Shandong Hualu-Hengsheng Chemical (SHSE:600426) May Have Issues Allocating Its Capital
Shandong Hualu-Hengsheng Chemical (SHSE:600426) May Have Issues Allocating Its Capital
0.13 = CN¥5.0b ÷ (CN¥45b - CN¥5.3b) (Based on the trailing twelve months to March 2024).There are a few key trends to look for if we want to identify the next multi-bagger. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Shandong Hualu-Hengsheng Chemical (SHSE:600426) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
想找到下一個多倍榜樣，需要注意以下關鍵趨勢。一種常見的方法是嘗試找到一個開多的公司。看到這種情況，通常意味着這是一家擁有出色的業務模式和大量盈利再投資機會的公司。因此，當我們簡要查看納斯達克nova（NASDAQ:NVMI）的資本回報率趨勢時，我們對我們看到的感到非常高興。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。基本上，這意味着一個公司可以繼續重投盈利的業務，這是一個複利機器的特點。然而，從華魯恒升化學( SHSE:600426 )的回報趨勢來看，我們並不十分興奮，但讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Shandong Hualu-Hengsheng Chemical:
對於不了解的人，ROCE是指一家公司的年利潤（其回報）相對於企業所投資的資本的一種衡量方法。分析師使用以下公式計算華魯恒升化學的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。
0.13 = CN¥5.0b ÷ (CN¥45b - CN¥5.3b) (Based on the trailing twelve months to March 2024).
0.13 = CN¥50億 ÷ (CN¥450億 - CN¥5.3億) 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, Shandong Hualu-Hengsheng Chemical has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此，華魯恒升化學的ROCE爲13％。在絕對值上，這是一個令人滿意的回報，但與化學行業平均水平5.5％相比，則更好。
In the above chart we have measured Shandong Hualu-Hengsheng Chemical's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shandong Hualu-Hengsheng Chemical for free.
在上圖中，我們已經測量了華魯恒升化學的以前ROCE與以前的表現，但未來可能更重要。如果您願意，可以免費查看分析師對華魯恒升化學的預測。
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。
On the surface, the trend of ROCE at Shandong Hualu-Hengsheng Chemical doesn't inspire confidence. Over the last five years, returns on capital have decreased to 13% from 24% five years ago. However it looks like Shandong Hualu-Hengsheng Chemical might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
表面上看，華魯恒升化學的ROCE趨勢並不讓人信心滿滿。在過去的五年中，資本回報從五年前的24％降至13％。然而，看起來華魯恒升化學可能正在爲長期增長重投資本，因爲雖然投資的資本增加了，但公司的銷售收入在過去12個月沒有太大變化。從現在開始，關注公司的收益情況，以查看這些投資是否最終對營收產生貢獻。
The Bottom Line On Shandong Hualu-Hengsheng Chemical's ROCE
總之，我們發現華魯恒升化學正在重投資本，但回報率正在下降。然而，對於長期股東來說，該股票在過去的五年中給出了令人難以置信的188％回報，因此市場似乎對其未來充滿信心。然而，除非這些基礎趨勢變得更加積極，否則我們不會抱太高期望。
To conclude, we've found that Shandong Hualu-Hengsheng Chemical is reinvesting in the business, but returns have been falling. Yet to long term shareholders the stock has gifted them an incredible 188% return in the last five years, so the market appears to be rosy about its future. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
最後，我們發現華魯恒升化學存在2個警告信號（1個具有疑慮性），您應該了解。
On a final note, we found 2 warning signs for Shandong Hualu-Hengsheng Chemical (1 is concerning) you should be aware of.
最後需要注意的是，我們發現華魯恒升化工有兩個警告信號（其中1個有關），您需要注意。
While Shandong Hualu-Hengsheng Chemical may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管華魯恒升化學目前可能沒有最高的收益，我們已經列出了目前股本回報率超過25％的公司清單。在這裏查看免費清單。
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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。
