Hailir Pesticides and Chemicals GroupLtd (SHSE:603639) Could Be Struggling To Allocate Capital
Hailir Pesticides and Chemicals GroupLtd (SHSE:603639) Could Be Struggling To Allocate Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Hailir Pesticides and Chemicals GroupLtd (SHSE:603639), it didn't seem to tick all of these boxes.
如果我們想找到一隻可以長期成倍增長的股票，我們應該尋找哪些潛在趨勢？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 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。但是，當我們查看海利爾農藥化工集團有限公司（SHSE: 603639）時，它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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. The formula for this calculation on Hailir Pesticides and Chemicals GroupLtd is:
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。海利爾農藥化工集團有限公司的計算公式爲：
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）
0.14 = CN¥508m ÷ (CN¥6.4b - CN¥2.7b) (Based on the trailing twelve months to September 2023).
0.14 = 5.08億元人民幣 ÷（64億元人民幣-27億元人民幣） （基於截至2023年9月的過去十二個月）。
Thus, Hailir Pesticides and Chemicals GroupLtd has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 5.7% generated by the Chemicals industry.
因此，海利爾農藥化工集團有限公司的投資回報率爲14％。就其本身而言，這是標準回報，但要比化工行業產生的5.7％好得多。
In the above chart we have measured Hailir Pesticides and Chemicals GroupLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Hailir Pesticides and Chemicals GroupLtd.
在上圖中，我們將海利爾農藥化工集團先前的投資回報率與之前的業績進行了對比，但可以說，未來更爲重要。如果你想了解分析師對未來的預測，你應該查看我們爲海利爾農藥和化工集團有限公司提供的免費報告。
How Are Returns Trending?
退貨趨勢如何？
In terms of Hailir Pesticides and Chemicals GroupLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 22%, but since then they've fallen to 14%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就海利爾農藥化工集團有限公司的歷史ROCE走勢而言，這一趨勢並不理想。大約五年前，資本回報率爲22％，但此後已降至14％。另一方面，該公司在去年一直在使用更多資本，但銷售額沒有相應改善，這可能表明這些投資是長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Hailir Pesticides and Chemicals GroupLtd's current liabilities have increased over the last five years to 42% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 14%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
順便說一句，海利爾農藥化工集團有限公司的流動負債在過去五年中增加到總資產的42％，在某種程度上實際上扭曲了投資回報率。如果沒有這樣的增長，投資回報率很可能會低於14％。這意味着，實際上，相當一部分業務是由公司的供應商或短期債權人等機構提供資金的，這本身可能會帶來一些風險。
Our Take On Hailir Pesticides and Chemicals GroupLtd's ROCE
我們對海利爾農藥化工集團的投資回報率的看法
In summary, Hailir Pesticides and Chemicals GroupLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 8.7% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之，海利爾農藥化工集團有限公司正在將資金再投資到該業務以實現增長，但不幸的是，銷售額似乎還沒有太大增長。而且，在過去五年中，該股向股東的回報率僅爲8.7％，你可以說他們意識到這些乏善可陳的趨勢。因此，如果你正在尋找一款多袋裝車，潛在的趨勢表明你在其他地方的機會可能更大。
Hailir Pesticides and Chemicals GroupLtd does have some risks though, and we've spotted 1 warning sign for Hailir Pesticides and Chemicals GroupLtd that you might be interested in.
但是，海利爾農藥化工集團有限公司確實存在一些風險，我們發現了海利爾農藥化工集團有限公司的一個警告信號，你可能會對此感興趣。
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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譯文內容由第三人軟體翻譯。