Returns At Mudanjiang Hengfeng PaperLtd (SHSE:600356) Are On The Way Up
Returns At Mudanjiang Hengfeng PaperLtd (SHSE:600356) Are On The Way Up
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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Speaking of which, we noticed some great changes in Mudanjiang Hengfeng PaperLtd's (SHSE:600356) returns on capital, so let's have a look.
寻找具有大幅增长潜力的企业并不容易，但如果我们看几个关键的财务指标，这是可能的。理想情况下，企业将表现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 所用资本的比例。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。说到这里，我们注意到牡丹江恒丰纸业有限公司（SHSE: 600356）的资本回报率发生了一些重大变化，所以让我们来看看吧。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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. Analysts use this formula to calculate it for Mudanjiang Hengfeng PaperLtd:
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。分析师使用这个公式来计算牡丹江恒丰纸业有限公司的利润：
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）
0.093 = CN¥240m ÷ (CN¥3.1b - CN¥523m) (Based on the trailing twelve months to September 2023).
0.093 = 2.4亿元人民币 ÷（31亿元人民币-5.23亿元人民币） （基于截至2023年9月的过去十二个月）。
Therefore, Mudanjiang Hengfeng PaperLtd has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 3.4% generated by the Forestry industry, it's much better.
因此，牡丹江恒丰纸业有限公司的投资回报率为9.3％。就其本身而言，回报率很低，但与林业行业3.4％的平均回报率相比，要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Mudanjiang Hengfeng PaperLtd's ROCE against it's prior returns. If you'd like to look at how Mudanjiang Hengfeng PaperLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点，因此在上面你可以看到牡丹江恒丰造纸有限公司投资回报率与先前回报对比的指标。如果你想看看牡丹江恒丰纸业有限公司过去在其他指标中的表现，你可以查看这张过去收益、收入和现金流的免费图表。
What Does the ROCE Trend For Mudanjiang Hengfeng PaperLtd Tell Us?
牡丹江恒丰纸业有限公司的投资回报率趋势告诉我们什么？
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 9.3%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 22%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们很高兴看到投资回报率正朝着正确的方向前进，尽管目前投资回报率仍然很低。数字显示，在过去五年中，所用资本的回报率已大幅增长至9.3％。实际上，该公司每使用1美元资本就能赚更多的钱，值得注意的是，资本金额也增加了22％。越来越多的资本回报率不断增加是多包商的常见现象，这就是为什么我们印象深刻的原因。
What We Can Learn From Mudanjiang Hengfeng PaperLtd's ROCE
我们可以从牡丹江恒丰纸业有限公司的ROCE中学到什么
In summary, it's great to see that Mudanjiang Hengfeng PaperLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Considering the stock has delivered 6.7% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
总而言之，很高兴看到牡丹江恒丰纸业有限公司能够通过持续地以更高的回报率进行资本再投资来提高回报率，因为这些是那些备受追捧的多袋包装企业的一些关键要素。考虑到该股在过去五年中已向股东交付了6.7％，可以公平地认为，投资者尚未完全意识到前景的趋势。因此，如果估值和其他指标相提并论，进一步探索这只股票可能会发现一个很好的机会。
Mudanjiang Hengfeng PaperLtd does have some risks though, and we've spotted 1 warning sign for Mudanjiang Hengfeng PaperLtd that you might be interested in.
但是，牡丹江恒丰纸业有限公司确实存在一些风险，我们发现了牡丹江恒丰纸业有限公司的一个警告标志，你可能会感兴趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。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，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。
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