Here's What's Concerning About Hangzhou Greenda Electronic Materials' (SHSE:603931) Returns On Capital
Here's What's Concerning About Hangzhou Greenda Electronic Materials' (SHSE:603931) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Hangzhou Greenda Electronic Materials (SHSE:603931), we don't think it's current trends fit the mold of a multi-bagger.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票？除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 金額 的已動用資本。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。但是，在調查了杭州格林達電子材料（SHSE: 603931）之後，我們認爲它目前的趨勢不符合多袋機的模式。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Hangzhou Greenda Electronic Materials:
對於那些不知道的人來說，投資回報率是衡量公司年度稅前利潤（其回報率）與企業所用資本的關係。分析師使用以下公式來計算杭州格林達電子材料的計算公式：
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）
0.11 = CN¥158m ÷ (CN¥1.6b - CN¥180m) (Based on the trailing twelve months to September 2023).
0.11 = 人民幣 1.58 億元 ≤（人民幣 166 億元人民幣-180 萬元人民幣） （基於截至2023年9月的過去十二個月）。
So, Hangzhou Greenda Electronic Materials has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 5.5% it's much better.
因此，杭州格林達電子材料的投資回報率爲11％。從絕對值來看，這是一個令人滿意的回報，但與化工行業5.5％的平均水平相比，要好得多。
See our latest analysis for Hangzhou Greenda Electronic Materials
查看我們對杭州格林達電子材料的最新分析
In the above chart we have measured Hangzhou Greenda Electronic Materials' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Hangzhou Greenda Electronic Materials here for free.
在上面的圖表中，我們對杭州格林達電子材料之前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果你願意，你可以在這裏免費查看分析師對杭州格林達電子材料的預測。
What Can We Tell From Hangzhou Greenda Electronic Materials' ROCE Trend?
我們可以從杭州格林達電子材料的ROCE趨勢中看出什麼？
On the surface, the trend of ROCE at Hangzhou Greenda Electronic Materials doesn't inspire confidence. To be more specific, ROCE has fallen from 21% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
從表面上看，杭州格林達電子材料的ROCE趨勢並不能激發信心。更具體地說，投資回報率已從過去五年的21％有所下降。鑑於該企業在收入下滑的情況下使用了更多的資本，這有點令人擔憂。這可能意味着該企業正在失去競爭優勢或市場份額，因爲儘管向企業投入了更多的資金，但它產生的回報卻較低——本身 “成本效益較低”。
On a side note, Hangzhou Greenda Electronic Materials has done well to pay down its current liabilities to 11% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句，杭州格林達電子材料在將其流動負債償還至總資產的11％方面做得很好。這可以部分解釋ROCE下降的原因。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。
The Key Takeaway
關鍵要點
From the above analysis, we find it rather worrisome that returns on capital and sales for Hangzhou Greenda Electronic Materials have fallen, meanwhile the business is employing more capital than it was five years ago. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 23% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
從上述分析來看，我們感到相當令人擔憂的是，杭州格林達電子材料的資本回報率和銷售額下降了，與此同時，該業務使用的資本比五年前還要多。但是投資者一定會期待某種程度的改善，因爲在過去的三年中，該股的回報率可觀，爲23％。無論如何，當前的基本趨勢對於長期表現來說並不是一個好兆頭，因此，除非它們逆轉，否則我們將開始將目光投向其他地方。
Like most companies, Hangzhou Greenda Electronic Materials does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，杭州格林達電子材料確實存在一些風險，我們發現了一個警告信號，你應該注意。
While Hangzhou Greenda Electronic Materials may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管杭州格林達電子材料目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這份免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。