Returns On Capital At Hunan Gold (SZSE:002155) Have Stalled
Returns On Capital At Hunan Gold (SZSE:002155) Have Stalled
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Hunan Gold (SZSE:002155) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?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。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,在簡要回顧了這些數字之後,我們認爲湖南黃金(SZSE:002155)在未來不具備多口袋牛的實力,但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Hunan Gold is:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。湖南黃金的計算公式爲:
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)
0.093 = CN¥605m ÷ (CN¥7.6b - CN¥1.1b) (Based on the trailing twelve months to December 2023).
0.093 = 6.05億元人民幣 ÷(76億元人民幣-11億元人民幣) (基於截至2023年12月的過去十二個月)。
So, Hunan Gold has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 6.6% generated by the Metals and Mining industry, it's much better.
因此,湖南黃金的投資回報率爲9.3%。就其本身而言,回報率很低,但與金屬和採礦業的平均6.6%相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240406/0-08bf3e0160cd0448645e0d47a47277cf-0-ddbee7d46e65b72014c81931a175ba7d.png/big)
In the above chart we have measured Hunan Gold'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 Hunan Gold for free.
在上圖中,我們將湖南黃金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。如果你願意,你可以免費查看分析師對湖南黃金的預測。
The Trend Of ROCE
ROCE 的趨勢
There are better returns on capital out there than what we're seeing at Hunan Gold. The company has employed 27% more capital in the last five years, and the returns on that capital have remained stable at 9.3%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
那裏的資本回報比我們在湖南黃金看到的要好。在過去五年中,該公司僱用的資本增加了27%,該資本的回報率一直穩定在9.3%。這種糟糕的投資回報率目前並不能激發信心,隨着所用資本的增加,很明顯,該企業沒有將資金部署到高回報的投資中。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 14% of total assets, is good to see from a business owner's perspective. Effectively suppliers now fund less of the business, which can lower some elements of risk.
還有一件事需要注意,儘管投資回報率在過去五年中一直保持相對平穩,但從企業主的角度來看,流動負債減少至總資產的14%還是不錯的。實際上,供應商現在減少了對業務的資助,這可以降低某些風險因素。
Our Take On Hunan Gold's ROCE
我們對湖南黃金投資回報率的看法
In summary, Hunan Gold has simply been reinvesting capital and generating the same low rate of return as before. Although the market must be expecting these trends to improve because the stock has gained 73% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總而言之,湖南黃金只是在進行資本再投資,併產生了與以前一樣低的回報率。儘管市場必須預期這些趨勢會有所改善,因爲該股在過去五年中上漲了73%。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
Like most companies, Hunan Gold does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,湖南黃金確實存在一些風險,我們發現了一個你應該注意的警告信號。
While Hunan Gold isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管湖南黃金的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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.
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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。