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Huitongda Network's (HKG:9878) Returns Have Hit A Wall

Huitongda Network's (HKG:9878) Returns Have Hit A Wall

汇通达(临时代码)网络的(HKG:9878)回报已经达到了一个瓶颈
Simply Wall St ·  10/11 19:23

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Huitongda Network (HKG:9878) and its ROCE trend, we weren't exactly thrilled.

我们应该寻找哪些早期趋势,以识别可能在长期内增值的股票?通常情况下,我们会希望注意不断增长的资本雇用回报率(ROCE)的趋势,以及与此同时,资本雇用基础的扩大。最终,这表明这是一家正在以增加的投资回报率再投资利润的业务。基于这一点,当我们看着汇通达网络(HKG:9878)及其ROCE趋势时,并没有让人感到特别兴奋。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。

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 Huitongda Network:

只是为了澄清,如果您不确定,ROCE是评估公司在其业务中投资的资本上赚取多少税前收入(以百分比表示)的指标。分析师使用这个公式来计算汇通达网络的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。

0.058 = CN¥563m ÷ (CN¥30b - CN¥21b) (Based on the trailing twelve months to June 2024).

0.058 = 56300万人民币 ÷ (300亿人民币 - 210亿人民币)(基于截至2024年6月的过去十二个月)。

Thus, Huitongda Network has an ROCE of 5.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.9%.

因此,汇通达网络的ROCE为5.8%。单独看来,这是一个较低的资本回报率,但与行业平均回报率5.9%相符。

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SEHK:9878 Return on Capital Employed October 11th 2024
SEHK:9878资本雇用回报率2024年10月11日

Above you can see how the current ROCE for Huitongda Network compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Huitongda Network for free.

您可以看到汇通达(临时代码)网络当前的ROCE相对于其以往资本回报率的比较,但过去能了解的信息有限。如果您愿意,您可以免费查看覆盖汇通达(临时代码)网络的分析师的预测。

What The Trend Of ROCE Can Tell Us

尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。

Over the past two years, Huitongda Network's ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Huitongda Network in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.

在过去两年里,汇通达(临时代码)网络的ROCE和资本投入都基本保持不变。这告诉我们该公司并没有对自身进行再投资,因此可以推测它已经过了增长阶段。除非我们在汇通达(临时代码)网络看到ROCE和额外投资发生实质性变化,我们不会对它成为翻番股持有期待。

On a separate but related note, it's important to know that Huitongda Network has a current liabilities to total assets ratio of 68%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另外需要注意的是,汇通达(临时代码)网络的流动负债占总资产比率为68%,这个比例我们认为相当高。这实际上意味着供应商(或短期债权人)正在资助业务的大部分,因此请注意这可能会带来一些风险因素。虽然这并不一定是坏事,但如果这个比率较低会更有益。

The Key Takeaway

重要提示

In a nutshell, Huitongda Network has been trudging along with the same returns from the same amount of capital over the last two years. And in the last year, the stock has given away 30% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

简而言之,汇通达(临时代码)网络在过去两年里利用相同资本获得了相同回报。而在过去一年,股票跌去了30%,因此市场对这些趋势短期内不太乐观。总的来说,这些固有的趋势并不典型于翻番股,因此如果您追求翻番股,我们认为您可能能在其他地方更幸运。

If you'd like to know about the risks facing Huitongda Network, we've discovered 1 warning sign that you should be aware of.

如果您想了解汇通达(临时代码)面临的风险,我们已经发现了1个警示信号,您应该注意。

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.

如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。

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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.

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