Investors Could Be Concerned With Shanying International HoldingsLtd's (SHSE:600567) Returns On Capital
Investors Could Be Concerned With Shanying International HoldingsLtd's (SHSE:600567) Returns On Capital
0.038 = CN¥991m ÷ (CN¥56b - CN¥29b) 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. 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 Shanying International HoldingsLtd (SHSE:600567) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要想找到能够在长期内成倍增值的股票，我们需要遵循以下所有规则。在完美世界中，我们希望看到一家公司向其业务中投入更多的资本，而且该资本带来的回报也在增加。如果你看到这种情况，通常意味着这是一家拥有出色业务模式和大量获得利润的再投资机会的公司。然而，简要浏览完数据后，我们认为不认为建业国际控股有可能成为成倍增长的多倍股票，下面让我们来看看可能的原因。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头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. The formula for this calculation on Shanying International HoldingsLtd is:
如果您还没有使用过ROCE，它可以测量一家公司从其业务中使用的资本中产生的'回报'（税前利润）。以下是Shanying International HoldingsLtd的ROCE计算公式:
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。
0.038 = CN¥991m ÷ (CN¥56b - CN¥29b) (Based on the trailing twelve months to March 2024).
0.038 = CN¥99100万 ÷ (CN¥560亿 - CN¥29b) (根据截至2024年3月的过去十二个月计算)。
Thus, Shanying International HoldingsLtd has an ROCE of 3.8%. In absolute terms, that's a low return and it also under-performs the Forestry industry average of 6.3%.
因此，建业国际控股的ROCE为3.8％。绝对来说，这是一种低回报，并且表现也不及林业行业平均水平6.3％。
Above you can see how the current ROCE for Shanying International HoldingsLtd 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 Shanying International HoldingsLtd .
您可以看到建业国际控股目前的ROCE与其过去的资本回报率相比如何，但是从过去的数据中只能得出有限的信息。如有兴趣，您可以在我们的免费分析师报告中查看分析师的预测。
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。
On the surface, the trend of ROCE at Shanying International HoldingsLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.8% from 17% 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，建业国际控股的ROCE趋势令人担忧。在过去的五年中，资本回报率从五年前的17％下降到3.8％。与此同时，公司正在利用更多的资本，但在过去的12个月中，这并没有对销售产生太大的影响，因此这可能反映了更长期的投资。从现在开始，关注公司的业绩情况，看看这些投资最终是否有助于增加收入。
On a side note, Shanying International HoldingsLtd's current liabilities are still rather high at 52% of total assets. 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.
顺便提一下，建业国际控股的流动负债仍然相当高，占总资产的52％。这实际上意味着供应商（或短期债权人）正在资助企业的大部分业务，因此请注意这可能增加一些风险。理想情况下，我们希望看到这个数字降低，因为这意味着减少了业务带来的风险。
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。
Bringing it all together, while we're somewhat encouraged by Shanying International HoldingsLtd's reinvestment in its own business, we're aware that returns are shrinking. And in the last five years, the stock has given away 56% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.
综合起来，虽然我们对建业国际控股对其自身业务的再投资感到满意，但我们意识到投资回报正在缩水。在过去的五年中，该股票下跌了56％，因此市场对这些趋势很不看好。总的来说，这些内在趋势并不是多倍股票的典型趋势，如果你在寻找多倍股票，我们认为你在其他地方可能会更加幸运。
On a final note, we found 3 warning signs for Shanying International HoldingsLtd (1 is significant) you should be aware of.
最后，我们发现了Shanying International HoldingsLtd的3个警示信号（其中1个十分重要），您应该知道。
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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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
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