Changchun Engley Automobile IndustryLtd (SHSE:601279) May Have Issues Allocating Its Capital
Changchun Engley Automobile IndustryLtd (SHSE:601279) May Have Issues Allocating Its Capital
0.026 = CN¥148m ÷ (CN¥8.3b - CN¥2.6b) (Based on the trailing twelve months to March 2024).If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Changchun Engley Automobile IndustryLtd (SHSE:601279), it didn't seem to tick all of these boxes.
如果你不确定寻找下一个多倍增长的起点在哪里，有一些关键趋势值得你关注。通常，我们需要注意到资本利用增长的趋势。如果你看到了这一点，通常意味着这是一个拥有出色业务模式和丰富有利可图再投资机会的公司。虽然当我们看着石家庄尚泰科技（SZSE:001301）时，它似乎没有符合所有这些条件。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）资本投资回报率是对公司在营运当中利用资本投资获得的税前收入的评估指标。质疑一下，我们来看看长春英力汽车工业股份有限公司（SHSE：601279），它似乎没有全部满足这些要点。它连续将其收益重投到业务中以获得更高的回报。
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 Changchun Engley Automobile IndustryLtd is:
为了澄清您是否不确定，ROCE是评估公司在业务投资的资本中获得多少税前收入的指标（以百分数表示）。Changchun Engley汽车工业股份有限公司的计算公式是：
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。
0.026 = CN¥148m ÷ (CN¥8.3b - CN¥2.6b) (Based on the trailing twelve months to March 2024).
0.026 = CN¥148m ÷（CN¥8.3b - CN¥2.6b）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。.
Therefore, Changchun Engley Automobile IndustryLtd has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Auto Components industry average of 6.9%.
因此，长春英力汽车工业股份有限公司的ROCE为2.6％。这是一个较低的回报，低于汽车元件行业的平均水平6.9％。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Changchun Engley Automobile IndustryLtd's past further, check out this free graph covering Changchun Engley Automobile IndustryLtd's past earnings, revenue and cash flow.
虽然过去的情况无法代表未来，但了解公司的历史表现可能会有所帮助，这就是为什么我们有以上的图表。如果您有兴趣进一步调查长春英力汽车工业股份有限公司的过去，可以查看这份免费的图表，其中包括长春英力汽车工业股份有限公司的过去收益、营业收入和现金流。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
The trend of ROCE doesn't look fantastic because it's fallen from 9.7% five years ago, while the business's capital employed increased by 44%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Changchun Engley Automobile IndustryLtd might not have received a full period of earnings contribution from it.
ROCE的趋势并不好，因为在五年前ROCE从9.7％下降，而业务的资本投入增加了44％。然而，资本投入的一部分可能归因于最近完成的资本募集，因此在观察ROCE的下降时要牢记这一点。不太可能所有筹集的资金都已被投入使用，因此长春英力汽车工业股份有限公司可能还没有从中获得一段时间的收益贡献。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To conclude, we've found that Changchun Engley Automobile IndustryLtd is reinvesting in the business, but returns have been falling. Since the stock has declined 63% over the last three years, investors may not be too optimistic on this trend improving either. 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.
总体而言，我们发现长春英力汽车工业股份有限公司正在重投业务，但回报率已在下降。由于该股票在过去三年中下跌了63％，投资者对这一趋势的改善可能并不太乐观。整体而言，我们对基本趋势并不感到太有启发性，认为可能有更好的机会在其他地方找到多倍效益。
Changchun Engley Automobile IndustryLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
然而，长春英力汽车工业股份有限公司也存在一些风险。我们在投资分析中发现了2个警示信号，其中1个不应被忽视。
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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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