Some Investors May Be Worried About Hang Xiao Steel StructureLtd's (SHSE:600477) Returns On Capital
Some Investors May Be Worried About Hang Xiao Steel StructureLtd's (SHSE:600477) Returns On Capital
0.065 = CN¥462m ÷ (CN¥16b - CN¥8.5b) (Based on the trailing twelve months to March 2024).To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. However, after investigating Hang Xiao Steel StructureLtd (SHSE:600477), we don't think it's current trends fit the mold of a multi-bagger.
要找到一個翻倍股，我們在業務中應該尋找哪些基本趨勢？我們不能漏掉以下兩點：第一，資本僱用量的增長。簡單地說，這些類型的企業是複合機器，意味着他們持續地以越來越高的回報率重新投資他們的利潤。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。基本上這意味着一家公司擁有盈利的計劃，並可以繼續再投資，這是複利機器的特徵。然而，經過調查航股份鋼結構股份有限公司（SHSE:600477），我們認爲其目前的趨勢不符合多袋的特徵。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. To calculate this metric for Hang Xiao Steel StructureLtd, this is the formula:
對於不知道ROCE的人，它是一個公司年度稅前利潤（即其回報率）與企業資本僱用的相對比的度量。爲了計算航股份鋼結構股份有限公司的這個指標，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。
0.065 = CN¥462m ÷ (CN¥16b - CN¥8.5b) (Based on the trailing twelve months to March 2024).
0.065 = 人民幣4.62億元 ÷ （人民幣16億 - 人民幣8.5億）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, Hang Xiao Steel StructureLtd has an ROCE of 6.5%. In absolute terms, that's a low return but it's around the Construction industry average of 6.5%.
那麼，杭孝鋼鐵結構有限公司的ROCE爲6.5%。 從絕對角度來看，這是一個低迴報，但它接近施工行業的平均水平6.5%。
In the above chart we have measured Hang Xiao Steel StructureLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Hang Xiao Steel StructureLtd .
在上面的圖表中，我們比較了航股份鋼結構股份有限公司過去的ROCE與其過去的表現，但未來可能更重要。如果您有興趣，您可以查看分析師報告以獲取航股份鋼結構股份有限公司的預測。
What Does the ROCE Trend For Hang Xiao Steel StructureLtd Tell Us?
航股份鋼結構股份有限公司的ROCE趨勢告訴我們什麼？
When we looked at the ROCE trend at Hang Xiao Steel StructureLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 20% over the last five years. However it looks like Hang Xiao Steel StructureLtd 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 may take some time before the company starts to see any change in earnings from these investments.
當我們檢查杭孝鋼鐵結構股份有限公司的ROCE趨勢時，我們沒有獲得太多信心。 更具體地說， ROCE在過去五年中從20%下降到目前的水平。 然而，看起來杭孝鋼鐵結構公司可能正在爲長期增長重新投資，因爲雖然使用的資本增加了，但公司的銷售額在過去12個月中並沒有太大變化。 這些投資可能需要一些時間，才能看到對收益的影響。
On a separate but related note, it's important to know that Hang Xiao Steel StructureLtd has a current liabilities to total assets ratio of 54%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，杭孝鋼鐵結構有限公司的流動負債與總資產比率爲54%，我們認爲這相當高。 這實際上意味着，供應商（或短期債權人）將資助公司的大部分業務，因此請注意，這可能會引入一些風險。 雖然這並不一定是一件壞事，但如果這個比率較低，可能會更有利。
What We Can Learn From Hang Xiao Steel StructureLtd's ROCE
綜合起來，雖然我們對航股份鋼結構股份有限公司對自有業務的再投資有些鼓舞人心，但我們意識到回報正在縮水。投資者似乎不敢相信趨勢會出現好轉，因爲過去五年這支股票已經下跌了20%。總的來說，內在趨勢並不是typical的多袋特徵，因此如果您想要這個，我們認爲您可能在其他地方更有運氣。
Bringing it all together, while we're somewhat encouraged by Hang Xiao Steel StructureLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 20% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
綜上所述，雖然杭孝鋼鐵結構有限公司重新投資其自己的業務，但我們意識到回報正在縮水。 並且投資者似乎猶豫不決，認爲這種趨勢不會改變，因爲股票在過去五年中下跌了20%。 總的來說，內在趨勢並不是多倍收益者的典型特徵，因此如果您正在尋求這種類型的投資，我們認爲您可能會在其他地方更加幸運。
Hang Xiao Steel StructureLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...
航股份鋼結構股份有限公司雖然不會獲得最高回報，但我們已經編制了一份當前淨資產收益率超過25%的公司列表，請點擊此處查看此免費列表。
While Hang Xiao Steel StructureLtd 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.
雖然杭孝鋼鐵結構有限公司目前可能沒有最高回報，但我們已經編制了一份目前年回報率超過25%的公司的清單。 在此處查看此免費清單。
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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。
