Some Investors May Be Worried About Xianheng International Science&Technology's (SHSE:605056) Returns On Capital
Some Investors May Be Worried About Xianheng International Science&Technology's (SHSE:605056) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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 Xianheng International Science&Technology (SHSE:605056) and its ROCE trend, we weren't exactly thrilled.
如果我們想要識別下一個多袋子,有幾個關鍵趨勢需要尋找。通常,我們會注意到一種增長的趨勢退貨關於已使用資本(ROCE)以及與之相伴隨的是不斷擴大的基地已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。有鑒於此,當我們看到鹹亨國際科技有限公司(上海證券交易所:605056)和它的ROCE趨勢,我們並不是很興奮。
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. Analysts use this formula to calculate it for Xianheng International Science&Technology:
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)。分析師們用這個公式來計算鮮恆國際科技的股價:
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)
0.17 = CN¥249m ÷ (CN¥2.3b - CN¥797m) (Based on the trailing twelve months to June 2023).
0.17=人民幣2.49億元?(人民幣23億元-人民幣7.97億元)(根據截至2023年6月的往績12個月計算)。
So, Xianheng International Science&Technology has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 6.3% it's much better.
所以,先恆國際科技的淨資產收益率為17%。就絕對值而言,這是一個令人滿意的回報率,但與機械行業6.3%的平均回報率相比,這要好得多。
View our latest analysis for Xianheng International Science&Technology
查看我們對先恆國際科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231031/0-03051701593b11ae7aee8e1ec639c9d5-0-6e06d0710f14d9cdeb2ac7c0377226ba.png/big)
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 want to delve into the historical earnings, revenue and cash flow of Xianheng International Science&Technology, check out these free graphs here.
雖然過去並不代表未來,但瞭解一家公司歷史上的表現是有幫助的,這就是為什麼我們有上面的圖表。如果你想深入研究先恆國際科技的歷史收益、收入和現金流,請查看以下內容免費圖表在這裡。
The Trend Of ROCE
ROCE的發展趨勢
When we looked at the ROCE trend at Xianheng International Science&Technology, we didn't gain much confidence. Around five years ago the returns on capital were 32%, but since then they've fallen to 17%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們看著鹹恆國際科技的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32%,但自那以來已降至17%。儘管,考慮到收入和業務中使用的資產數量都有所增加,這可能表明該公司正在投資於增長,而額外的資本導致了ROCE的短期下降。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Xianheng International Science&Technology is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 0.3% gain to shareholders who've held over the last year. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總而言之,儘管短期內回報較低,但我們感到鼓舞的是,鮮恆國際科技正在為增長而進行再投資,並因此實現了更高的銷售額。這些趨勢開始得到投資者的認可,因為該股在過去一年裡為持有該股的股東帶來了0.3%的收益。因此,我們建議進一步研究這只股票,以確認它是否具備良好的投資條件。
Xianheng International Science&Technology does have some risks, we noticed 3 warning signs (and 1 which can't be ignored) we think you should know about.
鮮恆國際科技確實存在一些風險,我們注意到3個警示標誌(還有一個不容忽視)我們認為你應該知道這一點。
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.
如果你想尋找收入豐厚的可靠公司,看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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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.