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Anhui Guangxin Agrochemical (SHSE:603599) Is Looking To Continue Growing Its Returns On Capital

Anhui Guangxin Agrochemical (SHSE:603599) Is Looking To Continue Growing Its Returns On Capital

安徽廣信農化(SHSE: 603599)希望繼續提高其資本回報率
Simply Wall St ·  03/20 07:24

What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Speaking of which, we noticed some great changes in Anhui Guangxin Agrochemical's (SHSE:603599) returns on capital, so let's have a look.

要確定一隻可以長期成倍增長的股票,我們應該尋找哪些早期趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。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。說到這裏,我們注意到安徽廣信農化(SHSE: 603599)的資本回報率發生了一些重大變化,所以讓我們來看看吧。

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. The formula for this calculation on Anhui Guangxin Agrochemical is:

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)。安徽廣信農化公司的計算公式爲:

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)

0.19 = CN¥1.8b ÷ (CN¥15b - CN¥5.2b) (Based on the trailing twelve months to September 2023).

0.19 = CN¥1.8b ≤(CN¥15b-CN¥5.2b) (基於截至2023年9月的過去十二個月)

Therefore, Anhui Guangxin Agrochemical has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 6.0% generated by the Chemicals industry.

因此,安徽廣信農化公司的投資回報率爲19%。就其本身而言,這是標準回報率,但要比化工行業產生的6.0%好得多。

roce
SHSE:603599 Return on Capital Employed March 19th 2024
SHSE: 603599 2024 年 3 月 19 日動用資本回報率

Above you can see how the current ROCE for Anhui Guangxin Agrochemical compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Anhui Guangxin Agrochemical for free.

上面你可以看到安徽廣信農化當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看安徽廣信農化分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

The trends we've noticed at Anhui Guangxin Agrochemical are quite reassuring. The data shows that returns on capital have increased substantially over the last five years to 19%. Basically the business is earning more per dollar of capital invested and in addition to that, 110% more capital is being employed now too. So we're very much inspired by what we're seeing at Anhui Guangxin Agrochemical thanks to its ability to profitably reinvest capital.

我們在安徽廣信農化注意到的趨勢相當令人放心。數據顯示,在過去五年中,資本回報率大幅上升至19%。基本上,企業每投資1美元的資本就能獲得更多的收入,除此之外,現在使用的資本也增加了110%。因此,我們在安徽廣信農化所看到的情況給我們帶來了極大的啓發,這要歸功於它能夠盈利地進行資本再投資。

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 35% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.

順便說一句,我們注意到,投資回報率的改善似乎部分是由流動負債的增加推動的。流動負債已增加到總資產的35%,因此該業務現在更多地由供應商或短期債權人等機構提供資金。值得關注這個問題,因爲隨着流動負債佔總資產的百分比的增加,風險的某些方面也會增加。

The Bottom Line

底線

In summary, it's great to see that Anhui Guangxin Agrochemical 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. And a remarkable 112% total return over the last five years tells us that investors are expecting more good things to come in the future. Therefore, we think it would be worth your time to check if these trends are going to continue.

總而言之,很高興看到安徽廣信農化能夠通過持續不斷地以更高的回報率進行資本再投資來提高回報率,因爲這些是那些備受追捧的多袋機的一些關鍵要素。過去五年中驚人的112%總回報率告訴我們,投資者預計未來還會有更多好事發生。因此,我們認爲值得您花時間檢查這些趨勢是否會持續下去。

If you'd like to know about the risks facing Anhui Guangxin Agrochemical, we've discovered 1 warning sign that you should be aware of.

如果你想了解安徽廣信農化面臨的風險,我們發現了一個你應該注意的警告信號。

While Anhui Guangxin Agrochemical isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管安徽廣信農化沒有獲得最高的回報,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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