China Machinery Huanyu Certification and Inspection (SZSE:301508) Will Be Hoping To Turn Its Returns On Capital Around
China Machinery Huanyu Certification and Inspection (SZSE:301508) Will Be Hoping To Turn Its Returns On Capital Around
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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 China Machinery Huanyu Certification and Inspection (SZSE:301508) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
找到一家具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。首先,我们希望确定不断增长的已动用资本回报率(ROCE),然后确定不断增加的资本使用基础。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简要看了这些数字之后,我们认为中国机械环宇认证检验所(SZSE: 301508)在未来不具备多装袋机的实力,但让我们来看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是已动用资本回报率(ROCE)?
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. The formula for this calculation on China Machinery Huanyu Certification and Inspection is:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。中国机械环宇认证与检验的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益(EBIT)÷(总资产-流动负债)
0.055 = CN¥119m ÷ (CN¥2.5b - CN¥301m) (Based on the trailing twelve months to September 2024).
0.055 = 11900万元人民币 ÷(25元人民币至3.01亿元人民币)(基于截至2024年9月的过去十二个月)。
Therefore, China Machinery Huanyu Certification and Inspection has an ROCE of 5.5%. In absolute terms, that's a low return but it's around the Professional Services industry average of 6.0%.
因此,中国机械环宇认证检验公司的投资回报率为5.5%。从绝对值来看,回报率很低,但约为专业服务行业的平均水平6.0%。

Historical performance is a great place to start when researching a stock so above you can see the gauge for China Machinery Huanyu Certification and Inspection'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 China Machinery Huanyu Certification and Inspection.
在研究股票时,历史表现是一个很好的起点,因此在上面你可以看到中国机械环宇认证检验的投资回报率与先前的回报对比的指标。如果您想深入研究历史收益,请查看这些免费图表,详细说明中国机械环宇认证与检验的收入和现金流表现。
What Can We Tell From China Machinery Huanyu Certification and Inspection's ROCE Trend?
我们可以从中国机械环宇认证检验的ROCE趋势中得出什么?
In terms of China Machinery Huanyu Certification and Inspection's historical ROCE movements, the trend isn't fantastic. Around four years ago the returns on capital were 9.6%, but since then they've fallen to 5.5%. 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 may take some time before the company starts to see any change in earnings from these investments.
就中国机械环宇认证检验公司的历史ROCE走势而言,这一趋势并不理想。大约四年前,资本回报率为9.6%,但此后已降至5.5%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, China Machinery Huanyu Certification and Inspection has done well to pay down its current liabilities to 12% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一句,中国机械环宇认证检验在偿还其流动负债至总资产的12%方面做得很好。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。
The Key Takeaway
关键要点
Bringing it all together, while we're somewhat encouraged by China Machinery Huanyu Certification and Inspection's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has gained an impressive 7.3% over the last year, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
综上所述,尽管中国机械环宇认证检验局对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。由于该股在过去一年中上涨了令人印象深刻的7.3%,投资者一定认为会有更好的事情发生。但是,除非这些潜在趋势变得更加乐观,否则我们不会抱太高的希望。
On a final note, we found 3 warning signs for China Machinery Huanyu Certification and Inspection (1 shouldn't be ignored) you should be aware of.
最后,我们发现了你应该注意的3个中国机械环宇认证和检验的警告信号(其中一个不容忽视)。
While China Machinery Huanyu Certification and Inspection isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管中国机械环宇认证与检验公司的回报率并不高,但请查看这份免费的公司名单,这些公司的股本回报率高,资产负债表良好。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。