Capital Allocation Trends At Hydsoft TechnologyLtd (SZSE:301316) Aren't Ideal
Capital Allocation Trends At Hydsoft TechnologyLtd (SZSE:301316) Aren't Ideal
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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Hydsoft TechnologyLtd (SZSE:301316) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。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 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。但是,在簡要研究了這些數字之後,我們認爲Hydsoft TechnologyLTD(深圳證券交易所代碼:301316)在未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。
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. To calculate this metric for Hydsoft TechnologyLtd, this is the formula:
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。要計算Hydsoft TechnologyLtd的這個指標,公式如下:
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)
0.07 = CN¥80m ÷ (CN¥1.4b - CN¥288m) (Based on the trailing twelve months to September 2023).
0.07 = 8000萬元人民幣 ÷(14億元人民幣-2.88億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Hydsoft TechnologyLtd has an ROCE of 7.0%. In absolute terms, that's a low return, but it's much better than the IT industry average of 4.0%.
因此,Hydsoft TechnologyLtd的投資回報率爲7.0%。從絕對值來看,回報率很低,但比IT行業平均水平的4.0%要好得多。
View our latest analysis for Hydsoft TechnologyLtd
查看我們對慧軟科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-011412718ea24b32d2fb5da6edd30124-0-c9c3967ea453b2c3ea642f171d53ef3d.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'd like to look at how Hydsoft TechnologyLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你想在其他指標中查看Hydsoft TechnologyLtd過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at Hydsoft TechnologyLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 7.0% from 21% five years ago. 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.
當我們研究Hydsoft TechnologyLtd的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率從五年前的21%降至7.0%。儘管考慮到該業務的收入和資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了投資回報率的短期下降。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東都將受益。
On a side note, Hydsoft TechnologyLtd has done well to pay down its current liabilities to 20% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,Hydsoft TechnologyLtd在將其流動負債償還至總資產的20%方面做得很好。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報率的效率,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...
While returns have fallen for Hydsoft TechnologyLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 35% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
儘管最近Hydsoft TechnologyLtd的回報率有所下降,但我們感到鼓舞的是,銷售額正在增長,業務正在對其業務進行再投資。但是,儘管趨勢樂觀,但該股比去年下跌了35%,因此對於精明的投資者來說,這裏可能有機會。因此,我們建議進一步研究這隻股票,以發現該業務的其他基本面可以向我們展示什麼。
One more thing, we've spotted 1 warning sign facing Hydsoft TechnologyLtd that you might find interesting.
還有一件事,我們發現了面向Hydsoft TechnologyLtd的1個警告標誌,你可能會覺得有趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。