Some Investors May Be Worried About Zhejiang Hengwei Battery's (SZSE:301222) Returns On Capital
Some Investors May Be Worried About Zhejiang Hengwei Battery's (SZSE:301222) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Zhejiang Hengwei Battery (SZSE:301222), it didn't seem to tick all of these boxes.
我們應該看什麼早期趨勢來判斷一隻長期能夠翻倍的股票呢?業務應該會呈現兩個趨勢,首先是資本僱用率增長;這體現了企業以越來越高的回報率將利潤再投資於業務。因此,納斯達克g-iii服裝集團的資本僱用率回報率(ROCE)目前看起來不錯,讓我們看看回報率的趨勢能告訴我們什麼。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?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。這表明這是一個以不斷增加的回報率將利潤再投資的企業。 然而,當我們看浙江恒威電池(SZSE:301222)時,似乎並沒有完全符合這些條件。
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。
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. To calculate this metric for Zhejiang Hengwei Battery, this is the formula:
ROCE的含義是,在業務中使用的資本所產生的稅前利潤量。 爲了計算浙江恒威電池的這一指標,這是公式:
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。
0.085 = CN¥110m ÷ (CN¥1.4b - CN¥63m) (Based on the trailing twelve months to September 2023).
0.085 = CN¥110m ÷ (CN¥1.4b - CN¥63m)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。.
Therefore, Zhejiang Hengwei Battery has an ROCE of 8.5%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.5%.
因此,浙江恒威電池的ROCE爲8.5%。 從絕對意義上講,這是一個較低的回報,但它比電氣行業的平均水平6.5%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240417/0-85e0f0bbc878480c42824e1373ae5650-0-5d0cddce6d26cb06ee91aa80d3eeb63c.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhejiang Hengwei Battery's ROCE against it's prior returns. If you're interested in investigating Zhejiang Hengwei Battery's past further, check out this free graph covering Zhejiang Hengwei Battery's past earnings, revenue and cash flow.
歷史表現是研究股票的好起點,因此您可以在上面看到浙江恒威電池ROCE與其先前回報的比較情況。如果您有興趣進一步調查浙江恒威電池的過去,請查看此免費圖表,其中包含了浙江恒威電池的過去收益、營業收入和現金流。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
When we looked at the ROCE trend at Zhejiang Hengwei Battery, we didn't gain much confidence. To be more specific, ROCE has fallen from 22% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
當我們看浙江恒威電池的ROCE趨勢時,我們並沒有獲得很大的信心。 更具體地說,過去五年的ROCE從22%下降到了現在的水平。 另一方面,公司在最後一年中使用了更多的資本,但銷售並沒有相應提高,這可能表明這些投資是長期的。 這可能需要一些時間,才能看到公司從這些投資中看到任何盈利的變化。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
Bringing it all together, while we're somewhat encouraged by Zhejiang Hengwei Battery's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 29% over the last year, investors may not be too optimistic on this trend improving either. 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.
綜合所有這些因素,在我們對浙江恒威電池重新投資自己的業務感到一定鼓舞的同時,我們也意識到其回報正在縮水。 由於股票在過去一年中下跌了29%,投資者也許對這種趨勢的改善並不太樂觀。 無論如何,這隻股票沒有以上所討論的多重翻倍屬性,因此,如果您正在尋找這樣的股票,我們認爲您在其他地方會更幸運。
Like most companies, Zhejiang Hengwei Battery does come with some risks, and we've found 1 warning sign that you should be aware of.
與大多數公司一樣,浙江恒威電池也存在着一些風險,我們發現了1個警告信號,您應該注意到。
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.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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