Investors Could Be Concerned With Hwa Create's (SZSE:300045) Returns On Capital
Investors Could Be Concerned With Hwa Create's (SZSE:300045) Returns On Capital
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. On that note, looking into Hwa Create (SZSE:300045), we weren't too upbeat about how things were going.
如果我們想要避免一個正在衰退的商業,有哪些趨勢可以提前警示我們呢?通常情況下,我們會看到資本投入回報率(ROCE)和資本投入量的下降。最終,這意味着公司的每投資一美元的收益更少,而且它還在縮小其資本投入的基礎。在這方面,我們對華信創科技(深圳證券交易所:300045)的情況並不太樂觀。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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. Analysts use this formula to calculate it for Hwa Create:
對於那些不確定什麼是ROCE的人來說,它衡量了一家公司從其業務中使用的資本所能產生的稅前利潤數額。分析師使用這個公式來計算華信創科技的ROCE:
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。
0.021 = CN¥38m ÷ (CN¥2.5b - CN¥599m) (Based on the trailing twelve months to June 2024).
0.021 = CN¥3800萬 ÷ (CN¥25億 - CN¥599m)(基於2024年6月的過去十二個月)。
Thus, Hwa Create has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Aerospace & Defense industry average of 4.3%.
因此,華信創科技的ROCE爲2.1%。從絕對數值來看,這是一個較低的回報率,而且也低於航空與國防行業平均水平4.3%。
![1724285632289](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42693157-0-77cfb248c02f8f76f7b8e32f74d61980.webp/bigjpg)
In the above chart we have measured Hwa Create'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 Hwa Create for free.
在上面的圖表中,我們已經測量了華創的先前ROCE與其先前業績,但未來可能更重要。如果您願意,可以免費查看分析師對華創的預測。
What Does the ROCE Trend For Hwa Create Tell Us?
華創的ROCE趨勢告訴我們什麼?
We are a bit worried about the trend of returns on capital at Hwa Create. Unfortunately the returns on capital have diminished from the 7.7% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Hwa Create becoming one if things continue as they have.
我們對華創資本回報率的趨勢有些擔憂。遺憾的是,資本回報率已經從五年前的7.7%下降。除此之外,值得注意的是,企業所使用的資本量保持相對穩定。這一組合可能表明一個成熟的企業仍有資金可供部署,但由於潛在的新競爭或較小的利潤率,所獲得的回報並不高。因此,由於這些趨勢通常不利於創造多倍收益,如果情況繼續下去,我們不認爲華創會成爲一個多倍股。
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。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. However the stock has delivered a 85% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
最終,相同資本下回報率的下降趨勢通常不是我們正在尋找的一個增長股的跡象。然而,該股票在過去五年內爲股東提供了85%的回報,因此投資者可能期待這些趨勢得到逆轉。不過,基本面並不讓我們感到很舒服,所以我們暫時會避開這隻股票。
On a separate note, we've found 1 warning sign for Hwa Create you'll probably want to know about.
另外,我們發現了一項有關華創的警告信號,您可能想知道。
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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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。