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Guangdong Guanghua Sci-Tech (SZSE:002741) May Have Issues Allocating Its Capital
Guangdong Guanghua Sci-Tech (SZSE:002741) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Guangdong Guanghua Sci-Tech (SZSE:002741) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
What is Return On Capital Employed (ROCE)?
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 Guangdong Guanghua Sci-Tech is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.054 = CN¥92m ÷ (CN¥3.0b - CN¥1.3b) (Based on the trailing twelve months to March 2022).
So, Guangdong Guanghua Sci-Tech has an ROCE of 5.4%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 9.9%.
See our latest analysis for Guangdong Guanghua Sci-Tech
SZSE:002741 Return on Capital Employed June 3rd 2022While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Guangdong Guanghua Sci-Tech has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
How Are Returns Trending?
The trend of ROCE doesn't look fantastic because it's fallen from 8.5% five years ago, while the business's capital employed increased by 102%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Guangdong Guanghua Sci-Tech probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 44%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 5.4%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
The Bottom Line On Guangdong Guanghua Sci-Tech's ROCE
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Guangdong Guanghua Sci-Tech. These trends are starting to be recognized by investors since the stock has delivered a 15% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
One final note, you should learn about the 3 warning signs we've spotted with Guangdong Guanghua Sci-Tech (including 1 which makes us a bit uncomfortable) .
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.
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.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Guangdong Guanghua Sci-Tech (SZSE:002741) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?首先,我们希望看到一个经过验证的返回关于已使用资本(ROCE)的增长,其次是扩张基座已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。话虽如此,从第一眼看广东光华科技(SZSE:002741)我们不会因为回报率的趋势而从椅子上跳起来,但让我们更深入地看看。
What is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
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 Guangdong Guanghua Sci-Tech is:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。广东光华科技的这一计算公式为:
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)
0.054 = CN¥92m ÷ (CN¥3.0b - CN¥1.3b) (Based on the trailing twelve months to March 2022).
0.054=CN元9200万?(CN元30亿-CN元13亿)(根据截至2022年3月的往绩12个月计算).
So, Guangdong Guanghua Sci-Tech has an ROCE of 5.4%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 9.9%.
所以,广东光华科技的净资产收益率为5.4%。归根结底,这是一个较低的回报率,表现逊于9.9%的化工行业平均水平。
See our latest analysis for Guangdong Guanghua Sci-Tech
查看我们对广东光华科技的最新分析
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Guangdong Guanghua Sci-Tech has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想看看广东光华科技过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何?
The trend of ROCE doesn't look fantastic because it's fallen from 8.5% five years ago, while the business's capital employed increased by 102%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Guangdong Guanghua Sci-Tech probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不美妙,因为它比五年前的8.5%有所下降,而企业的资本投入却增加了102%。然而,已使用资本的增加可能部分归因于最近在其最新报告期之前完成的资本筹集,因此在查看ROCE下降时请记住这一点。广东光华科技可能还没有从其募集的新基金中获得全年收益,因此对这些数字应该持保留态度。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 44%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 5.4%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
在这个问题上,我们注意到流动负债占总资产的比例上升到44%,这对ROCE造成了影响。如果没有这一增长,净资产收益率很可能甚至会低于5.4%。由于目前的负债处于这些水平,供应商或短期债权人实际上为很大一部分业务提供了资金,这可能会带来一些风险。
The Bottom Line On Guangdong Guanghua Sci-Tech's ROCE
广东光华科技ROCE的底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Guangdong Guanghua Sci-Tech. These trends are starting to be recognized by investors since the stock has delivered a 15% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
尽管资本回报率在短期内有所下降,但我们发现,广东光华科技的收入和资本都出现了增长,这是有希望的。这些趋势开始得到投资者的认可,因为该股在过去五年里为持有该股的股东带来了15%的收益。因此,我们建议进一步研究这只股票,以确认它是否具备良好的投资条件。
One final note, you should learn about the 3 warning signs we've spotted with Guangdong Guanghua Sci-Tech (including 1 which makes us a bit uncomfortable) .
最后一个注意事项,您应该了解3个警示标志我们已经看到了广东光华科技(包括1,这让我们有点不舒服)。
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.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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