Some Investors May Be Worried About Hang Xiao Steel StructureLtd's (SHSE:600477) Returns On Capital
Some Investors May Be Worried About Hang Xiao Steel StructureLtd's (SHSE:600477) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Hang Xiao Steel StructureLtd (SHSE:600477), we don't think it's current trends fit the mold of a multi-bagger.
要找到一个翻倍股，我们在业务中应该寻找哪些基本趋势？我们不能漏掉以下两点：第一，资本雇用量的增长。简单地说，这些类型的企业是复合机器，意味着他们持续地以越来越高的回报率重新投资他们的利润。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。基本上这意味着一家公司拥有盈利的计划，并可以继续再投资，这是复利机器的特征。然而，经过调查航股份钢结构股份有限公司（SHSE:600477），我们认为其目前的趋势不符合多袋的特征。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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. To calculate this metric for Hang Xiao Steel StructureLtd, this is the formula:
对于不知道ROCE的人，它是一个公司年度税前利润（即其回报率）与企业资本雇用的相对比的度量。为了计算航股份钢结构股份有限公司的这个指标，这是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.065 = CN¥462m ÷ (CN¥16b - CN¥8.5b) (Based on the trailing twelve months to March 2024).
0.065 = 人民币4.62亿元 ÷ （人民币16亿 - 人民币8.5亿）在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
So, Hang Xiao Steel StructureLtd has an ROCE of 6.5%. In absolute terms, that's a low return but it's around the Construction industry average of 6.5%.
因此，航股份钢结构股份有限公司的ROCE为6.5%。在绝对的价值方面，这是一个较低的回报率，但它大约是建筑行业平均水平的6.5%。
In the above chart we have measured Hang Xiao Steel StructureLtd'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 Hang Xiao Steel StructureLtd .
在上面的图表中，我们比较了航股份钢结构股份有限公司过去的ROCE与其过去的表现，但未来可能更重要。如果您有兴趣，您可以查看分析师报告以获取航股份钢结构股份有限公司的预测。
What Does the ROCE Trend For Hang Xiao Steel StructureLtd Tell Us?
航股份钢结构股份有限公司的ROCE趋势告诉我们什么？
When we looked at the ROCE trend at Hang Xiao Steel StructureLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 20% over the last five years. However it looks like Hang Xiao Steel StructureLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们观察航股份钢结构股份有限公司的ROCE趋势时，我们并没有获得太多的信心。更具体地说，过去五年ROCE从20%下降了。然而，看起来航股份钢结构股份有限公司可能正在进行长期增长的再投资，因为尽管资本雇用增加了，但公司的销售额在过去12个月中并没有多少变化。公司需要一些时间才能从这些投资中看到收益的变化。
On a separate but related note, it's important to know that Hang Xiao Steel StructureLtd has a current liabilities to total assets ratio of 54%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，航股份钢结构股份有限公司的流动负债占总资产的比例为54%，我们认为这相当高。这实际上意味着供应商（或短期债权人）正在资助业务的大部分资金，因此请注意这可能会引入一些风险。虽然这不一定是一件坏事，但如果这个比例更低，可能会更有益。
What We Can Learn From Hang Xiao Steel StructureLtd's ROCE
综合起来，虽然我们对航股份钢结构股份有限公司对自有业务的再投资有些鼓舞人心，但我们意识到回报正在缩水。投资者似乎不敢相信趋势会出现好转，因为过去五年这支股票已经下跌了20%。总的来说，内在趋势并不是typical的多袋特征，因此如果您想要这个，我们认为您可能在其他地方更有运气。
Bringing it all together, while we're somewhat encouraged by Hang Xiao Steel StructureLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 20% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
航股份钢结构股份有限公司虽然存在一些风险，但我们在我们的投资分析中找到了2个警告信号，其中1个可能非常严重……综上所述，虽然我们对航股份钢结构股份有限公司对自身业务的再投资有所鼓舞，但我们意识到回报正在缩水……而股票在过去五年已经下跌了20%。总的来说，内在趋势并不是typical的多袋特征，如果您想要这个，我们认为您可能在其他地方更有运气。同时我们也列出了当前企业净资产收益率超过25%的一份公司列表，希望对您有所帮助。
Hang Xiao Steel StructureLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...
航股份钢结构股份有限公司虽然不会获得最高回报，但我们已经编制了一份当前净资产收益率超过25%的公司列表，请点击此处查看此免费列表。
While Hang Xiao Steel StructureLtd 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.
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