The Returns On Capital At Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273) Don't Inspire Confidence
The Returns On Capital At Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273) Don't Inspire Confidence
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Zhejiang Jiahua Energy Chemical IndustryLtd (SHSE:600273), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。但是,当我们查看浙江佳华能源化工有限公司(SHSE: 600273)时,它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Zhejiang Jiahua Energy Chemical IndustryLtd:
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)。分析师使用这个公式来计算浙江佳华能源化工有限公司的值:
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)
0.13 = CN¥1.3b ÷ (CN¥12b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.13 = CN¥1.3b ≤(CN¥12b-CN¥1.7b) (基于截至2023年9月的过去十二个月)。
Therefore, Zhejiang Jiahua Energy Chemical IndustryLtd has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 6.1% generated by the Chemicals industry.
因此,浙江佳华能源化工有限公司的投资回报率为13%。就其本身而言,这是标准回报,但要比化工行业产生的6.1%好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240328/0-9b16afa01f776624cfcf0bd3129c0e5a-0-dca72a78f624206db85ee09359d114ff.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhejiang Jiahua Energy Chemical IndustryLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhejiang Jiahua Energy Chemical IndustryLtd.
历史表现是研究股票的绝佳起点,因此在上方您可以看到浙江佳华能源化工有限公司的投资回报率与先前回报对比的指标。如果你想深入研究历史收益,请查看这些免费图表,详细说明浙江佳华能源化工有限公司的收入和现金流表现。
What Can We Tell From Zhejiang Jiahua Energy Chemical IndustryLtd's ROCE Trend?
我们可以从浙江佳华能源化工有限公司的投资回报率趋势中得出什么?
On the surface, the trend of ROCE at Zhejiang Jiahua Energy Chemical IndustryLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 20% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
从表面上看,浙江佳华能源化工有限公司的投资回报率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20%下降。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。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多的资金,但它产生的回报实际上更低—— “成本效益更低” 本身。
The Bottom Line
底线
From the above analysis, we find it rather worrisome that returns on capital and sales for Zhejiang Jiahua Energy Chemical IndustryLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Long term shareholders who've owned the stock over the last five years have experienced a 28% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
从上述分析来看,我们发现相当令人担忧的是,浙江佳华能源化工有限公司的资本回报率和销售回报率有所下降,同时该业务雇用的资本比五年前还要多。在过去五年中持有该股的长期股东的投资贬值了28%,因此看来市场可能也不喜欢这些趋势。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing to note, we've identified 1 warning sign with Zhejiang Jiahua Energy Chemical IndustryLtd and understanding this should be part of your investment process.
还有一件事需要注意,我们已经向浙江佳华能源化工有限公司确定了1个警告信号,我们知道这应该是您投资过程的一部分。
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。