Ningbo Changhong Polymer Scientific and Technical (SHSE:605008) May Have Issues Allocating Its Capital
Ningbo Changhong Polymer Scientific and Technical (SHSE:605008) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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 Ningbo Changhong Polymer Scientific and Technical (SHSE:605008), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想尋找一隻股票,在長期內能夠增值,我們應該尋找什麼樣的基本趨勢呢?理想情況下,一家企業將展現兩種趨勢;首先是資本的增長。基本上這意味着一個公司擁有可以繼續投資的盈利倡議,這是複合機器的特質。鑑於此,我們看到的伊克賽爾服務 (NASDAQ:EXLS) 的趨勢非常有前途,所以讓我們來看一下。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?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。總資產回報率(ROCE)能夠衡量企業從全部資產中獲得的利潤水平。一家企業能夠持續、可靠地將獲利再投資於業務中是成爲複利概念中的複利機器的標誌。然而,經過對寧波長虹高分子科技(SHSE:605008)的研究後,我們認爲其當前趨勢並不符合成爲“翻倍股”的模式。
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 that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Ningbo Changhong Polymer Scientific and Technical is:
如果您不了解ROCE是什麼,請注意,它度量了企業從業務所需的資本中產生的稅前利潤的數量。這項計算方法在對寧波長虹高分子科技進行計算時的公式爲:
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。
0.004 = CN¥13m ÷ (CN¥4.8b - CN¥1.7b) (Based on the trailing twelve months to March 2024).
0.004 = CN¥1300萬 ÷ (CN¥48億 - CN¥1.7b)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, Ningbo Changhong Polymer Scientific and Technical has an ROCE of 0.4%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.
因此,寧波長虹高分子科技的ROCE爲0.4%。在絕對值上,這是一個較低的回報率,也低於化學行業板塊的平均回報率(5.5%)。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240704/0-555148ed80272ac9cda0bdacb2564442-0-df55307fe6d0b889e529241a74761139.png/big)
In the above chart we have measured Ningbo Changhong Polymer Scientific and Technical'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 Ningbo Changhong Polymer Scientific and Technical .
在上圖中,我們已經測量了寧波長虹高分子科技之前的ROCE與之前的表現,但未來才是更重要的。如有興趣,您可以在我們爲寧波長虹高分子科技編制的免費分析師報告中查看分析師的預測。
So How Is Ningbo Changhong Polymer Scientific and Technical's ROCE Trending?
那麼,寧波長虹高分子科技的ROCE趨勢如何?
We weren't thrilled with the trend because Ningbo Changhong Polymer Scientific and Technical's ROCE has reduced by 98% over the last five years, while the business employed 226% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Ningbo Changhong Polymer Scientific and Technical's earnings and if they change as a result from the capital raise.
我們對這一趨勢並不滿意,因爲在過去的五年中,寧波長虹高分子科技的ROCE已經下降了98%,而企業使用的資本增長了226%。但是,一部分資本的增加可能歸因於近期資本增加,且在觀察ROCE下降時請記住這一點。募集的資金可能還沒有得到充分利用,因此,值得密切關注寧波長虹高分子科技的收益及其是否因資本增加而發生變化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 35%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在這個主題上,我們注意到流動負債與總資產的比率已經上升至35%,這影響了ROCE。如果流動負債的增加沒有那麼大,ROCE可能會更低。雖然這個比率目前還不算太高,但值得密切關注,因爲如果它變得非常高,企業可能面臨一些新的風險因素。
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, Ningbo Changhong Polymer Scientific and Technical is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 31% over the last three years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
綜上所述,寧波長虹高分子科技正在將資金再投資於業務發展,但不幸的是,銷售量還沒有增長太多。由於股票在過去三年中下降了31%,投資者對這一趨勢的改善可能並不太樂觀。無論如何,該股票並不具備上述複利股的特點,因此,如果您正在尋找這種股票,我們認爲您在其他股票中有更多的運氣。
If you want to know some of the risks facing Ningbo Changhong Polymer Scientific and Technical we've found 4 warning signs (2 don't sit too well with us!) that you should be aware of before investing here.
如果您想了解寧波長虹高分子科技面臨的一些風險,我們發現了4個警示信號(2個對我們來說並不太令人滿意!)在這裏進行投資之前,您應該注意。
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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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com