Be Wary Of Jiangsu Huachen Transformer (SHSE:603097) And Its Returns On Capital
Be Wary Of Jiangsu Huachen Transformer (SHSE:603097) And Its Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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 investigating Jiangsu Huachen Transformer (SHSE:603097), we don't think it's current trends fit the mold of a multi-bagger.
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,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 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。但是,在調查了江蘇華晨變壓器(SHSE: 603097)之後,我們認爲目前的趨勢不符合多袋機的模式。
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. To calculate this metric for Jiangsu Huachen Transformer, this is the formula:
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。要計算江蘇華晨變壓器的這個指標,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)
0.096 = CN¥89m ÷ (CN¥1.6b - CN¥659m) (Based on the trailing twelve months to September 2023).
0.096 = 8900萬元人民幣 ÷(16億元人民幣-6.59億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Jiangsu Huachen Transformer has an ROCE of 9.6%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.3%.
因此,江蘇華晨變壓器的投資回報率爲9.6%。從絕對值來看,回報率很低,但比電氣行業6.3%的平均水平要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240202/0-7a622c28ec63fcfbc08f98cfc6d561c5-0-076184d586d0eed05bdddd3971fb4b62.png/big)
In the above chart we have measured Jiangsu Huachen Transformer'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 Jiangsu Huachen Transformer.
在上圖中,我們將江蘇華晨變壓器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,你應該查看我們的江蘇華晨變壓器的免費報告。
What Can We Tell From Jiangsu Huachen Transformer's ROCE Trend?
我們可以從江蘇華晨變壓器的投資回報率趨勢中得出什麼?
When we looked at the ROCE trend at Jiangsu Huachen Transformer, we didn't gain much confidence. To be more specific, ROCE has fallen from 22% over the last four years. 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.
當我們查看江蘇華晨變壓器的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去四年的22%下降。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 separate but related note, it's important to know that Jiangsu Huachen Transformer has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外一個相關的說明是,重要的是要知道江蘇華晨變壓器的流動負債與總資產的比率爲41%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。
What We Can Learn From Jiangsu Huachen Transformer's ROCE
我們可以從江蘇華晨變壓器的ROCE中學到什麼
While returns have fallen for Jiangsu Huachen Transformer in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends don't appear to have influenced returns though, because the total return from the stock has been mostly flat over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管近來江蘇華晨變壓器的回報率有所下降,但令我們感到鼓舞的是,銷售額正在增長,業務正在對其運營進行再投資。但是,這些趨勢似乎並沒有影響回報,因爲該股的總回報率在過去一年中基本持平。因此,鑑於趨勢令人鼓舞,我們認爲值得進一步研究該股。
Jiangsu Huachen Transformer does have some risks, we noticed 3 warning signs (and 2 which are a bit concerning) we think you should know about.
江蘇華晨變壓器確實存在一些風險,我們注意到3個警告信號(其中2個有點令人擔憂),我們認爲你應該知道。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。