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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)

资本回报率表明永创智能设备(SHSE:603901)面临艰难时期
Simply Wall St ·  2024/11/21 07:29

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.

如果我们想要识别能够在长期内增值的股票,应该关注哪些趋势?一种常见的做法是寻找一个资本回报率(ROCE)不断增长的公司,同时资本使用量也在增加。这表明它是一个复利机器,能够不断将收益再投资到业务中,从而产生更高的回报。然而,经过简要审视这些数据,我们认为永创智能(SHSE:603901)不具备未来成为多倍增长股的潜力,但让我们看一下原因。

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。

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:

如果你之前没有使用过ROCE,它衡量的是公司从其业务中所使用的资本产生的“回报”(税前利润)。要计算永创智能的这个指标,公式是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.021 = CN¥85m ÷ (CN¥7.8b - CN¥3.8b) (Based on the trailing twelve months to September 2024).

0.021 = CN¥8500万 ÷ (CN¥78亿 - CN¥3.8b)(基于截至2024年9月的过去12个月)。

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%.

因此,永创智能的ROCE为2.1%。在绝对值上,这个回报是比较低的,并且也低于机械行业的平均水平5.2%。

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SHSE:603901 Return on Capital Employed November 20th 2024
SHSE:603901 资本回报率 2024年11月20日

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 .

以上是永创智能当前的资本回报率(ROCE)与其过去的资本回报率的比较,但从过去的数据中能得到的信息是有限的。如果你想了解分析师对永创智能未来的预测,应该查看我们关于永创智能的免费分析师报告。

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。

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.

从表面上看,永创智能的ROCE趋势并不令人信服。更具体地说,ROCE在过去五年中从8.2%下降。此外,公司在过去一年中投入了更多资本,但销售额并未相应改善,这可能意味着这些投资是长期计划。从现在开始,值得关注公司的盈利情况,以看看这些投资是否最终能对底线产生贡献。

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.

顺便提一下,永创智能的流动负债目前仍然相对较高,占总资产的49%。这可能带来一定的风险,因为公司基本上是依赖于供应商或其他短期债权人的大量资金。虽然这并不一定是坏事,但如果这个比例更低,可能会更有利。

The Bottom Line

最终结论

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.

总之,永创智能正在将资金重新投资于业务以促进增长,但不幸的是,销售似乎还没有显著增加。投资者似乎对趋势会否改善感到犹豫,因为该股票在过去五年中下跌了12%。总体而言,我们对基本趋势并不太感到鼓舞,我们认为在其他地方可能有更好的找到多重收益机会的可能性。

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.

如果您想继续研究永创智能,您可能会对我们的分析发现的两个警示信号感兴趣。

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.

对于喜欢投资稳健公司的人,请查看这份具有稳健资产负债表和高权益回报的公司免费列表。

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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.

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