There Are Reasons To Feel Uneasy About Guangzhou Haoyang ElectronicLtd's (SZSE:300833) Returns On Capital
There Are Reasons To Feel Uneasy About Guangzhou Haoyang ElectronicLtd's (SZSE:300833) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Guangzhou Haoyang ElectronicLtd (SZSE:300833) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。話雖如此,乍一看廣州浩陽電子有限公司(深圳證券交易所代碼:300833),我們並不是對回報的趨勢不屑一顧,但讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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 Guangzhou Haoyang ElectronicLtd 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。廣州浩陽電子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)
0.16 = CN¥379m ÷ (CN¥2.5b - CN¥208m) (Based on the trailing twelve months to September 2023).
0.16 = 3.79億元人民幣 ÷(25億元人民幣-2.08億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Guangzhou Haoyang ElectronicLtd has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 6.3% generated by the Electrical industry.
因此,廣州浩陽電子有限公司的投資回報率爲16%。就其本身而言,這是標準回報,但要比電氣行業產生的6.3%好得多。
Check out our latest analysis for Guangzhou Haoyang ElectronicLtd
查看我們對廣州浩陽電子有限公司的最新分析
In the above chart we have measured Guangzhou Haoyang ElectronicLtd'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.
在上圖中,我們將廣州浩陽電子有限公司之前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
In terms of Guangzhou Haoyang ElectronicLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 23% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
就廣州浩洋電子有限公司的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的23%下降。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,這對長期股票表現來說是個好兆頭。
On a related note, Guangzhou Haoyang ElectronicLtd has decreased its current liabilities to 8.2% 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.
與此相關的是,廣州浩陽電子有限公司已將其流動負債減少至總資產的8.2%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
In Conclusion...
總之...
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Guangzhou Haoyang ElectronicLtd. Furthermore the stock has climbed 75% over the last three years, it would appear that investors are upbeat about the future. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
儘管短期內資本回報率有所下降,但我們認爲廣州浩陽電子有限公司的收入和所用資本均有所增加是有希望的。此外,該股在過去三年中上漲了75%,看來投資者對未來持樂觀態度。因此,儘管投資者似乎已經意識到了這些令人鼓舞的趨勢,但我們將進一步研究這隻股票,以確保其他指標證明正面觀點是合理的。
On a final note, we've found 1 warning sign for Guangzhou Haoyang ElectronicLtd that we think you should be aware of.
最後,我們發現了廣州浩陽電子有限公司的1個警告標誌,我們認爲你應該注意這個標誌。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。