bagger company.

森源电气在资本回报率(ROCE)增长方面没有让人失望。数据显示,过去五年资本回报率增长了401%。这是一个非常有利的趋势,因为这意味着公司每使用一美元的资本收益更多。有趣的是,该业务可能变得更有效率,因为它所使用的资本比五年前少了35%。像这样缩减资产规模的公司通常不被认为是即将成为多倍收益股的公司。

On a side note, Henan Senyuan Electric's current liabilities are still rather high at 49% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

顺便提一下,森源电气的流动负债仍然相对较高,占总资产的49%。这可能带来一些风险,因为公司基本上在相当依赖于其供应商或其他短期债权人运营。虽然这并不一定是坏事,但如果这个比例更低那就更有利。

The Bottom Line

总结

In a nutshell, we're pleased to see that Henan Senyuan Electric has been able to generate higher returns from less capital. Astute investors may have an opportunity here because the stock has declined 24% in the last five years. So researching this company further and determining whether or not these trends will continue seems justified.

总之,我们很高兴看到森源电气能够在较少的资本下生成更高的回报。精明的投资者可能在这里有机会,因为该股票在过去五年中下降了24%。因此,进一步研究该公司并确定这些趋势是否会持续似乎是合理的。

On a final note, we've found 1 warning sign for Henan Senyuan Electric that we think you should be aware of.

最后,我们发现了一个我们认为你应该注意的关于森源电气的警告信号。

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.

如果您想寻找具有良好收益的稳健公司,可以查看这份拥有良好资产负债表和令人印象深刻的股本回报率的免费公司列表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。

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