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Returns On Capital At Zhejiang Changhua Auto Parts (SHSE:605018) Paint A Concerning Picture
Returns On Capital At Zhejiang Changhua Auto Parts (SHSE:605018) Paint A Concerning Picture
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Zhejiang Changhua Auto Parts (SHSE:605018), it didn't seem to tick all of these boxes.
Understanding 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. Analysts use this formula to calculate it for Zhejiang Changhua Auto Parts:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.038 = CN¥109m ÷ (CN¥3.4b - CN¥521m) (Based on the trailing twelve months to March 2022).
Therefore, Zhejiang Changhua Auto Parts has an ROCE of 3.8%. Ultimately, that's a low return and it under-performs the Auto Components industry average of 5.6%.
See our latest analysis for Zhejiang Changhua Auto Parts
SHSE:605018 Return on Capital Employed August 25th 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 Zhejiang Changhua Auto Parts has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
The Trend Of ROCE
Unfortunately, the trend isn't great with ROCE falling from 24% five years ago, while capital employed has grown 212%. 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. Zhejiang Changhua Auto Parts 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.
On a related note, Zhejiang Changhua Auto Parts has decreased its current liabilities to 15% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
The Key Takeaway
In summary, Zhejiang Changhua Auto Parts is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 9.1% over the last year. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
One final note, you should learn about the 4 warning signs we've spotted with Zhejiang Changhua Auto Parts (including 1 which is a bit unpleasant) .
While Zhejiang Changhua Auto Parts may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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.
要找到一只多袋股票,我们应该在一家企业中寻找什么潜在趋势?在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。虽然,当我们看到浙江彰化汽配(上海证券交易所:605018),它似乎没有勾选所有这些框。
了解资本回报率(ROCE)
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)。分析师们用这个公式来计算浙江彰化汽车零部件的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.038=1.09亿元×(34亿元-5.21亿元)(根据截至2022年3月的往绩12个月计算).
所以呢,浙江彰化汽配的净资产收益率为3.8%。归根结底,这是一个较低的回报率,表现低于汽车零部件行业5.6%的平均水平。
请看我们对浙江彰化汽车零部件的最新分析
上证综指:2022年8月25日资本回报率605018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。如果你想看看浙江彰化汽车零部件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。
ROCE的发展趋势
不幸的是,这一趋势并不是很好,净资产收益率从五年前的24%下降,而已动用资本增长了212%。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。浙江彰化汽车零部件可能还没有从新募集的资金中获得全年收益,因此对这些数据应该持保留态度。
与此相关的是,浙江彰化汽车零部件已将流动负债降至总资产的15%。这可能在一定程度上解释了ROCE下降的原因。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
关键的外卖
总而言之,浙江彰化汽车配件公司正在将资金重新投资于业务,以求增长,但不幸的是,销售看起来还没有太大增长。尽管市场肯定预计这些趋势会有所改善,因为该股在过去一年中上涨了9.1%。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太大希望。
最后一个注意事项,您应该了解4个警示标志我们已经看到了浙江彰化汽车配件(包括1个有点令人不快)。
尽管浙江彰化汽车配件公司目前的回报率可能不是最高的,但我们编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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。
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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。
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