Investors Will Want Hengli PetrochemicalLtd's (SHSE:600346) Growth In ROCE To Persist
Investors Will Want Hengli PetrochemicalLtd's (SHSE:600346) Growth In ROCE To Persist
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Hengli PetrochemicalLtd (SHSE:600346) so let's look a bit deeper.
如果你不確定從哪裏開始尋找下一個雙倍股，那麼你應該關注幾個關鍵趨勢。首先，我們想看到資本的回報率（ROCE）在增加，其次，資本投入在不斷擴大。這向我們展示了一個複合機器，能夠不斷地將其收益再投資到業務中併產生更高的回報。有了這個想法，我們注意到恒力石化（SHSE：600346）的一些有前途的趨勢，讓我們來深入了解一下。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Hengli PetrochemicalLtd is:
如果你以前沒有使用ROCE，那麼它衡量的是一家公司從其業務中的資本投入中產生的”回報”（稅前利潤）。 在HengliPetrochemicalLtd上進行此計算的公式是：
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。
0.11 = CN¥15b ÷ (CN¥272b - CN¥130b) (Based on the trailing twelve months to March 2024).
0.11 = CN¥150億 ÷ (CN¥2720億 - CN¥130b) (基於截至2024年3月的過去十二個月)。
Therefore, Hengli PetrochemicalLtd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此，恒力石化公司的ROCE爲11％。 相對而言，這是一個令人滿意的回報率，但與化學品行業平均水平5.5％相比，它要好得多。
In the above chart we have measured Hengli PetrochemicalLtd'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 Hengli PetrochemicalLtd .
在上圖中，我們測量了恒力石化公司的先前ROCE與其先前業績的關係，但未來可能更爲重要。如果您感興趣，您可以查看我們的免費分析員報告，了解恒力石化公司的分析師預測。
What Does the ROCE Trend For Hengli PetrochemicalLtd Tell Us?
恒力石化公司的ROCE趨勢告訴我們什麼？
Investors would be pleased with what's happening at Hengli PetrochemicalLtd. The data shows that returns on capital have increased substantially over the last five years to 11%. Basically the business is earning more per dollar of capital invested and in addition to that, 85% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
投資者會對恒力石化公司正在發生的事情感到滿意。數據顯示，在過去的五年中，資本回報率大幅增加至11％。基本上，公司每投入1美元的資本所賺取的利潤更多，此外，現在也僱用了更多的資本。這可能表明，有大量的機會在企業內部投資資本，並以更高的利率投資，這在多重資產中很常見。
On a separate but related note, it's important to know that Hengli PetrochemicalLtd has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，恒力石化公司的流動負債總資產比率爲48％，我們認爲這相當高。這可能會帶來一些風險，因爲公司基本上是在相當依賴其供應商或其他短期債權人的情況下運營。雖然這不一定是一件壞事，但如果這個比率低一點，就可能有益。
Our Take On Hengli PetrochemicalLtd's ROCE
總的來說，看到恒力石化公司正在從以前的投資中獲得回報並增加其資本基礎是非常棒的。由於該股票在過去的五年中僅回報了18％，因此投資者可能還沒有意識到其有前途的基本面。因此，考慮到這一點，我們認爲該股票值得進一步研究。
All in all, it's terrific to see that Hengli PetrochemicalLtd is reaping the rewards from prior investments and is growing its capital base. Since the stock has only returned 18% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
不過，恒力石化公司也存在風險，我們在投資分析中發現了2個警示信號，其中1個有點令人關注......總之，看到恒力石化公司正在從以前的投資中獲得回報並增加其資本基礎是非常棒的。由於該股票在過去的五年中僅回報了18％，因此投資者可能還沒有意識到其有前途的基本面。因此，考慮到這一點，我們認爲該股票值得進一步研究。
Hengli PetrochemicalLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit concerning...
然而，恒力石化公司目前可能沒有獲得最高的回報，我們已經編制了一張目前獲得超過25％淨投資回報率的公司名單。 在此處檢查這份免費名單。
While Hengli PetrochemicalLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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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。