Investors Met With Slowing Returns on Capital At Shanghai Jahwa United (SHSE:600315)
Investors Met With Slowing Returns on Capital At Shanghai Jahwa United (SHSE:600315)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. However, after investigating Shanghai Jahwa United (SHSE:600315), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。不过,经过调查,上海家化联合(上海证券交易所:600315),我们认为目前的趋势不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
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. To calculate this metric for Shanghai Jahwa United, this is the formula:
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。要计算上海家化联合航空的这一指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.067 = CN¥591m ÷ (CN¥12b - CN¥3.7b) (Based on the trailing twelve months to June 2023).
0.067=人民币5.91亿?(人民币120亿元-人民币37亿元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Shanghai Jahwa United has an ROCE of 6.7%. Ultimately, that's a low return and it under-performs the Personal Products industry average of 9.3%.
所以呢,上海家化联合的净资产收益率为6.7%。归根结底,这是一个较低的回报率,表现低于个人产品行业9.3%的平均水平。
See our latest analysis for Shanghai Jahwa United
查看我们对上海家化联合的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231015/0-6c61abceb449b802f1f239020bec0f65-0-5ec48cb15e5c1389a6cc15944adf4367.png/big)
In the above chart we have measured Shanghai Jahwa United's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Shanghai Jahwa United.
在上面的图表中,我们比较了上海家化联航之前的ROCE和它之前的表现,但可以说,未来更重要。如果您想查看分析师对未来的预测,您应该查看我们的免费上海家化联合报道。
What Can We Tell From Shanghai Jahwa United's ROCE Trend?
从上海家化联队的ROCE趋势中我们能看出什么?
The returns on capital haven't changed much for Shanghai Jahwa United in recent years. The company has employed 22% more capital in the last five years, and the returns on that capital have remained stable at 6.7%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年来,上海家化联合的资本回报率变化不大。该公司在过去五年中增聘了22%的资本,这些资本的回报率稳定在6.7%。鉴于该公司增加了已动用资本的数量,这些投资似乎根本不能带来高的资本回报。
What We Can Learn From Shanghai Jahwa United's ROCE
我们可以从上海家化联队的ROCE中学到什么
In conclusion, Shanghai Jahwa United has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 4.4% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,上海家化联合一直在向这项业务投入更多资本,但这些资本的回报并没有增加。投资者可能意识到了这些趋势,因为过去五年,该股向股东总共只有4.4%的回报率。因此,如果你正在寻找一个多袋子,潜在的趋势表明,你可能在其他地方有更好的机会。
One more thing to note, we've identified 1 warning sign with Shanghai Jahwa United and understanding it should be part of your investment process.
还有一件事需要注意,我们已经确定了1个警告标志与上海家化联合,并理解这应该是你投资过程的一部分。
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.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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