Sanhe Tongfei Refrigeration's (SZSE:300990) Returns On Capital Not Reflecting Well On The Business
Sanhe Tongfei Refrigeration's (SZSE:300990) Returns On Capital Not Reflecting Well On The Business
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Sanhe Tongfei Refrigeration (SZSE:300990) and its ROCE trend, we weren't exactly thrilled.
我們應該尋找什麼樣的趨勢,我們想要找出能夠長期成倍增值的股票?一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加,同時也在增長金額已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。有鑒於此,當我們看到三河同飛製冷廠(SZSE:300990)和它的ROCE趨勢,我們並不是很興奮。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(ROCE)
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 Sanhe Tongfei Refrigeration:
對於那些不確定ROCE是什麼的人,它衡量的是一家公司可以從其業務中使用的資本產生的稅前利潤。分析師使用以下公式來計算三和通飛製冷的價格:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.074 = CN¥124m ÷ (CN¥2.0b - CN¥311m) (Based on the trailing twelve months to June 2023).
0.074=CN元1.24億?(CN元2.0億-CN元3.11億)(根據截至2023年6月的往績12個月計算)。
So, Sanhe Tongfei Refrigeration has an ROCE of 7.4%. In absolute terms, that's a low return but it's around the Machinery industry average of 6.4%.
所以,三和通飛製冷的ROCE為7.4%。按絕對值計算,這是一個較低的回報率,但約為機械行業6.4%的平均水準。
See our latest analysis for Sanhe Tongfei Refrigeration
查看我們對三和通飛製冷的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231019/0-d276ef6fc16a66406a8829c226781ba3-0-c1265909134cd1bce033f6247de896ac.png/big)
In the above chart we have measured Sanhe Tongfei Refrigeration'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 Sanhe Tongfei Refrigeration.
在上面的圖表中,我們比較了三和同飛製冷公司之前的淨資產收益率和之前的業績,但可以說,未來更重要。如果您想查看分析師對未來的預測,您應該查看我們的免費三河通飛製冷有限公司的報告。
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
In terms of Sanhe Tongfei Refrigeration's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 7.4% from 29% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就三和同飛製冷公司歷史上的ROCE運動而言,這一趨勢並不美妙。過去五年,資本回報率從五年前的29%降至7.4%。儘管,考慮到收入和業務中使用的資產數量都有所增加,這可能表明該公司正在投資於增長,而額外的資本導致了ROCE的短期下降。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。
The Bottom Line
底線
While returns have fallen for Sanhe Tongfei Refrigeration in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 40% over the last year, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
雖然最近三和通飛製冷的回報率有所下降,但我們看到銷售額在增長,該業務正在對其業務進行再投資,這讓我們感到鼓舞。然而,儘管趨勢看好,但該股在過去一年中下跌了40%,因此精明的投資者可能會有機會。因此,我們建議進一步研究這只股票,以揭示該業務的其他基本面可以向我們展示什麼。
If you want to know some of the risks facing Sanhe Tongfei Refrigeration we've found 3 warning signs (2 don't sit too well with us!) that you should be aware of before investing here.
如果你想知道三和通飛製冷公司面臨的一些風險,我們已經找到了3個警示標誌(2不要和我們坐在一起太舒服!)在這裡投資之前你應該意識到這一點。
While Sanhe Tongfei Refrigeration isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然三和通飛製冷並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.