There Are Reasons To Feel Uneasy About Hangzhou Zhengqiang's (SZSE:301119) Returns On Capital
There Are Reasons To Feel Uneasy About Hangzhou Zhengqiang's (SZSE:301119) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Hangzhou Zhengqiang (SZSE:301119) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
尋找倍增股，我們應該查看業務中的潛在趨勢。一種常用的方法是尋找資本雄厚的公司。這表明它是一個複利機器，能夠持續地將盈利再投資到業務中併產生更高的回報。基於此，當我們查看建業地產（SZSE:000719）及其ROCE趨勢時，並不十分令人興奮。返回以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。資本僱用率。簡單來說，這些類型的企業是複合機器，意味着它們正在以越來越高的回報率不斷重新投資自己的收益。話雖如此，從杭州徵強 (SZSE:301119) 的回報趨勢上看，我們並沒有爲之興奮不已，但讓我們深入了解一下。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 Hangzhou Zhengqiang is:
如果您以前未使用過ROCE，它衡量企業從其業務所使用的資本中產生的“回報”（稅前利潤）。杭州徵強的這個計算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.088 = CN¥83m ÷ (CN¥1.2b - CN¥227m) (Based on the trailing twelve months to September 2023).
0.088 = CN¥8300萬 ÷ (CN¥12億 - CN¥227m)因此，金鉬股份的ROCE爲22%。絕對而言，這是一個很好的回報，甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
Thus, Hangzhou Zhengqiang has an ROCE of 8.8%. In absolute terms, that's a low return, but it's much better than the Auto Components industry average of 6.6%.
因此，杭州徵強的ROCE爲8.8%。就絕對值而言，這是一個較低的回報，但比汽車元件行業平均水平6.6%要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hangzhou Zhengqiang's ROCE against it's prior returns. If you're interested in investigating Hangzhou Zhengqiang's past further, check out this free graph covering Hangzhou Zhengqiang's past earnings, revenue and cash flow.
歷史表現是研究股票的好出發點，所以上面您可以看到杭州徵強的ROCE與其先前回報的比較。如果您有興趣進一步調查杭州徵強的過去，請查看這個免費圖表，其中涵蓋了杭州徵強的過去收益、營業收入和現金流。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Hangzhou Zhengqiang, we didn't gain much confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 8.8%. 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.
當我們看杭州徵強的ROCE趨勢時，我們沒有獲得太多信心。五年前，資本回報率爲20%，但自那時以來，已降至8.8%。與此同時，企業正在利用更多的資本，但在過去12個月內，這並沒有在銷售方面取得太多進展，因此這可能反映了長期的投資。在這些投資開始產生收益之前，公司可能需要一些時間。
What We Can Learn From Hangzhou Zhengqiang's ROCE
我們從杭州徵強的ROCE中可以學到什麼
In summary, Hangzhou Zhengqiang is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 24% in the last year. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
總之，杭州徵強正在將資金重新投資到業務中以實現增長，但不幸的是，看起來銷售額並沒有太大增長。而且投資者似乎對趨勢會恢復持懷疑態度，因爲股票在過去一年中下跌了24%。無論如何，該股票沒有上述大漲的特徵，因此如果您正在尋找這樣的股票，我們認爲您會在其他地方更有好運。
Hangzhou Zhengqiang does have some risks, we noticed 2 warning signs (and 1 which is a bit concerning) we think you should know about.
杭州徵強確實存在一些風險，我們注意到了2個警告信號（還有1個有點令人擔憂），我們認爲您應該知道。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。