Returns On Capital Signal Tricky Times Ahead For Jiangsu Hengshun Vinegar-IndustryLtd (SHSE:600305)
Returns On Capital Signal Tricky Times Ahead For Jiangsu Hengshun Vinegar-IndustryLtd (SHSE:600305)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 investigating Jiangsu Hengshun Vinegar-IndustryLtd (SHSE:600305), we don't think it's current trends fit the mold of a multi-bagger.
要找到一隻多袋裝箱的股票，我們應該在企業中尋找哪些潛在趨勢？通常，我們希望注意到增長的趨勢 返回 在資本使用率（ROCE）方面，除此之外，還在擴大 基礎 的已動用資本。如果你看到這一點，那通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是，在調查了江蘇恒順醋業有限公司（SHSE: 600305）之後，我們認爲目前的趨勢不符合多袋機的模式。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Jiangsu Hengshun Vinegar-IndustryLtd:
如果你以前沒有與ROCE合作過，它可以衡量一家公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。分析師使用這個公式來計算江蘇恒順醋業有限公司的價格：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.041 = CN¥146m ÷ (CN¥4.0b - CN¥455m) (Based on the trailing twelve months to September 2023).
0.041 = 1.46億元人民幣 ≤（CN¥4.0b——CN¥455 m） （基於截至2023年9月的過去十二個月）。
Thus, Jiangsu Hengshun Vinegar-IndustryLtd has an ROCE of 4.1%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.6%.
因此，江蘇恒順醋業有限公司的投資回報率爲4.1％。從絕對值來看，這是一個低迴報，而且表現也低於食品行業7.6％的平均水平。
View our latest analysis for Jiangsu Hengshun Vinegar-IndustryLtd
查看我們對江蘇恒順醋業有限公司的最新分析
Above you can see how the current ROCE for Jiangsu Hengshun Vinegar-IndustryLtd 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 report for Jiangsu Hengshun Vinegar-IndustryLtd.
在上方你可以看到江蘇恒順醋業有限公司目前的投資回報率與之前的資本回報率相比如何，但從過去你能看出來的東西只有很多。如果你想了解分析師對未來的預測，你應該查看我們關於江蘇恒順醋業有限公司的免費報告。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
The trend of ROCE doesn't look fantastic because it's fallen from 13% five years ago, while the business's capital employed increased by 65%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Jiangsu Hengshun Vinegar-IndustryLtd's earnings and if they change as a result from the capital raise.
ROCE的趨勢看起來並不理想，因爲它已從五年前的13％有所下降，而該企業的資本使用量增長了65％。但是，使用資本的增加在一定程度上可以歸因於最近一次報告期之前完成的近期融資，因此在考慮投資回報率下降時請記住這一點。籌集的資金可能尚未投入使用，因此值得關注的是，江蘇恒順醋業有限公司的收益將來會發生什麼，以及這些收益是否會因融資而發生變化。
On a side note, Jiangsu Hengshun Vinegar-IndustryLtd has done well to pay down its current liabilities to 11% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
附帶說明一下，江蘇恒順醋業有限公司在將其流動負債償還至總資產的11％方面做得很好。因此，我們可以將其中一些與投資回報率的下降聯繫起來。實際上，這意味着他們的供應商或短期債權人爲企業提供的資金減少了，這降低了某些風險。有人會聲稱這降低了企業創造投資回報的效率，因爲它現在用自己的資金爲更多的業務提供資金。
What We Can Learn From Jiangsu Hengshun Vinegar-IndustryLtd's ROCE
我們可以從江蘇恒順醋業有限公司的 ROCE 中學到什麼
Bringing it all together, while we're somewhat encouraged by Jiangsu Hengshun Vinegar-IndustryLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 17% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
綜上所述，儘管江蘇恒順醋業有限公司對自有業務的再投資令我們有些鼓舞，但我們意識到回報正在萎縮。投資者可能已經意識到這些趨勢，因爲該股在過去五年中僅爲股東帶來了17％的回報。因此，如果你正在尋找一款多功能遊戲，那麼潛在的趨勢表明你在其他地方可能有更好的機會。
If you'd like to know more about Jiangsu Hengshun Vinegar-IndustryLtd, we've spotted 2 warning signs, and 1 of them is a bit concerning.
如果你想進一步了解江蘇恒順醋業有限公司，我們發現了兩個警告標誌，其中一個有點令人擔憂。
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.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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