Hoyuan Green Energy (SHSE:603185) Will Want To Turn Around Its Return Trends
Hoyuan Green Energy (SHSE:603185) Will Want To Turn Around Its Return Trends
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Hoyuan Green Energy (SHSE:603185), it didn't seem to tick all of these boxes.
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？理想情况下，一家企业将呈现两种趋势；第一，增长退货关于已使用资本(ROCE)，第二，增加金额已动用资本的比例。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。虽然，当我们看到河源绿色能源(上海证券交易所：603185)，它似乎没有勾选所有这些框。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE)：它是什么？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Hoyuan Green Energy, this is the formula:
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)。要计算河源绿色能源的这一指标，公式如下：
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)
0.15 = CN¥2.2b ÷ (CN¥24b - CN¥9.6b) (Based on the trailing twelve months to June 2023).
0.15=CN元22亿？(CN元240亿-CN元96亿)(根据截至2023年6月的往绩12个月计算)。
Thus, Hoyuan Green Energy has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Semiconductor industry average of 4.1% it's much better.
因此，和源绿色能源的净资产收益率为15%。就绝对值而言，这是一个令人满意的回报率，但与半导体行业4.1%的平均回报率相比，这要好得多。
Check out our latest analysis for Hoyuan Green Energy
查看我们对河源绿色能源的最新分析
In the above chart we have measured Hoyuan Green Energy'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.
在上面的图表中，我们衡量了和源绿色能源之前的净资产收益率与其之前的表现，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。
So How Is Hoyuan Green Energy's ROCE Trending?
那么，和源绿色能源的ROCE趋势如何？
When we looked at the ROCE trend at Hoyuan Green Energy, we didn't gain much confidence. Around five years ago the returns on capital were 52%, but since then they've fallen to 15%. However it looks like Hoyuan Green Energy might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们观察和源绿色能源的ROCE趋势时，我们并没有获得太多信心。大约五年前，资本回报率为52%，但自那以来已降至15%。然而，看起来和源绿色能源可能正在为长期增长进行再投资，因为尽管已动用的资本有所增加，但该公司的销售额在过去12个月里没有太大变化。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。
On a separate but related note, it's important to know that Hoyuan Green Energy has a current liabilities to total assets ratio of 40%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
在另一个相关的问题上，重要的是要知道，河源绿色能源的流动负债与总资产的比率为40%，我们认为这个比率相当高。这可能会带来一些风险，因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。虽然这不一定是一件坏事，但如果这一比例较低，它可能是有益的。
In Conclusion...
总之..。
In summary, Hoyuan Green Energy is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之，河源绿色能源正在将资金重新投资到业务中，以实现增长，但不幸的是，销售看起来还没有太大增长。此外，过去三年该股对股东的总回报率一直持平，这并不太令人意外。总体而言，我们不太受潜在趋势的鼓舞，我们认为在其他地方可能会有更好的机会找到多个袋子。
If you'd like to know more about Hoyuan Green Energy, we've spotted 3 warning signs, and 1 of them can't be ignored.
如果你想了解更多关于河源绿色能源的信息，我们已经发现3个警示标志，其中1个不容忽视。
While Hoyuan Green Energy 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.
虽然和源绿色能源目前的回报率可能不是最高的，但我们已经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。
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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。