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.
尋找具有大幅增長潛力的企業並不容易，但如果我們看幾個關鍵的財務指標，這是可能的。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 所用資本的比例。這向我們表明，它是一臺複合機器，能夠持續將其收益再投資到業務中併產生更高的回報。說到這裏，我們注意到牡丹江恒豐紙業有限公司（SHSE: 600356）的資本回報率發生了一些重大變化，所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。分析師使用這個公式來計算牡丹江恒豐紙業有限公司的利潤：
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）
0.093 = CN¥240m ÷ (CN¥3.1b - CN¥523m) (Based on the trailing twelve months to September 2023).
0.093 = 2.4億元人民幣 ÷（31億元人民幣-5.23億元人民幣） （基於截至2023年9月的過去十二個月）。
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，牡丹江恒豐紙業有限公司的投資回報率爲9.3％。就其本身而言，回報率很低，但與林業行業3.4％的平均回報率相比，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.
歷史表現是研究股票的絕佳起點，因此在上面你可以看到牡丹江恒豐造紙有限公司投資回報率與先前回報對比的指標。如果你想看看牡丹江恒豐紙業有限公司過去在其他指標中的表現，你可以查看這張過去收益、收入和現金流的免費圖表。
What Does the ROCE Trend For Mudanjiang Hengfeng PaperLtd Tell Us?
牡丹江恒豐紙業有限公司的投資回報率趨勢告訴我們什麼？
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.
我們很高興看到投資回報率正朝着正確的方向前進，儘管目前投資回報率仍然很低。數字顯示，在過去五年中，所用資本的回報率已大幅增長至9.3％。實際上，該公司每使用1美元資本就能賺更多的錢，值得注意的是，資本金額也增加了22％。越來越多的資本回報率不斷增加是多包商的常見現象，這就是爲什麼我們印象深刻的原因。
What We Can Learn From Mudanjiang Hengfeng PaperLtd's ROCE
我們可以從牡丹江恒豐紙業有限公司的ROCE中學到什麼
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.
總而言之，很高興看到牡丹江恒豐紙業有限公司能夠通過持續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包裝企業的一些關鍵要素。考慮到該股在過去五年中已向股東交付了6.7％，可以公平地認爲，投資者尚未完全意識到前景的趨勢。因此，如果估值和其他指標相提並論，進一步探索這隻股票可能會發現一個很好的機會。
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，牡丹江恒豐紙業有限公司確實存在一些風險，我們發現了牡丹江恒豐紙業有限公司的一個警告標誌，你可能會感興趣。
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.
如果你想尋找收益豐厚的穩健公司，可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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。
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