Returns On Capital At China Nuclear Engineering (SHSE:601611) Paint A Concerning Picture
Returns On Capital At China Nuclear Engineering (SHSE:601611) Paint A Concerning Picture
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. However, after briefly looking over the numbers, we don't think China Nuclear Engineering (SHSE:601611) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
您知道有些财务指标可以提供潜在倍增者的线索吗?通常,我们会注意到资本利用率增长的趋势。简而言之,这些类型的企业是复利机器,意味着它们不断以越来越高的回报率再投资其收益。然而,经过调查金德尔摩根(纽交所:KMI)后,我们认为它目前的趋势不符合倍增者的模式。资产回报率:它是什么?对于那些不知道ROCE是什么的人,ROCE是一个公司每年税前利润(回报)与企业用于投资的资本关系的度量。在Elevance Health的计算公式如下:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)如果您看到这个,通常意味着这是一家具有良好商业模式和丰富盈利再投资机会的公司的资产。然而,经过简要查看数字,我们不认为中国核建(SHSE:601611)具备未来的多倍回报的因素,但让我们看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. The formula for this calculation on China Nuclear Engineering is:
只是为了澄清一下,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(以百分比计算)的指标。这个计算在中国核建(China Nuclear Engineering)上的公式是:
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。
0.056 = CN¥4.7b ÷ (CN¥219b - CN¥134b) (Based on the trailing twelve months to March 2024).
0.056 = CN¥4.7b ÷ (CN¥219b - CN¥134b)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, China Nuclear Engineering has an ROCE of 5.6%. In absolute terms, that's a low return but it's around the Construction industry average of 6.5%.
因此,中国核建的ROCE为5.6%。绝对来说,这是一个低回报,但它大约与建造业的平均水平(6.5%)相当。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240601/0-6cb93c4bd5a502a6274c231ea0d60360-0-437a016aa8c6c8f0e1f71aceb96a63f0.png/big)
Above you can see how the current ROCE for China Nuclear Engineering 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 China Nuclear Engineering for free.
上面您可以看到中国核建当前ROCE与其以前资本回报的比较情况,但过去仅能了解有限的内容。如果您愿意,可以免费查看涵盖中国核建的分析师的预测。
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。
In terms of China Nuclear Engineering's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 5.6% from 8.9% five years ago. 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.
在中国核建历史上的ROCE变化方面,趋势并不理想。在过去的五年中,资本回报从五年前的8.9%降至5.6%。同时,企业正在利用更多资本,但在过去12个月内,这并没有对销售产生太大的影响,因此可能反映了长期投资。公司可能需要一些时间,才能从这些投资中看到任何收益变化。
On a related note, China Nuclear Engineering has decreased its current liabilities to 61% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Keep in mind 61% is still pretty high, so those risks are still somewhat prevalent.
另外,中国核建已将其流动负债降至资产总额的61%。这可能部分解释了ROCE的下降。实际上,这意味着他们的供应商或短期债权人为企业融资的规模减少,从而减少了某些风险因素。有人会认为,这会降低企业创造ROCE的效率,因为它现在使用自己的资金来资助更多的运营。请记住,61%仍相当高,因此这些风险仍然相当普遍。
The Bottom Line On China Nuclear Engineering's ROCE
关于中国核建ROCE的底线
Bringing it all together, while we're somewhat encouraged by China Nuclear Engineering's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 7.3% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
综合考虑,虽然我们对中国核建重新投资自己的业务有些鼓舞人心,但我们意识到回报正在缩水。而且,五年内该股仅为股东带来了总计7.3%的回报。因此,如果您正在寻找多倍投资收益,我们建议查看其他选项。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for China Nuclear Engineering (of which 1 is significant!) that you should know about.
由于几乎每个公司都面临一些风险,因此值得了解它们是什么,我们已经发现了两个针对中国核建的预警信号(其中一个非常重要!)供您参考。
While China Nuclear Engineering isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然中国核建的回报不是最高的,但请查看此免费公司列表,这些公司具有高收益和坚实的资产负债表。
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