Investors Could Be Concerned With Henan Communications Planning & Design Institute's (SZSE:300732) Returns On Capital
Investors Could Be Concerned With Henan Communications Planning & Design Institute's (SZSE:300732) Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Henan Communications Planning & Design Institute (SZSE:300732) and its ROCE trend, we weren't exactly thrilled.
如果你正在尋找一個多倍股，有一些事情要注意。一種常見的方法是嘗試找到一家擁有充足的資本營運的公司。這表明它是一個複利機器，能夠不斷地將其收益再投入到業務中，從而產生更高的回報。考慮到這一點，我們注意到Hao Tian International Construction Investment Group (HKG:1341)出現了一些有前途的趨勢，讓我們再深入探究一下。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。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。這表明這是一臺複合機器，能夠不斷地重新投資其收益併產生更高的回報率。所以，當我們看到河南通信規劃設計院（SZSE:300732）的ROCE趨勢時，並不是非常激動人心。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Henan Communications Planning & Design Institute:
僅供澄清，如果您不確定，ROCE是評估公司在業務投資的資本中賺取多少稅前收入（以百分比計量）的度量衡。分析師使用以下公式爲河南通信規劃設計院計算它：
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。
0.028 = CN¥122m ÷ (CN¥6.9b - CN¥2.6b) (Based on the trailing twelve months to March 2024).
因此，河南通信規劃設計院的ROCE爲2.8％。就絕對值而言，這是一個很低的回報，並且表現也不及建造業平均水平（6.6％）。在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Thus, Henan Communications Planning & Design Institute has an ROCE of 2.8%. In absolute terms, that's a low return and it also under-performs the Construction industry average of 6.6%.
SZSE:300732資本僱用回報2024年5月22日，歷史表現是研究股票的好地方，所以上面可以看到河南通信規劃設計院的ROCE針對其之前的回報的刻度。如果您想深入了解歷史收益，請查看這些免費圖表，詳細說明河南通信規劃設計院的營收和現金流表現。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Henan Communications Planning & Design Institute's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Henan Communications Planning & Design Institute.
歷史性能是研究股票的好起點，因此您可以看到河南通信規劃設計院的ROCE針對其之前的回報。如果您想深入了解歷史收益，請查看這些免費圖表，詳細說明河南通信規劃設計院的營業收入和現金流表現。
What Can We Tell From Henan Communications Planning & Design Institute's ROCE Trend?
從河南通信規劃設計院的ROCE趨勢中，我們能得出什麼結論？
On the surface, the trend of ROCE at Henan Communications Planning & Design Institute doesn't inspire confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 2.8%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
從表面上看，河南通信規劃設計院的ROCE趨勢並沒有激發人們的信心。大約五年前，資本回報率爲12％，但自那以後，它們已經降至2.8％。考慮到營業收入下降，同時使用更多的資本，我們必須謹慎。如果這種情況繼續下去，您可能會看到一家正在嘗試重新投資以實現增長，但實際上正在失去市場份額的公司，因爲銷售額沒有增加。
The Key Takeaway
重要提示
In summary, we're somewhat concerned by Henan Communications Planning & Design Institute's diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 16% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總之，我們對河南通信規劃設計院不斷增加的資本回報率感到有些擔憂。因此，也就不奇怪該股在過去五年中下跌了16％，因此看起來投資者正在認識到這些變化。既然情況如此，除非基本趨勢恢復到更爲積極的軌道，否則我們會考慮尋找其他機會。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Henan Communications Planning & Design Institute (of which 3 can't be ignored!) that you should know about.
由於幾乎每家公司都面臨一些風險，因此了解它們是值得的，我們已經發現河南通信規劃設計院的4個警告信號（其中3個不能被忽視！），您需要了解它們。
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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