ShanDongDenghai SeedsLtd (SZSE:002041) Is Experiencing Growth In Returns On Capital
ShanDongDenghai SeedsLtd (SZSE:002041) Is Experiencing Growth In Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at ShanDongDenghai SeedsLtd (SZSE:002041) and its trend of ROCE, we really liked what we saw.
如果你在尋找下一款多袋裝機時不確定從哪裏開始,那麼你應該注意一些關鍵趨勢。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。因此,當我們查看山東登海種業有限公司(深圳證券交易所:002041)及其投資回報率的趨勢時,我們真的很喜歡我們所看到的。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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 ShanDongDenghai SeedsLtd:
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。分析師使用這個公式來計算山東登海種業有限公司的利潤:
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)
0.047 = CN¥178m ÷ (CN¥5.1b - CN¥1.3b) (Based on the trailing twelve months to September 2023).
0.047 = 1.78億元人民幣 ÷(51億元人民幣-13億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, ShanDongDenghai SeedsLtd has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.6%.
因此,山東登海種業有限公司的投資回報率爲4.7%。從絕對值來看,回報率很低,也低於食品行業7.6%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240301/0-2b104dce0b4c68c35a8b6088f76e7e27-0-f40bd4c5577608fb473167d44464824c.png/big)
In the above chart we have measured ShanDongDenghai SeedsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering ShanDongDenghai SeedsLtd for free.
在上圖中,我們將山東登海種業有限公司之前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果你願意,你可以免費查看報道山東登海種業有限公司的分析師的預測。
So How Is ShanDongDenghai SeedsLtd's ROCE Trending?
那麼山東登海種業有限公司的投資回報率走勢如何?
Shareholders will be relieved that ShanDongDenghai SeedsLtd has broken into profitability. The company now earns 4.7% on its capital, because five years ago it was incurring losses. Interestingly, the capital employed by the business has remained relatively flat, so these higher returns are either from prior investments paying off or increased efficiencies. With no noticeable increase in capital employed, it's worth knowing what the company plans on doing going forward in regards to reinvesting and growing the business. Because in the end, a business can only get so efficient.
山東登海種業有限公司進入盈利狀態,股東們將鬆一口氣。該公司現在的資本收益爲4.7%,因爲五年前它遭受了損失。有趣的是,該企業使用的資本一直相對持平,因此這些更高的回報要麼來自先前投資的回報,要麼來自效率的提高。由於動用資本沒有明顯增加,因此值得了解的是,該公司未來在再投資和發展業務方面計劃做什麼。因爲歸根結底,企業只能變得如此高效。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 25% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
但是,記錄在案的是,該公司的流動負債在此期間顯著增加,因此我們將部分投資回報率增長歸因於此。流動負債已增加到總資產的25%,因此該業務現在更多地由供應商或短期債權人等機構提供資金。值得關注這個問題,因爲隨着流動負債佔總資產的百分比的增加,風險的某些方面也會增加。
Our Take On ShanDongDenghai SeedsLtd's ROCE
我們對山東登海種業有限公司ROCE的看法
As discussed above, ShanDongDenghai SeedsLtd appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has returned a solid 73% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
如上所述,山東登海種業有限公司似乎越來越擅長創造回報,因爲已動用資本保持平穩,但收益(不計利息和稅收)有所增加。由於該股在過去五年中穩步回報了73%的股東,因此可以公平地說,投資者已開始意識到這些變化。因此,我們認爲值得您花時間檢查這些趨勢是否會持續下去。
If you'd like to know about the risks facing ShanDongDenghai SeedsLtd, we've discovered 1 warning sign that you should be aware of.
如果你想了解山東登海種業有限公司面臨的風險,我們發現了一個你應該注意的警告信號。
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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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。