Returns On Capital Signal Tricky Times Ahead For Hangzhou Youngsun Intelligent Equipment (SHSE:603901)
Returns On Capital Signal Tricky Times Ahead For Hangzhou Youngsun Intelligent Equipment (SHSE:603901)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. However, after briefly looking over the numbers, we don't think Hangzhou Youngsun Intelligent Equipment (SHSE:603901) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要識別長期能增加價值的股票,應該關注哪些趨勢呢?一種常見的方法是尋找資本回報率(ROCE)不斷增長、同時資本投入也在增加的公司。這表明這是一臺複利機器,能夠不斷將收益再投資於業務中併產生更高的回報。然而,經過簡要查看數據,我們認爲永創智能(SHSE:603901)在未來並沒有成爲多倍增長股的潛力,但讓我們看看原因。
Understanding Return On Capital Employed (ROCE)
理解已投資資本回報率(ROCE)
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 Hangzhou Youngsun Intelligent Equipment, this is the formula:
如果你之前沒有使用過ROCE,它衡量的是公司從投入的資本中產生的「回報」(稅前利潤)。要計算永創智能的這一指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.021 = CN¥85m ÷ (CN¥7.8b - CN¥3.8b) (Based on the trailing twelve months to September 2024).
0.021 = CN¥8500萬 ÷ (CN¥78億 - CN¥3.8b)(基於截至2024年9月的過去12個月數據)。
So, Hangzhou Youngsun Intelligent Equipment has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.2%.
所以,永創智能的ROCE爲2.1%。絕對值上,這是一個低迴報,相比之下也低於機械行業平均的5.2%。

Above you can see how the current ROCE for Hangzhou Youngsun Intelligent 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 Hangzhou Youngsun Intelligent Equipment .
上面你可以看到永創智能的當前投資回報率(ROCE)與其過去的資本回報情況的比較,但從過去的情況中你能了解的也有限。如果你想看看分析師對未來的預測,你應該查看我們的永創智能免費分析師報告。
How Are Returns Trending?
回報率的趨勢如何?
On the surface, the trend of ROCE at Hangzhou Youngsun Intelligent Equipment doesn't inspire confidence. To be more specific, ROCE has fallen from 8.2% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
從表面上看,永創智能的投資回報率(ROCE)趨勢並未讓人感到信心。更具體地說,過去五年間,ROCE從8.2%下降。另一方面,公司在過去一年中投入了更多資本,但銷量沒有相應改善,這可能表明這些投資是長期性的。從此以後,關注公司的收益情況,看這些投資是否最終能爲底線作貢獻是值得的。
On a side note, Hangzhou Youngsun Intelligent Equipment's current liabilities are still rather high at 49% of total assets. 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
順便提一下,永創智能的流動負債仍然相對較高,佔總資產的49%。這可能帶來一些風險,因爲公司基本上依賴於供應商或其他短期債權人的支持。雖然這不一定是壞事,但如果這個比例更低會更有利。
The Bottom Line
總結
In summary, Hangzhou Youngsun Intelligent Equipment is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 12% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總之,永創智能正在將資金重新投資於業務來實現增長,但不幸的是,銷售額似乎尚未大幅增加。而投資者似乎對趨勢的反彈感到猶豫,因爲過去五年中股票下跌了12%。總體而言,我們對基礎趨勢並不太感到鼓舞,我們認爲在其他地方可能有更好的機會找到翻倍收益的投資。
If you want to continue researching Hangzhou Youngsun Intelligent Equipment, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究永創智能,您可能會對我們的分析發現的兩個警示信號感興趣。
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.
對於喜歡投資於穩健公司的投資者,可以查看這個免費的穩健資產負債表和高股本回報率公司的列表。
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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。