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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

广州浩阳电子有限公司(深圳证券交易所代码:300833)正在以较低的回报率进行再投资
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.

找到一家具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。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。话虽如此,乍一看广州浩阳电子有限公司(深圳证券交易所代码:300833),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算广州浩阳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)

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

0.16 = 3.79亿元人民币 ÷(25亿元人民币-2.08亿元人民币) (基于截至2023年9月的过去十二个月)

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,广州浩阳电子有限公司的投资回报率为16%。就其本身而言,这是标准回报,但要比电气行业产生的6.4%好得多。

roce
SZSE:300833 Return on Capital Employed March 14th 2024
SZSE: 300833 2024 年 3 月 14 日动用资本回报率

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 .

在上图中,我们将广州浩阳电子有限公司之前的投资回报率与之前的业绩进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们为广州浩阳电子有限公司提供的免费分析师报告中查看分析师的预测。

So How Is Guangzhou Haoyang ElectronicLtd's ROCE Trending?

那么广州浩阳电子有限公司的投资回报率走势如何?

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.

从表面上看,广州浩阳电子有限公司的ROCE趋势并不能激发信心。更具体地说,投资回报率已从过去五年的23%下降。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。如果这些投资被证明是成功的,这对长期股票表现来说可能是个好兆头。

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.

顺便说一句,广州浩阳电子有限公司在偿还其流动负债占总资产的8.2%方面表现良好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。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。

Our Take On Guangzhou Haoyang ElectronicLtd's ROCE

我们对广州浩阳电子有限公司 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.

尽管最近广州浩阳电子有限公司的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,业务正在对其运营进行再投资。长期投资者必须对未来持乐观态度,因为该股在过去三年中向股东回报了119%的巨额回报。因此,尽管投资者似乎已经意识到了这些令人鼓舞的趋势,但我们将进一步研究该股,以确保其他指标证明正面观点是合理的。

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.

还有一件事需要注意,我们已经向广州浩阳电子有限公司确定了1个警告标志,我们知道这应该是您投资过程的一部分。

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.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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.

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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。

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