The Returns On Capital At Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273) Don't Inspire Confidence
The Returns On Capital At Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273) Don't Inspire Confidence
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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 briefly looking over the numbers, we don't think Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 的已動用資本。基本上,這意味着一家公司有可以繼續進行再投資的盈利計劃,這是複合機的一個特徵。但是,在簡要查看這些數字之後,我們認爲浙江佳華能源化工有限公司(SHSE:600273)不具備未來多袋機的特質,但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Jiahua Energy Chemical IndustryLtd is:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。浙江佳華能源化工有限公司的計算公式爲:
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)
0.13 = CN¥1.3b ÷ (CN¥12b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.13 = CN¥1.3b ≤(CN¥12b-CN¥1.7b) (基於截至2023年9月的過去十二個月)。
Therefore, Zhejiang Jiahua Energy Chemical IndustryLtd has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此,浙江佳華能源化工有限公司的投資回報率爲13%。從絕對值來看,這是一個令人滿意的回報,但與化工行業平均水平的5.5%相比,回報要好得多。
View our latest analysis for Zhejiang Jiahua Energy Chemical IndustryLtd
查看我們對浙江佳華能源化工有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231212/0-253d660a11ff30d747f359185d4d0d61-0-71979c0230e727859629403837da9107.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhejiang Jiahua Energy Chemical IndustryLtd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Zhejiang Jiahua Energy Chemical IndustryLtd, check out these free graphs here.
歷史表現是研究股票的絕佳起點,因此在上方您可以看到浙江佳華能源化工有限公司的投資回報率與先前回報對比的指標。如果您想深入了解浙江佳華能源化工有限公司的歷史收益、收入和現金流,請在此處查看這些免費圖表。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at Zhejiang Jiahua Energy Chemical IndustryLtd doesn't inspire confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 13%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
從表面上看,浙江佳華能源化工有限公司的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲20%,但此後已降至13%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
In Conclusion...
總之...
From the above analysis, we find it rather worrisome that returns on capital and sales for Zhejiang Jiahua Energy Chemical IndustryLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Despite the concerning underlying trends, the stock has actually gained 10% over the last five years, so it might be that the investors are expecting the trends to reverse. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
從上述分析來看,我們發現相當令人擔憂的是,浙江佳華能源化工有限公司的資本回報率和銷售回報率有所下降,同時該業務僱用的資本比五年前還要多。儘管潛在趨勢令人擔憂,但該股在過去五年中實際上已經上漲了10%,因此投資者可能預計趨勢將逆轉。無論哪種方式,我們都不是當前趨勢的忠實擁護者,因此我們認爲您可能會在其他地方找到更好的投資。
If you want to continue researching Zhejiang Jiahua Energy Chemical IndustryLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究浙江佳化能源化工有限公司,你可能有興趣了解我們的分析發現的1個警告信號。
While Zhejiang Jiahua Energy Chemical IndustryLtd 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.
儘管浙江佳華能源化工有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。