Investors Met With Slowing Returns on Capital At Hengyi Petrochemical (SZSE:000703)
Investors Met With Slowing Returns on Capital At Hengyi Petrochemical (SZSE:000703)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Hengyi Petrochemical (SZSE:000703), we don't think it's current trends fit the mold of a multi-bagger.
當您在尋找下一個多倍賺取股時，有幾個關鍵趨勢您應該密切關注。在完美的世界中，我們希望看到一家公司將更多的資本投入到業務中，理想情況下，從這些資本中獲得的回報也在增加。這向我們展示它是一個複合機器，能夠不斷將其收益再投資到業務中併產生更高的回報。然而，經過調查恒逸石化（SZSE：000703），我們認爲它目前的趨勢不符合多倍賺取股的模式。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Hengyi Petrochemical, this is the formula:
如果您以前沒有使用過ROCE，則它可以衡量公司從其業務中使用的資本生成的“回報”（稅前利潤）。爲了爲恒逸石化計算這個指標，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。
0.054 = CN¥2.9b ÷ (CN¥110b - CN¥56b) (Based on the trailing twelve months to March 2024).
0.054 = CN¥29億 ÷ (CN¥1100億 - CN¥56b)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, Hengyi Petrochemical has an ROCE of 5.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.5%.
因此，恒逸石化的ROCE爲5.4％。僅僅是低的資本回報率，但與行業平均水平的5.5％保持一致。
Above you can see how the current ROCE for Hengyi Petrochemical 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 Hengyi Petrochemical for free.
您可以看到恒逸石化的當前ROCE與其之前的資本回報率的比較情況，但過去，你能獲知的信息有限。不過，您可以免費查看覆蓋恒逸石化的分析師的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The returns on capital haven't changed much for Hengyi Petrochemical in recent years. The company has employed 34% more capital in the last five years, and the returns on that capital have remained stable at 5.4%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
恒逸石化近年來的資本回報率沒有太大變化。公司在過去五年中增加了34％的資本，而這些資本的回報率保持在5.4％的穩態水平。這種貧弱的ROCE現在並不令人信服，隨着投入資本的增加，很明顯該公司並未將資金投入到高回報的投資中。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 51% of total assets, this reported ROCE would probably be less than5.4% because total capital employed would be higher.The 5.4% ROCE could be even lower if current liabilities weren't 51% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另一個值得注意的問題是，我們注意到公司在過去五年中增加了流動負債。這很有趣，因爲如果流動負債未增加到總資產的51％，則報告的ROCE可能低於5.4％，因爲總體僱用的資本會更高。如果當前負債不佔主要資本的51％的話，那麼5.4％的ROCE可能會更低，因爲該公司總資本僱用的基數會更大。因此，由於當前負債佔高比例，這實際上意味着供應商或短期債權人在資助業務的重要部分，在某些情況下可能會帶來一些風險。
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 conclusion, Hengyi Petrochemical has been investing more capital into the business, but returns on that capital haven't increased. And investors appear hesitant that the trends will pick up because the stock has fallen 26% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總體而言，恒逸石化一直在將更多的資本投入業務中，但這些資金的回報率並沒有增加。而由於股票在過去的五年中下跌了26％，投資者似乎對趨勢有所猶豫。整體而言，我們對潛在趨勢並不感到太有啓發性，我們認爲在其他地方可能有更好的多倍賺取股。如果您想了解恒逸石化面臨的一些風險，我們已經發現了2個警告信號（其中1個潛在嚴重！）在此投資之前，您應該注意這些風險。
If you want to know some of the risks facing Hengyi Petrochemical we've found 2 warning signs (1 is potentially serious!) that you should be aware of before investing here.
如果您想知道恒逸石化面臨的風險，我們發現了2個警告信號（其中1個有潛在的嚴重性！），在投資這裏之前應該注意。
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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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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