Capital Investments At Shanghai Huafon Aluminium (SHSE:601702) Point To A Promising Future
Capital Investments At Shanghai Huafon Aluminium (SHSE:601702) Point To A Promising Future
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. That's why when we briefly looked at Shanghai Huafon Aluminium's (SHSE:601702) ROCE trend, we were very happy with what we saw.
如何找到一隻有潛力的股票,讓其長期獲得倍增?首先,我們要找到一個成長業務,說明它在以遞增的回報率再投資利潤。鑑於此,當我們研究江森自控國際(紐交所:JCI)及其ROCE趨勢時,我們並不是很滿意。資產回報率:它是什麼?資本僱用回報率 (ROCE) 是一種早期趨勢,可以用來識別有可能在長期內翻倍增值的股票,然後在此基礎上,要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器,能夠不斷地將其收益再投入業務,從而產生更高的回報。因此,在這點上,Materialise (納斯達克:MTLS) 看起來相當有前途,因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)這基本意味着公司有利潤豐厚的項目可以繼續投資,這是一臺複利機器的特點。所以當我們簡要看一下上海華孚鋁業(SHSE:601702)的ROCE趨勢時,我們對所看到的感到非常滿意。
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 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. Analysts use this formula to calculate it for Shanghai Huafon Aluminium:
對於那些不知道ROCE是什麼的人來說,這是一個衡量公司年度稅前利潤(其回報),相對於經營中的所需資本的指標。分析師使用這個公式來計算上海華孚鋁業的ROCE:
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。
0.22 = CN¥1.1b ÷ (CN¥7.4b - CN¥2.4b) (Based on the trailing twelve months to March 2024).
0.22 = CN¥11億 ÷ (CN¥74億 - CN¥2.4b)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。.
So, Shanghai Huafon Aluminium has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 6.7% earned by companies in a similar industry.
所以,上海華孚鋁業的ROCE爲22%。這是一個非常棒的回報,而且不僅如此,它超過了類似行業公司6.7%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240528/0-b2554b601047f4405a9526f0b0c5a7ff-0-7f15b73a835d1b074b3571e4f045e659.png/big)
Above you can see how the current ROCE for Shanghai Huafon Aluminium compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Shanghai Huafon Aluminium for free.
上面顯示了上海華孚鋁業當前ROCE與其過去資本回報的對比,但是往往從過去看不出很多信息。如果您願意,可以免費查看分析師對上海華孚鋁業的預測。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
It's hard not to be impressed by Shanghai Huafon Aluminium's returns on capital. The company has employed 231% more capital in the last five years, and the returns on that capital have remained stable at 22%. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
上海華孚鋁業的資本回報令人印象深刻。公司在過去五年中增加了231%的資本,而該資本的回報率一直保持在22%的穩定水平。像這樣的回報是大多數企業所羨慕的,而且鑑於它一再以這樣的速度重新投資,這更是好事。如果這些趨勢能夠繼續下去,我們不會感到驚訝,如果公司成爲一隻倍增股的話。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 33% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
還要注意的是,儘管在過去五年中ROCE保持相對穩定,但將流動負債減少到總資產的33%對於業主來說是一件好事。這可以消除經營中存在的某些風險,因爲企業在向供應商或短期債權人支付之前,擁有的未清償責任比以前少得多。
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。
In summary, we're delighted to see that Shanghai Huafon Aluminium has been compounding returns by reinvesting at consistently high rates of return, as these are common traits of a multi-bagger. On top of that, the stock has rewarded shareholders with a remarkable 160% return to those who've held over the last three years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
總之,我們很高興看到上海華孚鋁業通過以不斷高的回報率重新投資,實現了複合回報,這些是倍增股的共同特徵。除此之外,該股票爲那些持有三年以上的股東帶來了驚人的160%回報。因此,儘管積極的基本趨勢可能已被投資者所考慮,我們仍然認爲這支股票值得進一步研究。
One more thing to note, we've identified 1 warning sign with Shanghai Huafon Aluminium and understanding it should be part of your investment process.
還要注意的是,我們已經確定上海華孚鋁業存在1個警告信號,並且了解它應該成爲您的投資過程的一部分。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素,因此請查看我們的免費股票列表,其中列出了盈利能力強、資產負債表堅實的股票。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。