Returns On Capital Signal Tricky Times Ahead For Hengong Precision Equipment (SZSE:301261)
Returns On Capital Signal Tricky Times Ahead For Hengong Precision Equipment (SZSE:301261)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. Although, when we looked at Hengong Precision Equipment (SZSE:301261), it didn't seem to tick all of these boxes.
如果你不确定从哪里开始寻找下一个倍增器，那么有一些关键趋势你应该特别留意。其中，两件事情我们特别想要看到;首先，在资本雇用利润率（ROCE）增长的情况下，第二，在公司雇用的资本数量扩大。基本上，这意味着公司拥有有利可图的业务计划，可以持续进行再投资，这是复利机器的特征。尽管我们看了恒恭精密设备（SZSE:301261）股票，它似乎并没有完全符合这些条件。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Hengong Precision Equipment is:
只是为了澄清，如果你不确定，ROCE是评估公司在其业务中投入的资本所获得的税前收入的百分比度量标准。在恒恭精密设备的计算公式中:
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。
0.07 = CN¥122m ÷ (CN¥2.9b - CN¥1.2b) (Based on the trailing twelve months to March 2024).
0.07 = CN¥12200万 ÷ (CN¥29亿 - CN¥1.2b) (基于截至2024年3月的过去12个月)。
Thus, Hengong Precision Equipment has an ROCE of 7.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.7%.
因此，恒恭精密设备的ROCE为7.0%。单独来看，这是一个较低的资本回报率，但与行业平均回报率6.7%相符。
Above you can see how the current ROCE for Hengong Precision Equipment compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Hengong Precision Equipment .
您可以看到恒恭精密设备目前ROCE与以往的资本回报率的比较情况，但过去的信息量有限。如果您想查看分析师预测的未来情况，应查看我们提供的免费分析师报告。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
In terms of Hengong Precision Equipment's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 38% over the last five years. 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 may take some time before the company starts to see any change in earnings from these investments.
就恒恭精密设备历史ROCE的趋势而言，情况并不是很乐观。具体来说，ROCE在过去五年中已从38%下降了。同时，公司正在利用更多的资本，但在过去12个月的销售额方面没有太大变化，因此这可能反映出长期投资。在这些投资带来的收益方面，公司可能需要更多时间。
On a separate but related note, it's important to know that Hengong Precision Equipment has a current liabilities to total assets ratio of 41%, 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外一点需要注意的是，恒恭精密设备的流动负债占总资产的比例为41%，我们认为这相当高。这实际上意味着供应商（或短期债权人）资助了业务的大部分，因此请知道这可能会带来一些风险。理想情况下，我们希望看到这种情况有所改善，这意味着承担风险的义务更少。
Our Take On Hengong Precision Equipment's ROCE
我们对恒恭精密设备的ROCE评论
Bringing it all together, while we're somewhat encouraged by Hengong Precision Equipment'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 17% in the last year. 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.
总之，虽然我们对恒恭精密设备自身业务的再投资持谨慎乐观态度，但回报率正在下降。而投资者似乎也犹豫不决，因为该股已在过去一年中下跌17%。总之，这些内在趋势并不是倍增器的典型，因此如果想要这种收益，我们认为您可能会在其他地方找到更多的运气。
Hengong Precision Equipment does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit concerning...
虽然恒恭精密设备可能存在一些风险，但在我们的投资分析中，我们发现了3个警告信号，其中1个有点令人担忧...
While Hengong Precision Equipment 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.
虽然恒恭精密设备当前回报率不高，但我们已经编制了一份目前收益率高于25%的公司列表。请查看此免费列表。
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