Here's What's Concerning About Henan Liliang Diamond's (SZSE:301071) Returns On Capital
Here's What's Concerning About Henan Liliang Diamond's (SZSE:301071) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Henan Liliang Diamond (SZSE:301071), it didn't seem to tick all of these boxes.
如果我们想找到潜在的多袋装货商,通常有潜在的趋势可以提供线索。在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。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,当我们查看河南立亮钻石(深圳证券交易所代码:301071)时,它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Henan Liliang Diamond is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。河南力亮钻石的计算公式为:
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)
0.058 = CN¥334m ÷ (CN¥6.6b - CN¥851m) (Based on the trailing twelve months to September 2023).
0.058 = 3.34亿元人民币 ÷(66亿元人民币-8.51亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Henan Liliang Diamond has an ROCE of 5.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.5%.
因此,河南丽亮钻石的投资回报率为5.8%。这本身就是很低的资本回报率,但与该行业5.5%的平均回报率一致。
See our latest analysis for Henan Liliang Diamond
查看我们对河南利亮钻石的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-5ece1c0521251f462b61d80a28bb8a5e-0-032263811c0bf94f1b35eb16d297aee3.png/big)
In the above chart we have measured Henan Liliang Diamond'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 Henan Liliang Diamond.
在上图中,我们将河南丽亮钻石先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的河南立亮钻石免费报告。
So How Is Henan Liliang Diamond's ROCE Trending?
那么河南利亮钻石的投资回报率走势如何?
In terms of Henan Liliang Diamond's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 21%, but since then they've fallen to 5.8%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就河南力亮钻石的历史ROCE走势而言,这种趋势并不理想。大约五年前,资本回报率为21%,但此后已降至5.8%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a related note, Henan Liliang Diamond has decreased its current liabilities to 13% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
与此相关的是,河南利良钻石已将其流动负债减少至总资产的13%。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。
What We Can Learn From Henan Liliang Diamond's ROCE
我们可以从河南力亮钻石的ROCE中学到什么
In summary, Henan Liliang Diamond is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 61% over the last year, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之,河南利良钻石正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。由于该股在过去一年中下跌了61%,因此投资者对这一趋势的改善可能也不太乐观。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
One more thing: We've identified 2 warning signs with Henan Liliang Diamond (at least 1 which makes us a bit uncomfortable) , and understanding these would certainly be useful.
还有一件事:我们已经确定了河南利亮钻石的两个警告信号(至少有一个让我们有点不舒服),了解这些信号肯定会很有用。
While Henan Liliang Diamond may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管河南利良钻石目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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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。