Returns On Capital Signal Tricky Times Ahead For Hunan Aihua Group (SHSE:603989)
Returns On Capital Signal Tricky Times Ahead For Hunan Aihua Group (SHSE:603989)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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 Hunan Aihua Group (SHSE:603989) and its ROCE trend, we weren't exactly thrilled.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 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。有鑑於此,當我們查看湖南艾華集團(SHSE: 603989)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?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Hunan Aihua Group is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。湖南艾華集團的計算公式爲:
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)
0.10 = CN¥430m ÷ (CN¥5.6b - CN¥1.5b) (Based on the trailing twelve months to September 2023).
0.10 = 4.3億元人民幣 ÷(56億元人民幣-1.5億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Hunan Aihua Group has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.0% it's much better.
因此,湖南艾華集團的投資回報率爲10%。從絕對值來看,這是一個令人滿意的回報,但與電子行業的平均水平5.0%相比,回報要好得多。
See our latest analysis for Hunan Aihua Group
查看我們對湖南艾華集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-03cde315cb91370368abe7eafc749c6c-0-21235821494f6bb92fcd6e8c6e87f455.png/big)
In the above chart we have measured Hunan Aihua Group'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 Hunan Aihua Group.
在上圖中,我們將湖南艾華集團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,你應該查看我們的湖南艾華集團免費報告。
What Does the ROCE Trend For Hunan Aihua Group Tell Us?
湖南艾華集團的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Hunan Aihua Group doesn't inspire confidence. Around five years ago the returns on capital were 13%, but since then they've fallen to 10%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,湖南艾華集團的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲13%,但此後已降至10%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
The Bottom Line
底線
In summary, Hunan Aihua Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 4.2% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之,湖南艾華集團正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者可能會意識到這些趨勢,因爲在過去五年中,該股向股東的總回報率僅爲4.2%。因此,如果你正在尋找一款多袋裝車,潛在的趨勢表明你在其他地方的機會可能更大。
If you'd like to know about the risks facing Hunan Aihua Group, we've discovered 1 warning sign that you should be aware of.
如果你想了解湖南艾華集團面臨的風險,我們發現了一個你應該注意的警告信號。
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。