Investors Could Be Concerned With Hangzhou Youngsun Intelligent Equipment's (SHSE:603901) Returns On Capital
Investors Could Be Concerned With Hangzhou Youngsun Intelligent Equipment's (SHSE:603901) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Hangzhou Youngsun Intelligent Equipment (SHSE:603901) and its ROCE trend, we weren't exactly thrilled.
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。首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。有鑑於此,當我們查看杭州永創智能裝備(SHSE: 603901)及其投資回報率趨勢時,我們並不十分興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Hangzhou Youngsun Intelligent Equipment:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。分析師使用以下公式來計算杭州永創智能設備的計算公式:
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)
0.035 = CN¥153m ÷ (CN¥7.0b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.035 = 1.53億元人民幣 ÷(7.0億元人民幣-27億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Hangzhou Youngsun Intelligent Equipment has an ROCE of 3.5%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.
因此,杭州永創智能裝備的投資回報率爲3.5%。從絕對值來看,這是一個低迴報,其表現也低於機械行業6.1%的平均水平。
See our latest analysis for Hangzhou Youngsun Intelligent Equipment
查看我們對杭州永創智能裝備的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240118/0-4bd8c4694698692a89c95ba2231a227c-0-7ee17a532ac8aab29db6c21847fc56be.png/big)
In the above chart we have measured Hangzhou Youngsun Intelligent Equipment's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Hangzhou Youngsun Intelligent Equipment.
在上圖中,我們將杭州永創智能設備先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的杭州永創智能設備免費報告。
The Trend Of ROCE
ROCE 的趨勢
We weren't thrilled with the trend because Hangzhou Youngsun Intelligent Equipment's ROCE has reduced by 49% over the last five years, while the business employed 196% more capital. That being said, Hangzhou Youngsun Intelligent Equipment raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Hangzhou Youngsun Intelligent Equipment's earnings and if they change as a result from the capital raise.
我們對這一趨勢並不感到興奮,因爲杭州永創智能設備的投資回報率在過去五年中下降了49%,而該業務使用的資本增加了196%。話雖如此,杭州永創智能裝備在最新業績公佈之前籌集了一些資金,因此這可以部分解釋動用資本的增加。籌集的資金可能尚未投入使用,因此值得關注的是,杭州永創智能設備的未來收益會發生什麼,以及這些收益是否會因籌集資金而發生變化。
Our Take On Hangzhou Youngsun Intelligent Equipment's ROCE
我們對杭州永創智能設備投資回報率的看法
Bringing it all together, while we're somewhat encouraged by Hangzhou Youngsun Intelligent Equipment's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 55% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
綜上所述,儘管杭州永創智能設備對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。儘管市場必須預期這些趨勢會有所改善,因爲該股在過去五年中上漲了55%。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
If you'd like to know about the risks facing Hangzhou Youngsun Intelligent Equipment, we've discovered 2 warning signs that you should be aware of.
如果你想了解杭州永創智能設備面臨的風險,我們發現了兩個警告信號,你應該注意。
While Hangzhou Youngsun Intelligent Equipment 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.
儘管杭州永創智能設備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%的公司清單。在這裏查看這個免費清單。
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