Zhejiang Century Huatong GroupLtd (SZSE:002602) Might Be Having Difficulty Using Its Capital Effectively
Zhejiang Century Huatong GroupLtd (SZSE:002602) Might Be Having Difficulty Using Its Capital Effectively
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Zhejiang Century Huatong GroupLtd (SZSE:002602) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一支複利股,就要留意幾點。首先,企業應展現兩大趨勢,一個是不斷增長的資本回報率(ROCE),另一個是越來越多的資本回報率、資產規模。這樣可以表明企業正在以逐漸增加的回報率再投資利潤,反之則不然。但是,簡要查看數據後,我們認爲浙江世紀華通集團股份有限公司(SZSE:002602)未來不具備成長爲複利股的條件,但讓我們看看可能的原因。
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. To calculate this metric for Zhejiang Century Huatong GroupLtd, this is the formula:
對於不了解情況的人,ROCE是企業每年稅前利潤(回報)相對於投入業務的資本回報率。要計算浙江世紀華通集團股份有限公司的這一指標,可採用以下公式:
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。
0.068 = CN¥2.0b ÷ (CN¥38b - CN¥8.7b) (Based on the trailing twelve months to March 2024).
0.068= CN¥20億 ÷ (CN¥380億 - CN¥8.7億)(基於最近十二個月結束於2024年3月)。
Therefore, Zhejiang Century Huatong GroupLtd has an ROCE of 6.8%. In absolute terms, that's a low return, but it's much better than the Entertainment industry average of 5.4%.
因此,浙江世紀華通集團股份有限公司具有6.8%的ROCE。就絕對數而言,這是一個低迴報率,但比娛樂行業的平均水平5.4%好多了。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-2329380293f5dff18a249db1a2734412-0-951483fca2f3f46c8939b4dbb9e28250.png/big)
In the above chart we have measured Zhejiang Century Huatong GroupLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Zhejiang Century Huatong GroupLtd .
在上圖中,我們比較了浙江世紀華通集團股份有限公司之前的ROCE及其之前的表現,但對未來而言,未來更爲重要。如果你想查看分析師預測,請查看我們爲浙江世紀華通集團股份有限公司準備的免費分析師報告。
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。
On the surface, the trend of ROCE at Zhejiang Century Huatong GroupLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 6.8% from 8.8% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, Zhejiang Century Huatong GroupLtd's current liabilities have increased over the last five years to 23% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.8%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
順便提一下,浙江世紀華通集團股份有限公司的流動負債在過去五年中已經增加到總資產的23%,從某種程度上扭曲了ROCE。如果流動負債過高,業務可能會遇到一些新的風險。請關注這一比率。如果沒有這一增長,ROCE很可能會更低。
The Key Takeaway
重要提示
While returns have fallen for Zhejiang Century Huatong GroupLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And there could be an opportunity here if other metrics look good too, because the stock has declined 65% in the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管浙江世紀華通集團股份有限公司的回報率近年來有所下降,但我們看到銷售額正在增長,企業正在重新投資運營。如果其他業績指標看起來也不錯,這可能是一個機會,因爲過去五年該股票下跌了65%。因此,我們認爲鑑於趨勢值得期待,進一步了解該股票是很值得的。
Zhejiang Century Huatong GroupLtd could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 002602 on our platform quite valuable.
浙江世紀華通集團股份有限公司可以在其他方面以吸引人的價格交易,因此您可能會發現我們爲002602提供的免費內在價值估算很有價值。
While Zhejiang Century Huatong GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然浙江世紀華通集團股份有限公司的回報率不是最高的,但請查看這份免費的公司股權回報率高、資產負債表穩健的清單。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。