Zhuzhou Hongda ElectronicsLtd (SZSE:300726) Could Be Struggling To Allocate Capital
Zhuzhou Hongda ElectronicsLtd (SZSE:300726) Could Be Struggling To Allocate Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Zhuzhou Hongda ElectronicsLtd (SZSE:300726) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?在一个完美的世界中,我们希望看到一家公司向其业务投资更多的资本,理想情况下,从这些资本中获得的回报也在增加。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。但是,在简要查看这些数字之后,我们认为株洲宏达电子有限公司(深交所代码:300726)不具备未来多功能装袋机的特点,但让我们来看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Zhuzhou Hongda ElectronicsLtd, this is the formula:
如果你以前没有与ROCE合作过,它可以衡量一家公司从其业务中使用的资本中产生的 “回报”(税前利润)。要计算株洲宏达电子有限公司的这个指标,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)
0.13 = CN¥677m ÷ (CN¥5.7b - CN¥503m) (Based on the trailing twelve months to September 2023).
0.13 = CN¥677m ≤(CN¥5.7b-CN¥503m) (基于截至2023年9月的过去十二个月)。
Therefore, Zhuzhou Hongda ElectronicsLtd has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.0% it's much better.
因此,株洲宏达电子有限公司的投资回报率为13%。从绝对值来看,这是一个令人满意的回报,但与电子行业平均水平的5.0%相比,要好得多。
View our latest analysis for Zhuzhou Hongda ElectronicsLtd
查看我们对株洲宏达电子有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231124/0-e50fb3cdaab392dde3b4bb854b3d77ef-0-3285518806d509e97ca039d6cb3c4c47.png/big)
In the above chart we have measured Zhuzhou Hongda ElectronicsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的图表中,我们对株洲宏达电子有限公司之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
So How Is Zhuzhou Hongda ElectronicsLtd's ROCE Trending?
那么,株洲宏达电子有限公司的ROCE趋势如何?
When we looked at the ROCE trend at Zhuzhou Hongda ElectronicsLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 13% from 17% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
当我们查看株洲宏达电子有限公司的ROCE趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率从五年前的17%下降到13%。鉴于该企业在收入下滑的情况下使用了更多的资本,这有点令人担忧。这可能意味着该企业正在失去竞争优势或市场份额,因为尽管向企业投入了更多的资金,但它产生的回报却较低——本身 “成本效益较低”。
The Bottom Line On Zhuzhou Hongda ElectronicsLtd's ROCE
株洲宏达电子有限公司 ROCE 的底线
In summary, we're somewhat concerned by Zhuzhou Hongda ElectronicsLtd's diminishing returns on increasing amounts of capital. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 106%. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
总而言之,我们对株洲宏达电子有限公司因资本增加而导致的回报递减感到有些担忧。市场必须对该股的未来持乐观态度,因为尽管潜在趋势不太令人鼓舞,但该股已飙升106%。无论如何,我们对基本面不太满意,因此我们暂时会避开这只股票。
If you want to continue researching Zhuzhou Hongda ElectronicsLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想继续研究株洲宏达电子有限公司,你可能有兴趣了解我们的分析发现的1个警告信号。
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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。