Returns On Capital At Metallurgical Corporation of China (HKG:1618) Have Stalled
Returns On Capital At Metallurgical Corporation of China (HKG:1618) Have Stalled
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Metallurgical Corporation of China (HKG:1618) and its ROCE trend, we weren't exactly thrilled.
要找到一个有潜力大幅增长的业务并不容易,但如果我们看几个关键的财务指标是可能的。首先,我们要确定一个不断增长的资本雇用率。简单地说,这些类型的企业是复合机器,这意味着它们不断地以越来越高的回报率再投资其收益。说到这个,我们发现亚钾国际(广州)投资有很大的变化回报率,让我们看看它。资产回报率:它是什么?资本雇用回报率 (ROCE) 是一种早期趋势,可以用来识别有可能在长期内翻倍增值的股票,然后在此基础上,要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器,能够不断地将其收益再投入业务,从而产生更高的回报。因此,在这点上,Materialise (纳斯达克:MTLS) 看起来相当有前途,因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)资产利用率。最终,这说明这是一家以递增的回报率投资利润的企业。鉴于此,当我们研究中国冶金科工股份有限公司(HKG:1618)及其ROCE趋势时,并不是完全满意的。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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 Metallurgical Corporation of China:
如果你以前没有研究过ROCE,那么它可以衡量公司从投入的资本中所获得的“回报”(税前利润)。分析师使用以下公式来计算中国中冶的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。
0.097 = CN¥22b ÷ (CN¥667b - CN¥444b) (Based on the trailing twelve months to June 2023).
0.097 = ¥ 22亿 ÷(¥ 667亿 - ¥ 444亿)(基于截至2023年6月的过去十二个月).
So, Metallurgical Corporation of China has an ROCE of 9.7%. In absolute terms, that's a low return, but it's much better than the Construction industry average of 6.5%.
因此,中国中冶的ROCE为9.7%。绝对而言,这是较低的回报率,但它比建造行业的平均水平6.5%要好得多。
View our latest analysis for Metallurgical Corporation of China
查看我们对中国中冶的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231020/0-34ad9e95156240685527cd47a638c418-0-2a8c58208c2ca45a3c7a915ef0e238ca.png/big)
Above you can see how the current ROCE for Metallurgical Corporation of China 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 Metallurgical Corporation of China here for free.
您可以在上面看到中国中冶目前的ROCE与其先前的资本回报率的比较,但过去只能了解一部分内容。如果您愿意,您可以在此免费查看有关中国中冶的分析师预测。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
The returns on capital haven't changed much for Metallurgical Corporation of China in recent years. The company has employed 61% more capital in the last five years, and the returns on that capital have remained stable at 9.7%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
近年来,中国中冶的资本回报率变化不大。公司在过去五年中的资本投入增加了61%,而这一资本的回报率保持在9.7%的稳定水平。这种较低的ROCE现在并没有激励人心的作用,并且随着资本的增加,显而易见的是企业未将资金投入高回报的投资中。
On a side note, Metallurgical Corporation of China's current liabilities are still rather high at 67% of total assets. 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.
顺便提一下,中国中冶的流动负债仍然很高,占总资产的67%。这实际上意味着供应商(或短期债权人)为企业提供了大量资金。因此,请注意这可能会引入一些风险。虽然这不一定是一件坏事,但如果这个比例更低,那会更有利于企业。
What We Can Learn From Metallurgical Corporation of China's ROCE
我们从中国中冶的ROCE中可以学到什么?
Long story short, while Metallurgical Corporation of China has been reinvesting its capital, the returns that it's generating haven't increased. Additionally, the stock's total return to shareholders over the last five 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.
长话短说,虽然中国中冶一直在重新投资其资本,但其所产生的回报并没有增加。此外,过去五年中该股的总回报率基本持平,这并不令人感到意外。总体来说,我们对其潜在的发展趋势并不太满意,我们认为还有更好的机会在别处。
Like most companies, Metallurgical Corporation of China does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,中国中冶也存在一些风险,我们找到了1项警告信号,您应该了解一下。
While Metallurgical Corporation of China 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.
虽然中国中冶目前的回报率可能不是最高的,但我们编制了一份目前回报率超过25%的公司列表。在这里免费查看此列表。
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