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Returns On Capital Signal Tricky Times Ahead For Hangjin Technology (SZSE:000818)

Returns On Capital Signal Tricky Times Ahead For Hangjin Technology (SZSE:000818)

資本回報預示着航錦科技(深圳證券交易所代碼:000818)未來的艱難時期
Simply Wall St ·  01/09 14:52

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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 Hangjin Technology (SZSE:000818) and its ROCE trend, we weren't exactly thrilled.

我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們研究航錦科技(深圳證券交易所代碼:000818)及其投資回報率趨勢時,我們並不十分興奮。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. Analysts use this formula to calculate it for Hangjin Technology:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用以下公式來計算航錦科技:

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)

0.016 = CN¥69m ÷ (CN¥5.1b - CN¥885m) (Based on the trailing twelve months to September 2023).

0.016 = 6900萬元人民幣 ÷(51億元人民幣-8.85億元人民幣) (基於截至2023年9月的過去十二個月)

So, Hangjin Technology has an ROCE of 1.6%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.

因此,航錦科技的投資回報率爲1.6%。歸根結底,這是一個低迴報,其表現低於化工行業5.5%的平均水平。

See our latest analysis for Hangjin Technology

查看我們對航錦科技的最新分析

roce
SZSE:000818 Return on Capital Employed January 9th 2024
SZSE: 000818 2024年1月9日動用資本回報率

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 Hangjin Technology's past further, check out this free graph of past earnings, revenue and cash flow.

雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您有興趣進一步調查航錦科技的過去,請查看這張免費的過去收益、收入和現金流圖表。

What Can We Tell From Hangjin Technology's ROCE Trend?

我們可以從航錦科技的投資回報率趨勢中得出什麼?

On the surface, the trend of ROCE at Hangjin Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 22% over the last five years. 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.

從表面上看,航錦科技的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的22%下降。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。

On a side note, Hangjin Technology has done well to pay down its current liabilities to 17% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

順便說一句,航錦科技在將其流動負債償還至總資產的17%方面做得很好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。

Our Take On Hangjin Technology's ROCE

我們對航錦科技投資回報率的看法

In summary, we're somewhat concerned by Hangjin Technology's diminishing returns on increasing amounts of capital. Yet despite these poor fundamentals, the stock has gained a huge 208% over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

總而言之,我們對航錦科技因資本額增加而產生的回報減少感到擔憂。然而,儘管基本面不佳,但該股在過去五年中仍大幅上漲了208%,因此投資者似乎非常樂觀。無論如何,我們對基本面不太滿意,因此我們暫時會避開這隻股票。

Hangjin Technology does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is concerning...

但是,航錦科技確實存在一些風險,我們在投資分析中發現了3個警告信號,其中一個是令人擔憂的...

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.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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