Zhejiang Dahua Technology (SZSE:002236) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang Dahua Technology (SZSE:002236) Might Be Having Difficulty Using Its Capital Effectively
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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Zhejiang Dahua Technology (SZSE:002236), we don't think it's current trends fit the mold of a multi-bagger.
我們應該尋找什麼樣的趨勢,我們想要找出能夠長期成倍增值的股票?首先,我們希望看到一個經過驗證的退貨關於已使用資本(ROCE)的增長,其次是擴張基地已動用資本的比例。基本上,這意味著一家公司有盈利的舉措,可以繼續進行再投資,這是復合機器的一個特點。不過,經過調查,浙江大華科技(SZSE:002236),我們認為目前的趨勢不適合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(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 Zhejiang Dahua Technology is:
對於那些不知道的人來說,ROCE是一家公司的年度稅前利潤(其回報)相對於業務資本的衡量標準。對浙江大華科技的這一計算公式為:
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)
0.066 = CN¥2.3b ÷ (CN¥49b - CN¥14b) (Based on the trailing twelve months to September 2023).
0.066=CN元23億?(CN元49億-CN元14億)(根據截至2023年9月的往績12個月計算)。
Thus, Zhejiang Dahua Technology has an ROCE of 6.6%. On its own that's a low return, but compared to the average of 5.3% generated by the Electronic industry, it's much better.
因此,浙江大華科技ROCE為6.6%。就其本身而言,這是一個很低的回報率,但與電子行業5.3%的平均回報率相比,這要好得多。
See our latest analysis for Zhejiang Dahua Technology
查看我們對浙江大華科技的最新分析
Above you can see how the current ROCE for Zhejiang Dahua Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到浙江大華科技目前的淨資產收益率與之前的資本回報率相比如何,但你只能從過去知道這麼多。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.
The Trend Of ROCE
ROCE的發展趨勢
On the surface, the trend of ROCE at Zhejiang Dahua Technology doesn't inspire confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 6.6%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,浙江大華科技的ROCE走勢並沒有激發信心。大約五年前,資本回報率為22%,但自那以來已降至6.6%。另一方面,該公司一直在使用更多的資本,但去年的銷售額沒有相應的改善,這可能表明這些投資是更長期的投資。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 side note, Zhejiang Dahua Technology has done well to pay down its current liabilities to 29% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另一方面,浙江大華科技在償還當前負債至總資產的29%方面做得很好。因此,我們可以將其中一些因素與淨資產收益率的下降聯繫起來。更重要的是,這可以降低業務的某些方面的風險,因為現在該公司的供應商或短期債權人為其運營提供的資金減少了。一些人會說,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。
The Key Takeaway
關鍵的外賣
To conclude, we've found that Zhejiang Dahua Technology is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 94% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
綜上所述,我們發現浙江大華科技正在對該業務進行再投資,但回報一直在下降。由於該股在過去五年中上漲了94%,投資者肯定認為未來會有更好的事情發生。然而,除非這些潛在趨勢變得更加積極,否則我們不會抱太大希望。
On a separate note, we've found 3 warning signs for Zhejiang Dahua Technology you'll probably want to know about.
另外,我們發現浙江大華科技的三個警示標誌你可能會想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資於穩固的公司,看看這個免費資產負債表穩健、股本回報率高的公司名單。
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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.