Jinhua Chunguang TechnologyLtd (SHSE:603657) May Have Issues Allocating Its Capital
Jinhua Chunguang TechnologyLtd (SHSE:603657) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to 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. 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 Jinhua Chunguang TechnologyLtd (SHSE:603657) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。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,在簡短地查看了這些數字之後,我們認爲金華春光科技股份有限公司(SHSE: 603657)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 Jinhua Chunguang 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。要計算金華春光科技有限公司的這個指標,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)
0.051 = CN¥52m ÷ (CN¥2.0b - CN¥958m) (Based on the trailing twelve months to September 2023).
0.051 = 5200萬元人民幣 ÷(2.0億元人民幣-9.58億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Jinhua Chunguang TechnologyLtd has an ROCE of 5.1%. Ultimately, that's a low return and it under-performs the Consumer Durables industry average of 8.1%.
因此,金華春光科技有限公司的投資回報率爲5.1%。歸根結底,這是一個低迴報,其表現低於耐用消費品行業平均水平的8.1%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240416/0-585334d1fcb69fda21fef436ff878fc1-0-3fa1b02e31495f8708c667e94842b768.png/big)
Above you can see how the current ROCE for Jinhua Chunguang TechnologyLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Jinhua Chunguang TechnologyLtd .
上面你可以看到金華春光科技有限公司當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們的金華春光科技有限公司的免費分析師報告。
So How Is Jinhua Chunguang TechnologyLtd's ROCE Trending?
那麼金華春光科技有限公司的投資回報率走勢如何?
On the surface, the trend of ROCE at Jinhua Chunguang TechnologyLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 12% over the last five 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. If these investments prove successful, this can bode very well for long term stock performance.
從表面上看,金華春光科技有限公司的ROCE趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的12%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。如果這些投資被證明是成功的,這對長期股票表現來說可能是個好兆頭。
On a side note, Jinhua Chunguang TechnologyLtd's current liabilities have increased over the last five years to 49% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
順便說一句,金華春光科技有限公司的流動負債在過去五年中增加到總資產的49%,在某種程度上實際上扭曲了投資回報率。如果流動負債沒有像以前那樣增加,投資回報率實際上可能會更低。這意味着,實際上,相當一部分業務是由公司的供應商或短期債權人等機構提供資金的,這本身可能會帶來一些風險。
The Key Takeaway
關鍵要點
In summary, despite lower returns in the short term, we're encouraged to see that Jinhua Chunguang TechnologyLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 27% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總而言之,儘管短期內回報較低,但我們欣慰地看到,金華春光科技有限公司正在進行再投資以實現增長,因此銷售額有所增加。但是,這些增長趨勢並未帶來增長回報,因爲該股在過去五年中下跌了27%。因此,鑑於趨勢令人鼓舞,我們認爲值得進一步研究該股。
On a separate note, we've found 3 warning signs for Jinhua Chunguang TechnologyLtd you'll probably want to know about.
另一方面,我們發現了你可能想知道的金華春光科技有限公司的3個警告標誌。
While Jinhua Chunguang TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管金華春光科技有限公司的回報率並不高,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。