Some Investors May Be Worried About DHC SoftwareLtd's (SZSE:002065) Returns On Capital
Some Investors May Be Worried About DHC SoftwareLtd's (SZSE:002065) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating DHC SoftwareLtd (SZSE:002065), we don't think it's current trends fit the mold of a multi-bagger.
我们应该观察哪些趋势才能识别一只长期可能有机会翻倍增值的股票？在一个完美的世界里，我们希望看到一家公司将更多资本投入到业务中，理想情况下，从这些资本中赚取的回报率也在提高。这最终证明了它是一家正在以递增的回报率重新投资利润的企业。然而，经过调查DHC软件公司（深圳证券交易所：002065），我们认为它目前的趋势并不符合“多倍者”的模式。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for DHC SoftwareLtd, this is the formula:
如果你以前没有接触过ROCE，那么它是衡量一家公司从业务中使用的资本产生的“回报”（税前利润）的指标。为了计算DHC软件股份有限公司的这个指标，应该运用以下公式：
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。
0.041 = CN¥502m ÷ (CN¥23b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.041 = 5.02亿元人民币 ÷ （23亿元人民币 - 11亿元人民币）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。.
Therefore, DHC SoftwareLtd has an ROCE of 4.1%. On its own that's a low return on capital but it's in line with the industry's average returns of 3.9%.
因此，DHC软件股份有限公司的ROCE为4.1％。在这个数字中，单纯看回报率有点低，但是它和行业的平均回报率3.9％相符。
Historical performance is a great place to start when researching a stock so above you can see the gauge for DHC SoftwareLtd's ROCE against it's prior returns. If you're interested in investigating DHC SoftwareLtd's past further, check out this free graph covering DHC SoftwareLtd's past earnings, revenue and cash flow.
历史业绩是研究一只股票的好起点。在上面，你可以看到DHC软件有限公司的ROCE与先前回报的比较。如果你有兴趣进一步调查DHC软件有限公司的历史纪录，请查看这张免费图表，了解DHC软件有限公司过去的收益、营收和现金流。
So How Is DHC SoftwareLtd's ROCE Trending?
那么DHC软件有限公司的ROCE趋势如何？
On the surface, the trend of ROCE at DHC SoftwareLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 4.1% from 9.0% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
表面上看，DHC软件有限公司ROCE的趋势并没有让人感到信心。在过去的五年里，资本回报率从五年前的9.0％降至4.1％。与此同时，企业正在利用更多的资本，但在过去12个月的销售收入方面并没有显著提高，因此这可能反映了较长期的投资。从现在开始，值得关注公司的收益情况，以查看这些投资是否最终对企业的底线起到积极贡献。
Another thing to note, DHC SoftwareLtd has a high ratio of current liabilities to total assets of 47%. 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.
另外值得注意的是，DHC软件股份有限公司目前的流动负债占总资产的比例较高，为47％。这实际上意味着供应商（或短期债权人）在资助大部分业务。因此请注意，这可能会带来一些风险。尽管这不一定是一件坏事，但如果此比例较低，则会带来一些好处。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In summary, DHC SoftwareLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 35% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think DHC SoftwareLtd has the makings of a multi-bagger.
总之，DHC软件股份有限公司正在通过再投资利润来实现业务增长，但不幸的是，销售收入似乎还没有显著提高。在过去的五年中，该股票已下跌35％，因此市场并不看好这些趋势会很快变强。因此，基于这篇文章中的分析，我们认为DHC软件股份有限公司没有成为多倍者的潜力。
One final note, you should learn about the 3 warning signs we've spotted with DHC SoftwareLtd (including 1 which is a bit unpleasant) .
最后要注意的一点是，你应该学习一下我们在DHC软件股份有限公司发现的3个警告信号（其中1个有一点令人不悦）。
While DHC SoftwareLtd 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.
尽管DHC软件股份有限公司目前可能没有赚取最高回报率，但我们已经编制了一份目前获得25％以上股权回报的公司列表。可以在这里查看这个免费的清单。
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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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。