Hoyuan Green Energy (SHSE:603185) Will Want To Turn Around Its Return Trends
Hoyuan Green Energy (SHSE:603185) Will Want To Turn Around Its Return Trends
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Hoyuan Green Energy (SHSE:603185), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?理想情況下,一家企業將呈現兩種趨勢;第一,增長退貨關於已使用資本(ROCE),第二,增加金額已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。雖然,當我們看到河源綠色能源(上海證券交易所:603185),它似乎沒有勾選所有這些框。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Hoyuan Green Energy, this is the formula:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。要計算河源綠色能源的這一指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.15 = CN¥2.2b ÷ (CN¥24b - CN¥9.6b) (Based on the trailing twelve months to June 2023).
0.15=CN元22億?(CN元240億-CN元96億)(根據截至2023年6月的往績12個月計算)。
Thus, Hoyuan Green Energy has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Semiconductor industry average of 4.1% it's much better.
因此,和源綠色能源的淨資產收益率為15%。就絕對值而言,這是一個令人滿意的回報率,但與半導體行業4.1%的平均回報率相比,這要好得多。
Check out our latest analysis for Hoyuan Green Energy
查看我們對河源綠色能源的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-f52cb17fe2992cd509443aafea053f8b-0-8696f1c4dd7a79510f5b020f432e4d78.png/big)
In the above chart we have measured Hoyuan Green Energy's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的圖表中,我們衡量了和源綠色能源之前的淨資產收益率與其之前的表現,但可以說,未來更重要。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.
So How Is Hoyuan Green Energy's ROCE Trending?
那麼,和源綠色能源的ROCE趨勢如何?
When we looked at the ROCE trend at Hoyuan Green Energy, we didn't gain much confidence. Around five years ago the returns on capital were 52%, but since then they've fallen to 15%. However it looks like Hoyuan Green Energy 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.
當我們觀察和源綠色能源的ROCE趨勢時,我們並沒有獲得太多信心。大約五年前,資本回報率為52%,但自那以來已降至15%。然而,看起來和源綠色能源可能正在為長期增長進行再投資,因為儘管已動用的資本有所增加,但該公司的銷售額在過去12個月裡沒有太大變化。該公司可能需要一段時間才能開始看到這些投資帶來的收益變化。
On a separate but related note, it's important to know that Hoyuan Green Energy has a current liabilities to total assets ratio of 40%, which we'd consider pretty high. 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.
在另一個相關的問題上,重要的是要知道,河源綠色能源的流動負債與總資產的比率為40%,我們認為這個比率相當高。這可能會帶來一些風險,因為該公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人運營的。雖然這不一定是一件壞事,但如果這一比例較低,它可能是有益的。
In Conclusion...
總之..。
In summary, Hoyuan Green Energy is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,河源綠色能源正在將資金重新投資到業務中,以實現增長,但不幸的是,銷售看起來還沒有太大增長。此外,過去三年該股對股東的總回報率一直持平,這並不太令人意外。總體而言,我們不太受潛在趨勢的鼓舞,我們認為在其他地方可能會有更好的機會找到多個袋子。
If you'd like to know more about Hoyuan Green Energy, we've spotted 3 warning signs, and 1 of them can't be ignored.
如果你想了解更多關於河源綠色能源的資訊,我們已經發現3個警示標誌,其中1個不容忽視。
While Hoyuan Green Energy may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然和源綠色能源目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.