Investors Could Be Concerned With Hangzhou Haoyue Personal Care's (SHSE:605009) Returns On Capital
Investors Could Be Concerned With Hangzhou Haoyue Personal Care's (SHSE:605009) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Hangzhou Haoyue Personal Care (SHSE:605009) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?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。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在簡要看了這些數字之後,我們認爲杭州皓月個人護理(SHSE: 605009)在未來不具備多袋裝的優勢,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)
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. Analysts use this formula to calculate it for Hangzhou Haoyue Personal Care:
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。分析師使用這個公式來計算杭州皓月個人護理的價格:
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)
0.13 = CN¥412m ÷ (CN¥4.6b - CN¥1.4b) (Based on the trailing twelve months to September 2023).
0.13 = 4.12億元人民幣 ÷(4.6億元人民幣-14億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Hangzhou Haoyue Personal Care has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 9.3% generated by the Personal Products industry.
因此,杭州皓月個人護理的投資回報率爲13%。就其本身而言,這是標準回報,但要比個人用品行業產生的9.3%好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240209/0-8724f0dbe779dc8dd1678a60824bd575-0-465bf52f037b6e50cb45c3fa8688ca21.png/big)
In the above chart we have measured Hangzhou Haoyue Personal Care'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 Haoyue Personal Care.
在上圖中,我們將杭州皓月個人護理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皓月個人護理免費報告。
How Are Returns Trending?
退貨趨勢如何?
When we looked at the ROCE trend at Hangzhou Haoyue Personal Care, we didn't gain much confidence. Around five years ago the returns on capital were 49%, but since then they've fallen to 13%. 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 may take some time before the company starts to see any change in earnings from these investments.
當我們查看杭州皓月個人護理品的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲49%,但此後已降至13%。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。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Hangzhou Haoyue Personal Care has done well to pay down its current liabilities to 30% of total assets. That could partly explain why the ROCE has dropped. 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
順便說一句,杭州皓月個人護理在償還其流動負債至總資產的30%方面做得很好。這可以部分解釋投資回報率下降的原因。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。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
Our Take On Hangzhou Haoyue Personal Care's ROCE
我們對杭州皓月個人護理產品投資回報率的看法
To conclude, we've found that Hangzhou Haoyue Personal Care is reinvesting in the business, but returns have been falling. And in the last three years, the stock has given away 63% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Hangzhou Haoyue Personal Care has the makings of a multi-bagger.
總而言之,我們發現杭州皓月個人護理正在對該業務進行再投資,但回報率一直在下降。在過去的三年中,該股已經下跌了63%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。因此,根據本文的分析,我們認爲杭州皓月個人護理品不具備多袋裝的優勢。
On a separate note, we've found 1 warning sign for Hangzhou Haoyue Personal Care you'll probably want to know about.
另一方面,我們發現了你可能想知道的杭州皓月個人護理的1個警告標誌。
While Hangzhou Haoyue Personal Care 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.
儘管杭州皓月個人護理目前可能不會獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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。