Investors Could Be Concerned With Hydsoft TechnologyLtd's (SZSE:301316) Returns On Capital
Investors Could Be Concerned With Hydsoft TechnologyLtd's (SZSE:301316) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Hydsoft TechnologyLtd (SZSE:301316), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到一隻能長期翻倍的股票,我們應該尋找哪些潛在趨勢?一種常見方法是嘗試尋找ROCE(資本僱用回報率)逐漸增長的公司,並伴隨着成長的資本僱用量。簡而言之,這類企業是複利機器,意味着他們不斷地以不斷上升的回報率重新投資他們的收益。但是,經過對海德軟件技術股份有限公司(SZSE: 301316)的調查,我們認爲它的當前趨勢不符合多次狙擊者的模式。
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. To calculate this metric for Hydsoft TechnologyLtd, this is the formula:
對於那些不知道ROCE是什麼的人,ROCE是一個公司每年稅前利潤(其收益)與業務所使用的資本相對比的度量標準。要爲海德軟件技術股份有限公司計算這個指標,可以使用以下公式:
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。
0.067 = CN¥83m ÷ (CN¥1.5b - CN¥293m) (Based on the trailing twelve months to March 2024).
0.067 = CN¥8300萬 ÷(CN¥15億 - CN¥293m)(截至2024年3月最近12個月的基礎)。
So, Hydsoft TechnologyLtd has an ROCE of 6.7%. In absolute terms, that's a low return, but it's much better than the IT industry average of 3.9%.
因此,海德軟件技術股份有限公司的ROCE爲6.7%。就絕對數而言,這是較低的收益率,但比IT行業的平均水平(3.9%)要好得多。
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While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Hydsoft TechnologyLtd has performed in the past in other metrics, you can view this free graph of Hydsoft TechnologyLtd's past earnings, revenue and cash flow.
雖然過去不能代表未來,但了解一家公司歷史表現如何可能是有幫助的,這就是爲什麼我們有上面的圖表。如果您想查看海德軟件技術股份有限公司過去在其他指標上的表現情況,可以查看這個免費的海德軟件技術股份有限公司歷史收益,營業收入和現金流量的圖表。
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。
The trend of ROCE doesn't look fantastic because it's fallen from 19% five years ago, while the business's capital employed increased by 647%. Usually this isn't ideal, but given Hydsoft TechnologyLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Hydsoft TechnologyLtd's earnings and if they change as a result from the capital raise. Also, we found that by looking at the company's latest EBIT, the figure is within 10% of the previous year's EBIT so you can basically assign the ROCE drop primarily to that capital raise.
ROCE的趨勢看起來並不是很好,因爲它從五年前的19%下降到了現在的水平,而公司的資本僱用增長了647%。通常情況下,這不是理想狀態,但是考慮到海德軟件技術股份有限公司在最近公佈收益之前進行了資本籌集,這可能至少部分地導致了資本僱用增加的數字。籌集到的資金可能還沒有得到運用,因此值得關注海德軟件技術股份有限公司的收益在未來會發生什麼變化以及是否會因此而改變。此外,我們發現通過觀察該公司的最新EBIt,數據與上一年的數據相差不到10%,因此您可以將ROCE下降主要歸結爲該資本籌集。
On a related note, Hydsoft TechnologyLtd has decreased its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相關說明中,海德軟件技術股份有限公司將其流動負債降至總資產的19%。因此,我們可能可以將其中的一些因素與ROCE的降低聯繫起來。實際上,這意味着他們的供應商或短期債權人爲業務提供的資金變少了,這減少了某些風險因素。由於該企業基本上正在用自己的資金爲其操作提供更多的資金,因此您可以認爲這使該企業產生ROCE的效率降低了。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
While returns have fallen for Hydsoft TechnologyLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 38% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
雖然Hydsoft Technology Ltd的回報率近來有所下降,但我們很高興看到其銷售額正在增長,業務正在進行再投資。然而,這些增長趨勢並沒有導致回報增長,因爲股票在過去一年中下跌了38%。因此,我們認爲鑑於趨勢看起來令人鼓舞,進一步研究這隻股票是值得的。
Hydsoft TechnologyLtd could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 301316 on our platform quite valuable.
從其他方面來看,海德軟件技術股份有限公司的交易價格可能很有吸引力,因此您可能會發現我們平台上對301316的自由內在價值估計非常有價值。
While Hydsoft TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然海德軟件技術股份有限公司的收益並不是最高的,但請查看這份具有堅實資產負債表的公司的免費高回報股票列表。
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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。