Dalian Huarui Heavy Industry Group (SZSE:002204) Shareholders Will Want The ROCE Trajectory To Continue
Dalian Huarui Heavy Industry Group (SZSE:002204) Shareholders Will Want The ROCE Trajectory To Continue
0.041 = CN¥376m ÷ (CN¥25b - CN¥16b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. So when we looked at Dalian Huarui Heavy Industry Group (SZSE:002204) and its trend of ROCE, we really liked what we saw.
什麼是早期趨勢，我們應該尋找什麼樣的股票能夠在長期內增值？首先，我們希望找到一個增長的資本僱用回報率（ROCE），然後在此基礎上，找到一個不斷增長的資本僱用基數。簡單來說，這些類型的企業是複利機器，意味着他們不斷以越來越高的回報率重新投資他們的收益。因此，當我們看Dalian Huarui Heavy Industry Group (SZSE:002204)以及它的ROCE趨勢時，我們真的很喜歡我們看到的東西。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Dalian Huarui Heavy Industry Group is:
只是爲了澄清，如果你不確定，ROCE是用來評估公司在其業務中投資的資本所獲得的稅前收入的指標（以百分比計算）。在Dalian Huarui Heavy Industry Group上進行這個計算的公式是：
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。
0.041 = CN¥376m ÷ (CN¥25b - CN¥16b) (Based on the trailing twelve months to June 2024).
0.041 = CN¥37600萬 ÷ (CN¥250億 - CN¥16b)（截至2024年6月的過去十二個月）。
Thus, Dalian Huarui Heavy Industry Group has an ROCE of 4.1%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.7%.
因此，大連重工（Dalian Huarui Heavy Industry Group）的ROCE爲4.1%。總的來說，這是一個較低的回報率，低於機械行業平均水平5.7%。
Above you can see how the current ROCE for Dalian Huarui Heavy Industry Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Dalian Huarui Heavy Industry Group for free.
從上面可以看出大連重工的當前ROCE與其過去的資本回報率相比如何，但過去只能告訴你這麼多。如果你願意，你可以免費查看覆蓋大連重工的分析師的預測。
What Can We Tell From Dalian Huarui Heavy Industry Group's ROCE Trend?
從大連重工的ROCE趨勢中我們能得出什麼結論？
While in absolute terms it isn't a high ROCE, it's promising to see that it has been moving in the right direction. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 4.1%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 30%. 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.
儘管ROCE在絕對值上並不高，但令人振奮的是它一直朝着正確的方向發展。數據顯示，在過去的五年中，資本運作產生的回報率大幅增長至4.1%。公司有效利用資本獲取了更多的利潤，值得注意的是，資本的數量也增加了30%。這可能意味着在公司內部有很多的投資機會，並且投資回報率不斷提高，這在多倍增長的公司中很常見。
On a separate but related note, it's important to know that Dalian Huarui Heavy Industry Group has a current liabilities to total assets ratio of 63%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，大連重工的流動負債佔總資產比例達到了63%，我們認爲這相當高。這實際上意味着供應商（或短期債權人）爲公司提供了大部分資金，因此請了解這可能會引入一些風險。理想情況下，我們希望看到這個比例減少，因爲這意味着承擔風險的義務較少。
Our Take On Dalian Huarui Heavy Industry Group's ROCE
我們對大連重工的ROCE的看法
To sum it up, Dalian Huarui Heavy Industry Group has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Considering the stock has delivered 17% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
總的來說，大連重工已經證明了可以再投資於業務併產生更高的資本回報率，這非常棒。考慮到過去五年該股票爲股東帶來了17%的回報，可以說投資者可能還沒有完全意識到這些有前途的趨勢。因此，如果估值和其他指標達到預期，進一步了解這隻股票可能會發現一個很好的投資機會。
One more thing: We've identified 2 warning signs with Dalian Huarui Heavy Industry Group (at least 1 which makes us a bit uncomfortable) , and understanding them would certainly be useful.
還有一件事：我們已經發現大連重工存在2個警告信號（至少有1個讓我們有點不舒服），了解它們肯定會很有用。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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