Leader Harmonious Drive Systems (SHSE:688017) May Have Issues Allocating Its Capital
Leader Harmonious Drive Systems (SHSE:688017) May Have Issues Allocating Its Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Leader Harmonious Drive Systems (SHSE:688017), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在调查了Leader Harmonisony Drive Systems(SHSE: 688017)之后,我们认为目前的趋势不符合多装袋机的模式。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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 Leader Harmonious Drive Systems 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。在 Leader 和谐驱动系统上进行此计算的公式为:
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)
0.017 = CN¥38m ÷ (CN¥2.8b - CN¥603m) (Based on the trailing twelve months to September 2023).
0.017 = 3800万元人民币 ÷(28亿元人民币-6.03亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Leader Harmonious Drive Systems has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Machinery industry average of 6.1%.
因此,领德和谐驱动系统的投资回报率为1.7%。归根结底,这是一个低回报,其表现低于机械行业6.1%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240327/0-96a3502fada15f34c98ff22240ed21b9-0-bd398d642942659ed94371f968c6acc7.png/big)
Above you can see how the current ROCE for Leader Harmonious Drive Systems compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Leader Harmonious Drive Systems .
上面你可以看到Leader Harmonic Drive Systems当前的投资回报率与之前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你有兴趣,可以在我们免费的 Leader Harmonic Drive Systems 分析师报告中查看分析师的预测。
The Trend Of ROCE
ROCE 的趋势
On the surface, the trend of ROCE at Leader Harmonious Drive Systems doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.7% from 11% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
从表面上看,Leader Harmonison Drive Systems的ROCE趋势并不能激发信心。在过去五年中,资本回报率从五年前的11%下降到1.7%。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 22%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 1.7%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在这个问题上,我们注意到流动负债占总资产的比率已上升至22%,这影响了投资回报率。如果没有这样的增长,投资回报率很可能会低于1.7%。尽管该比率目前还不太高,但值得关注,因为如果该比率变得特别高,则业务可能会面临一些新的风险因素。
The Bottom Line
底线
In summary, we're somewhat concerned by Leader Harmonious Drive Systems' diminishing returns on increasing amounts of capital. Yet despite these concerning fundamentals, the stock has performed strongly with a 68% return over the last three 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.
总而言之,我们对Leader Harmonison Drive Systems在增加资本额后收益的减少感到有些担忧。然而,尽管存在这些令人担忧的基本面,但该股在过去三年中表现强劲,回报率为68%,因此投资者似乎非常乐观。无论如何,我们对基本面不太满意,因此我们暂时会避开这只股票。
Like most companies, Leader Harmonious Drive Systems does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,Leader Harmonison Drive Systems确实存在一些风险,我们发现了一个你应该注意的警告信号。
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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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。