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Guangzhou Haoyang ElectronicLtd (SZSE:300833) Is Reinvesting At Lower Rates Of Return

Guangzhou Haoyang ElectronicLtd (SZSE:300833) Is Reinvesting At Lower Rates Of Return

廣州浩陽電子有限公司(深圳證券交易所代碼:300833)正在以較低的回報率進行再投資
Simply Wall St ·  03/14 19:33

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. Having said that, from a first glance at Guangzhou Haoyang ElectronicLtd (SZSE:300833) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

找到一傢俱有大幅增長潛力的企業並不容易,但是如果我們看一些關鍵的財務指標,這是可能的。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。話雖如此,乍一看廣州浩陽電子有限公司(深圳證券交易所代碼:300833),我們並不是對回報的趨勢不屑一顧,但讓我們更深入地了解一下。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (ROCE)

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Guangzhou Haoyang ElectronicLtd, this is the formula:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算廣州浩陽電子有限公司的這個指標,公式如下:

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)

0.16 = CN¥379m ÷ (CN¥2.5b - CN¥208m) (Based on the trailing twelve months to September 2023).

0.16 = 3.79億元人民幣 ÷(25億元人民幣-2.08億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Guangzhou Haoyang ElectronicLtd has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 6.4% generated by the Electrical industry.

因此,廣州浩陽電子有限公司的投資回報率爲16%。就其本身而言,這是標準回報,但要比電氣行業產生的6.4%好得多。

roce
SZSE:300833 Return on Capital Employed March 14th 2024
SZSE: 300833 2024 年 3 月 14 日動用資本回報率

In the above chart we have measured Guangzhou Haoyang ElectronicLtd'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 analyst report for Guangzhou Haoyang ElectronicLtd .

在上圖中,我們將廣州浩陽電子有限公司之前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們爲廣州浩陽電子有限公司提供的免費分析師報告中查看分析師的預測。

So How Is Guangzhou Haoyang ElectronicLtd's ROCE Trending?

那麼廣州浩陽電子有限公司的投資回報率走勢如何?

On the surface, the trend of ROCE at Guangzhou Haoyang ElectronicLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 23% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

從表面上看,廣州浩陽電子有限公司的ROCE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23%下降。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,這對長期股票表現來說可能是個好兆頭。

On a side note, Guangzhou Haoyang ElectronicLtd has done well to pay down its current liabilities to 8.2% of total assets. That could partly explain why the ROCE has dropped. 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,廣州浩陽電子有限公司在償還其流動負債佔總資產的8.2%方面表現良好。這可以部分解釋投資回報率下降的原因。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 Guangzhou Haoyang ElectronicLtd's ROCE

我們對廣州浩陽電子有限公司 ROCE 的看法

While returns have fallen for Guangzhou Haoyang ElectronicLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And long term investors must be optimistic going forward because the stock has returned a huge 119% to shareholders in the last three years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.

儘管最近廣州浩陽電子有限公司的回報率有所下降,但令我們感到鼓舞的是,銷售額正在增長,業務正在對其運營進行再投資。長期投資者必須對未來持樂觀態度,因爲該股在過去三年中向股東回報了119%的巨額回報。因此,儘管投資者似乎已經意識到了這些令人鼓舞的趨勢,但我們將進一步研究該股,以確保其他指標證明正面觀點是合理的。

One more thing to note, we've identified 1 warning sign with Guangzhou Haoyang ElectronicLtd and understanding this should be part of your investment process.

還有一件事需要注意,我們已經向廣州浩陽電子有限公司確定了1個警告標誌,我們知道這應該是您投資過程的一部分。

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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