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Zhejiang Huangma TechnologyLtd (SHSE:603181) May Have Issues Allocating Its Capital
Zhejiang Huangma TechnologyLtd (SHSE:603181) May Have Issues Allocating Its Capital
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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Zhejiang Huangma TechnologyLtd (SHSE:603181), it didn't seem to tick all of these boxes.
Return On Capital Employed (ROCE): What Is It?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Zhejiang Huangma TechnologyLtd:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.14 = CN¥381m ÷ (CN¥3.3b - CN¥453m) (Based on the trailing twelve months to June 2022).
Therefore, Zhejiang Huangma TechnologyLtd has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 9.7% it's much better.
See our latest analysis for Zhejiang Huangma TechnologyLtd
SHSE:603181 Return on Capital Employed September 7th 2022In the above chart we have measured Zhejiang Huangma TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
What Can We Tell From Zhejiang Huangma TechnologyLtd's ROCE Trend?
When we looked at the ROCE trend at Zhejiang Huangma TechnologyLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 18% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
On a related note, Zhejiang Huangma TechnologyLtd has decreased its current liabilities to 14% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
In Conclusion...
In summary, Zhejiang Huangma TechnologyLtd 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 40% 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.
On a final note, we found 2 warning signs for Zhejiang Huangma TechnologyLtd (1 is a bit unpleasant) you should be aware of.
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.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票?在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。虽然,当我们看到浙江黄马科技有限公司(上海证券交易所:603181),它似乎没有勾选所有这些框。
资本回报率(ROCE):它是什么?
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。分析师使用以下公式来计算浙江黄马科技有限公司的股价:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.14=3.81亿元?(33亿元-4.53亿元)(根据截至2022年6月的往绩12个月计算).
所以呢,浙江黄马科技有限公司的净资产收益率为14%。就绝对值而言,这是一个令人满意的回报率,但与化工行业9.7%的平均回报率相比,这要好得多。
查看我们对浙江黄马科技有限公司的最新分析
上证综指:2022年9月7日资本回报率603181在上面的图表中,我们衡量了浙江黄马科技有限公司之前的净资产收益率和之前的业绩,但可以说,未来更重要。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
从浙江黄马科技股份有限公司的ROCE趋势中我们可以看出什么?
当我们看着浙江黄马科技有限公司的ROCE趋势时,我们并没有获得多少信心。更具体地说,ROCE在过去五年中从18%下降。与此同时,该公司正在利用更多资本,但这在过去12个月的销售额方面没有太大变化,因此这可能反映了较长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
与此相关的是,浙江黄马科技有限公司已将流动负债降至总资产的14%。这可能在一定程度上解释了ROCE下降的原因。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。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。
总之..。
总而言之,浙江黄马科技有限公司正在将资金再投资到业务中,以求增长,但不幸的是,销售额看起来还没有太大增长。过去五年,该股对股东的回报率仅为40%,你可以说,他们意识到了这些平淡无奇的趋势。因此,如果你正在寻找一个多袋子,潜在的趋势表明,你可能在其他地方有更好的机会。
最后,我们发现浙江黄马科技有限公司2个警示标志(1有点令人不快)你应该知道。
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。
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。
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