Here's What's Concerning About Zhejiang HangminLtd's (SHSE:600987) Returns On Capital
Here's What's Concerning About Zhejiang HangminLtd's (SHSE:600987) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Zhejiang HangminLtd (SHSE:600987), it didn't seem to tick all of these boxes.
如果我们想要寻找一个潜在的多倍股,往往有一些潜在的趋势可以提供线索。理想情况下,一个企业将展示两个趋势;首先是不断增长的资本回报率(ROCE),其次是不断增加的资本投入。这表明它是一个复利机器,能够不断地将其盈利再投入业务并产生更高的回报。尽管当我们看到杭民股份(SHSE:600987)时,似乎它并没有完全符合这些条件。
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。
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. To calculate this metric for Zhejiang HangminLtd, this is the formula:
为了澄清一下,如果您不确定,ROCE是一个衡量一家公司在其业务中投入的资本上赚取多少税前收入的指标(以百分比表示)。要计算杭民股份的这个指标,使用以下公式:
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。
0.14 = CN¥1.0b ÷ (CN¥11b - CN¥3.7b) (Based on the trailing twelve months to March 2024).
0.14 = 10亿元 ÷(110亿元 - 3.7亿)(基于截至2024年3月的过去十二个月)。因此,杭民股份的ROCE为14%。从绝对意义上讲,这是一个令人满意的回报,但与奢侈品行业平均水平6.5%相比,它要好得多。
Therefore, Zhejiang HangminLtd has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Luxury industry average of 6.5% it's much better.
杭民股份ROCE在历史上的表现是研究一只股票的好地方,因此您可以看到其ROCE测量指标与其之前的回报相比的情况。如果您想深入了解历史收益情况,请查看这些免费的图表,详细说明杭民股份的营收和现金流表现。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-305ec044e6f60eb17963880e8e1127d1-0-1818e3ffc9f3c6ce8b94dacf5552510f.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhejiang HangminLtd'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 HangminLtd.
至于杭民股份历史ROCE的变化趋势,情况并不乐观。更具体地说,ROCE在过去五年中从19%下降到了目前的水平。同时,该企业正在利用更多的资本,但在过去12个月内,这并没有在销售方面产生太大的影响,因此这可能反映出长期投资。从现在开始,值得密切关注公司的收益情况,看看这些投资是否会对底线做出贡献。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
In terms of Zhejiang HangminLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 19% 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'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.
总之,尽管我们对杭民股份重新投资其自身业务的情况感到有些鼓舞,但我们也意识到回报正在缩水。由于过去五年中该股票仅为股东带来了24%的回报,投资者可能也会意识到这些趋势。因此,如果您正在寻找多倍的股票,我们建议您看看其他选项。
The Bottom Line On Zhejiang HangminLtd's ROCE
关于杭民股份ROCE的结论
Bringing it all together, while we're somewhat encouraged by Zhejiang HangminLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 24% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总的来说,尽管我们对杭民股份重新投资自己的业务感到有些鼓舞,但我们也意识到回报正在缩水。由于过去五年中该股票仅为股东带来了24%的回报,投资者可能也会认识到这些趋势。因此,如果您正在寻找多倍的股票,我们建议您看看其他选项。
If you'd like to know about the risks facing Zhejiang HangminLtd, we've discovered 1 warning sign that you should be aware of.
如果您想了解面临杭民股份的风险,我们已发现1个警示信号,您应该注意一下。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。