Anhui Honglu Steel Construction(Group) (SZSE:002541) Hasn't Managed To Accelerate Its Returns
Anhui Honglu Steel Construction(Group) (SZSE:002541) Hasn't Managed To Accelerate Its Returns
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Anhui Honglu Steel Construction(Group) (SZSE:002541), it didn't seem to tick all of these boxes.
您知道有一些財務指標可以提供潛在多倍股的線索嗎?通常來說,我們需要注意不斷增加的資本使用回報率(ROCE)趨勢,以及與此同時擴大的資本使用基礎。簡而言之,這些類型的企業是複合利潤的機器,這意味着它們不斷將其盈利再投資高回報率。儘管當我們觀察安徽鴻路鋼構(集團)(SZSE:002541)時,它似乎並未滿足所有這些標準。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Anhui Honglu Steel Construction(Group), this is the formula:
如果您以前沒有使用ROCE,它衡量了公司從其業務中使用的資本中產生的“回報”(稅前利潤)。爲了計算出 安徽鴻路鋼構(集團) 這個指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.076 = CN¥1.2b ÷ (CN¥24b - CN¥8.3b) (Based on the trailing twelve months to March 2024).
0.076 = CN¥12億 ÷ (CN¥240億 - CN¥8.3億)(截至2024年3月的過去十二個月)。
Thus, Anhui Honglu Steel Construction(Group) has an ROCE of 7.6%. On its own, that's a low figure but it's around the 6.7% average generated by the Metals and Mining industry.
因此,安徽鴻路鋼構(集團)的 ROCE 爲7.6%。 單獨看這個數據很低,但與金屬和礦業行業的平均值 6.7% 相當。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-29d058248384e79da37ac11d395f5d1c-0-c6dc02635b530c397edf887495adae19.png/big)
Above you can see how the current ROCE for Anhui Honglu Steel Construction(Group) 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 Anhui Honglu Steel Construction(Group) .
上面您可以看到安徽鴻路鋼構(集團)的當前 ROCE與以前的資本回報率相比如何,但是過去只能告訴您這麼多。如果您感興趣,可以在我們免費的分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
There are better returns on capital out there than what we're seeing at Anhui Honglu Steel Construction(Group). The company has employed 196% more capital in the last five years, and the returns on that capital have remained stable at 7.6%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
有比安徽鴻路鋼構(集團)更好的資本回報率。過去五年中,該公司已經增加了196%的資本,而該資本的回報率仍然穩定在7.6%。這樣差勁的ROCE現在並沒有激發信心,並且隨着資本使用的增加,很明顯該業務並未將這些資金投入到高回報的投資中。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 35% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
最後想提醒一點:儘管ROCE在過去五年中保持相對穩定,但目前負債佔總資產的35%的減少,從業主的角度來看是一個好的現象。這可以消除一些運營中存在的風險,因爲企業對供應商或短期債權人的未償還義務較少。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
Long story short, while Anhui Honglu Steel Construction(Group) has been reinvesting its capital, the returns that it's generating haven't increased. Yet to long term shareholders the stock has gifted them an incredible 152% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
長話短說,儘管安徽鴻路鋼構(集團)一直在重新投資其資本,但其所產生的回報並未增加。然而,對於長期股東來說,股票在過去的五年中給了他們難以置信的152%回報,因此市場似乎對其未來感到樂觀。最終,如果這些潛在的趨勢繼續存在,我們不會抱有太大的期望它會是一個多倍股去突破。再說一件事:我們已經發現 安徽鴻路鋼構(集團) 有 3 個預警信號(其中至少有1個有點不愉快),了解這些內容肯定會有用。
One more thing: We've identified 3 warning signs with Anhui Honglu Steel Construction(Group) (at least 1 which is a bit unpleasant) , and understanding these would certainly be useful.
雖然安徽鴻路鋼構(集團)目前的回報並不是最高的,但我們已經編制了一份當前回報率超過25%的公司列表。點擊這裏查看免費列表。
While Anhui Honglu Steel Construction(Group) 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。