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Cangzhou Dahua (SHSE:600230) Could Be Struggling To Allocate Capital

Cangzhou Dahua (SHSE:600230) Could Be Struggling To Allocate Capital

滄州大化 (SHSE:600230) 可能在資本分配上遇到困難
Simply Wall St ·  2024/09/30 21:19

If you're looking for a multi-bagger, there's a few things to keep an eye out 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Cangzhou Dahua (SHSE:600230) and its ROCE trend, we weren't exactly thrilled.

如果你正在尋找一個翻多股票,有一些事情需要注意。一個常見的方法是嘗試找到一個資本僱員回報率(ROCE)逐漸增加的公司,同時資本僱員數量也在增長。如果你看到這一點,通常意味着這是一個擁有優秀商業模式並擁有許多有利可圖的再投資機會的公司。基於這一點,在我們觀察滄州大化(SHSE:600230)及其ROCE趨勢時,並沒有特別激動。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。

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. Analysts use this formula to calculate it for Cangzhou Dahua:

對於那些不了解的人,ROCE是衡量公司年度稅前利潤(其回報)相對於業務中資本僱用的一個指標。分析師使用這個公式爲滄州大化進行計算:

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。

0.023 = CN¥114m ÷ (CN¥6.2b - CN¥1.3b) (Based on the trailing twelve months to June 2024).

0.023 = 1.14億元人民幣 ÷ (620億元人民幣 - 13億元人民幣)(基於2024年6月的最近十二個月)。

So, Cangzhou Dahua has an ROCE of 2.3%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.

因此,滄州大化的ROCE爲2.3%。從絕對數值來看,這是一個低迴報,而且它也表現不及化學品行業的平均水平爲5.5%。

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SHSE:600230 Return on Capital Employed October 1st 2024
SHSE:600230 資本回報率2024年10月1日

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're interested in investigating Cangzhou Dahua's past further, check out this free graph covering Cangzhou Dahua's past earnings, revenue and cash flow.

儘管過去並不代表未來,但了解公司歷史表現可能會有所幫助,這就是爲什麼我們在上面有這個圖表。如果您有興趣進一步調查滄州大化的過去,請查看這張免費圖表,涵蓋滄州大化過去的收益、營業收入和現金流。

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。

On the surface, the trend of ROCE at Cangzhou Dahua doesn't inspire confidence. Around five years ago the returns on capital were 9.1%, but since then they've fallen to 2.3%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.

表面上看,滄州大化的資本回報率趨勢並沒有鼓舞人心。大約五年前,資本回報率爲9.1%,但自那時以來下降到了2.3%。與此同時,企業利用了更多的資本,但在過去12個月內這並沒有在銷售額上有太大變化,因此這可能反映了更長期的投資。值得密切關注公司從這裏起的收益,以查看這些投資是否最終會對底線產生貢獻。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 21%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.

順便提及,我們注意到流動負債與總資產的比率已經上升至21%,這影響了資本回報率。如果流動負債沒有像現在這樣增加,資本回報率實際上可能會更低。請注意這個比率,因爲如果這一指標過高,業務可能會遇到一些新的風險。

Our Take On Cangzhou Dahua's ROCE

我們對滄州大化的資本回報率看法

Bringing it all together, while we're somewhat encouraged by Cangzhou Dahua's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 1.8% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

總的來說,雖然我們在某種程度上對滄州大化對自身業務的再投資感到鼓舞,但我們意識到回報正在減少。毫不奇怪,股票在過去五年中僅上漲了1.8%,這可能表明投資者在未來考慮到了這一點。因此,如果您正在尋找一支多倍增長的股票,我們認爲您可能會在別處更幸運。

Like most companies, Cangzhou Dahua does come with some risks, and we've found 2 warning signs that you should be aware of.

和大多數公司一樣,滄州大化也存在一些風險,我們發現了2個警示信號,你應該注意。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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