Returns On Capital At Jiangsu High Hope International Group (SHSE:600981) Have Stalled
Returns On Capital At Jiangsu High Hope International Group (SHSE:600981) Have Stalled
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after briefly looking over the numbers, we don't think Jiangsu High Hope International Group (SHSE:600981) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在寻找下一款多袋装机时不确定从哪里开始，那么你应该注意一些关键趋势。理想情况下，企业将呈现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 所用资本的比例。如果你看到这一点，这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是，在简短地研究了这些数字之后，我们认为江苏宏望国际集团（SHSE: 600981）在未来不具备多装袋机的实力，但让我们来看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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. The formula for this calculation on Jiangsu High Hope International Group is:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。江苏汇鸿国际集团的计算公式为：
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）
0.012 = CN¥112m ÷ (CN¥26b - CN¥17b) (Based on the trailing twelve months to September 2023).
0.012 = 1.12亿元人民币 ÷（26亿元人民币-17亿元人民币） （基于截至2023年9月的过去十二个月）。
Thus, Jiangsu High Hope International Group has an ROCE of 1.2%. In absolute terms, that's a low return and it also under-performs the Retail Distributors industry average of 5.5%.
因此，江苏厚望国际集团的投资回报率为1.2％。从绝对值来看，这是一种低回报，其表现也低于零售分销商行业平均水平的5.5％。
Check out our latest analysis for Jiangsu High Hope International Group
查看我们对江苏汇鸿国际集团的最新分析
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 Jiangsu High Hope International Group's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来，但了解一家公司的历史表现可能会有所帮助，这就是我们上面有这张图表的原因。如果你有兴趣进一步调查江苏汇鸿国际集团的过去，请查看这张过去收益、收入和现金流的免费图表。
So How Is Jiangsu High Hope International Group's ROCE Trending?
那么江苏厚望国际集团的投资回报率走势如何？
Things have been pretty stable at Jiangsu High Hope International Group, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Jiangsu High Hope International Group doesn't end up being a multi-bagger in a few years time.
江苏汇鸿国际集团的情况一直相当稳定，在过去五年中，其资本利用率和资本回报率基本保持不变。具有这些特征的企业往往是成熟而稳定的运营，因为它们已经过了增长阶段。因此，如果江苏汇鸿国际集团在几年内没有成为一家多口袋公司，也不要感到惊讶。
On a separate but related note, it's important to know that Jiangsu High Hope International Group has a current liabilities to total assets ratio of 65%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一方面，重要的是要知道江苏汇鸿国际集团的流动负债与总资产的比率为65％，我们认为这个比率相当高。这可能会带来一些风险，因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。理想情况下，我们希望看到这种情况减少，因为这意味着承担风险的债务减少。
Our Take On Jiangsu High Hope International Group's ROCE
我们对江苏厚望国际集团投资回报率的看法
We can conclude that in regards to Jiangsu High Hope International Group's returns on capital employed and the trends, there isn't much change to report on. And investors appear hesitant that the trends will pick up because the stock has fallen 21% in the last five years. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
我们可以得出结论，就江苏汇鸿国际集团的已动用资本回报率和趋势而言，没有太大的变化可以报告。投资者似乎对趋势的回升犹豫不决，因为该股在过去五年中下跌了21％。无论如何，该股票不具有上面讨论的多袋装股票的特征，因此，如果您正在寻找这种特征，我们认为您在其他地方会更幸运。
On a final note, we found 2 warning signs for Jiangsu High Hope International Group (1 is a bit unpleasant) you should be aware of.
最后，我们发现了江苏汇鸿国际集团的两个警告标志（其中一个有点不愉快），你应该注意。
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.
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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