Investors Could Be Concerned With Hangzhou Juheshun New MaterialLTD's (SHSE:605166) Returns On Capital
Investors Could Be Concerned With Hangzhou Juheshun New MaterialLTD's (SHSE:605166) Returns On Capital
0.093 = CN¥233m ÷ (CN¥5.2b - CN¥2.7b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Hangzhou Juheshun New MaterialLTD (SHSE:605166) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如何找到长期升值的股票？通常来说，我们会关注资本回报率（ROCE）的增长趋势，同时会注重资本逐渐增加。如果这种情况发生，往往意味着这是一家商业模式优良、有丰富盈利再投资机会的公司。但是，经过简短的数据分析，我们认为杭州聚和顺新材料股份有限公司（SHSE:605166）未来并不具备成倍增长的可能性，下面我们来分析一下原因。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Hangzhou Juheshun New MaterialLTD is:
对于不熟悉ROCE的人，它指的是公司可以从经营中使用的资本中产生的税前利润数量。对于杭州聚和顺新材料股份有限公司，ROCE的计算公式为:
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。
0.093 = CN¥233m ÷ (CN¥5.2b - CN¥2.7b) (Based on the trailing twelve months to March 2024).
0.093=人民币2.33亿元/(人民币52亿元-人民币2.7亿元)（截至2024年3月）
Therefore, Hangzhou Juheshun New MaterialLTD has an ROCE of 9.3%. In absolute terms, that's a low return, but it's much better than the Chemicals industry average of 5.5%.
因此，杭州聚和顺新材料股份有限公司的ROCE为9.3%。虽然从绝对角度看这是一个低回报，但它比化学品行业平均水平（5.5%）要好得多。
Above you can see how the current ROCE for Hangzhou Juheshun New MaterialLTD compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Hangzhou Juheshun New MaterialLTD for free.
上面是杭州聚和顺新材料股份有限公司目前ROCE与之前的回报率的对比情况，但过去的数据只能提供有限的信息。如果您愿意，您可以免费查看覆盖杭州聚和顺新材料股份有限公司的分析师所做的预测。
What Can We Tell From Hangzhou Juheshun New MaterialLTD's ROCE Trend?
从ROCE趋势我们能得到什么信息？
When we looked at the ROCE trend at Hangzhou Juheshun New MaterialLTD, we didn't gain much confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 9.3%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们研究杭州聚和顺新材料股份有限公司的ROCE趋势时，并没有得到太多的信心。大约五年前，回报率曾经达到22%，但自那以后便下滑至9.3%。 虽然公司的营收和资产都有所增加，这可能表明公司正在投资于增长，而额外的资本导致了ROCE的短期下降。 如果增加的资本产生了额外的回报，企业和股东将从中受益。
Another thing to note, Hangzhou Juheshun New MaterialLTD has a high ratio of current liabilities to total assets of 51%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外一件值得注意的事情是，杭州聚和顺新材料股份有限公司的流动负债占总资产的比例较高，为51%。 这可能带来一些风险，因为公司基本上在供应商或其他短期债权人那里具有相当大的依赖性。 理想情况下，我们希望看到这种比例的降低，因为这意味着面临的风险较少。
What We Can Learn From Hangzhou Juheshun New MaterialLTD's ROCE
总之，虽然从短期回报来看较低，但我们仍然看到杭州聚和顺新材料股份有限公司正在持续投资于增长，并且因此取得了更高的销售额。这些趋势正在得到投资者的认可，因为该股票在过去三年中为持股人带来了8.4%的收益。因此，如果其他基本面证明是健康的，这支股票仍可能是一个有吸引力的投资机会。
In summary, despite lower returns in the short term, we're encouraged to see that Hangzhou Juheshun New MaterialLTD is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 8.4% gain to shareholders who've held over the last three years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
另外需要说明的是，我们已经找到了杭州聚和顺新材料股份有限公司的一个警告信号，您可能需要了解一下。
On a separate note, we've found 1 warning sign for Hangzhou Juheshun New MaterialLTD you'll probably want to know about.
另外，我们发现杭州聚和顺新材料有1个警告信号，您可能想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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