Capital Allocation Trends At NINGBO HENGSHUAI (SZSE:300969) Aren't Ideal
Capital Allocation Trends At NINGBO HENGSHUAI (SZSE:300969) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, while the ROCE is currently high for NINGBO HENGSHUAI (SZSE:300969), we aren't jumping out of our chairs because returns are decreasing.
要找到一個潛力大的企業並不容易，但只要我們關注幾個重要的財務指標就有可能辦到。通常而言，我們要注意收益資本率（ROCE）不斷增長的趨勢，同時，資本僱用數量逐漸擴大。這能夠證明這家企業正在以逐漸增加的投資回報率再度投資利潤。話雖如此，儘管NINGBO HENGSHUAI（SZSE:300969）ROCE目前很高，但我們並不會爲此捧腹大笑，因爲回報率正在下降。
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. To calculate this metric for NINGBO HENGSHUAI, this is the formula:
對於不了解什麼是ROCE的人來說，它衡量公司在業務中使用的資本能夠產生多少稅前利潤。要爲NINGBO HENGSHUAI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。
0.20 = CN¥238m ÷ (CN¥1.4b - CN¥257m) (Based on the trailing twelve months to March 2024).
0.20 = CN¥23800萬 ÷ (CN¥14億 - CN¥257m) （基於截至2024年3月的最近十二個月）。
Thus, NINGBO HENGSHUAI has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 6.9% earned by companies in a similar industry.
因此，NINGBO HENGSHUAI的ROCE爲20%。這是很棒的回報，而且不僅如此，它還超過了同行業公司6.9%的平均水平。
In the above chart we have measured NINGBO HENGSHUAI's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering NINGBO HENGSHUAI for free.
在上圖中，我們將NINGBO HENGSHUAI先前的ROCE與其先前表現進行了比較，但未來可能更爲重要。如果您願意，您可以免費查看覆蓋NINGBO HENGSHUAI的分析師的預測。
So How Is NINGBO HENGSHUAI's ROCE Trending?
那麼，NINGBO HENGSHUAI的ROCE趨勢如何？
On the surface, the trend of ROCE at NINGBO HENGSHUAI doesn't inspire confidence. Historically returns on capital were even higher at 29%, but they have dropped over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
表面上，寧波恒帥的 ROCE 趨勢並不令人信服。歷史上資本回報率甚至高達 29%，但在過去的五年中已經下降了。然而，考慮到資本和營業收入都有所增加，當前看來該公司正在追求增長，這將導致短期收益的減少。如果這些投資證明是成功的，長期股票表現將非常好。
On a side note, NINGBO HENGSHUAI has done well to pay down its current liabilities to 18% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
順便說一句，NINGBO HENGSHUAI已經成功地將其流動負債減少到總資產的18%。因此我們可以將這部分與ROCE的下降聯繫起來。此外，這也可以減少企業的某些風險，因爲現在公司的供應商或短期債權人正在爲其運營籌集的資金較少。由於企業基本上是用自己的資金更多地爲其運營提供資金，因此您可以認爲這使企業在產生ROCE方面不那麼高效。
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。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for NINGBO HENGSHUAI. And the stock has done incredibly well with a 101% return over the last three years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
儘管資本回報率在短期內下降，但我們發現NINGBO HENGSHUAI的營業收入和資本僱用都增加了，這很有前途。股票在過去三年中的回報率高達101%，因此長期投資者無疑對此結果感到非常高興。因此，儘管投資者似乎認識到這些有前途的趨勢，我們仍然需要深入了解這支股票，以確保其他指標支持積極的觀點。
If you're still interested in NINGBO HENGSHUAI it's worth checking out our FREE intrinsic value approximation for 300969 to see if it's trading at an attractive price in other respects.
如果您仍然對NINGBO HENGSHUAI感興趣，可以查看我們300969的自由內在價值近似值，以查看其他方面是否有吸引人的交易價格。
NINGBO HENGSHUAI is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
NINGBO HENGSHUAI並不是唯一盈利頗豐的股票。如果您想了解更多情況，請查看我們的免費公司股本收益率高且基本面良好的公司列表。
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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。