A Look Into China National Gold Group Gold JewelleryLtd's (SHSE:600916) Impressive Returns On Capital
A Look Into China National Gold Group Gold JewelleryLtd's (SHSE:600916) Impressive Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. That's why when we briefly looked at China National Gold Group Gold JewelleryLtd's (SHSE:600916) ROCE trend, we were very happy with what we saw.
如果想要找到可以长期获得成倍回报的股票,我们需要注意以下所有规则。在完美的世界中,我们希望看到一家公司投入更多的资本到业务中,更理想的是来自该资本的回报也在增加。最终,这证明了一家公司能够以逐渐提高的回报率再投资盈利。这也是为什么当我们简要地查看中国黄金集团黄金首饰股份有限公司(SHSE: 600916)的ROCE趋势时,我们对所看到的非常满意。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on China National Gold Group Gold JewelleryLtd is:
对于那些不知道什么是ROCE的人来说,ROCE是一种公司每年税前利润(回报)相对于业务中使用的资本所产生的衡量方式。中国黄金集团黄金首饰股份有限公司的计算公式为:
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。
0.20 = CN¥1.6b ÷ (CN¥14b - CN¥5.5b) (Based on the trailing twelve months to March 2024).
0.20 = CN¥16亿 ÷ (CN¥140亿 - CN¥5.5b)(根据截至2024年3月的过去12个月计算得出)。
Therefore, China National Gold Group Gold JewelleryLtd has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 6.5% earned by companies in a similar industry.
因此,中国黄金集团黄金首饰股份有限公司的ROCE为20%。这是一个非常好的回报,而且,它超过了同一行业公司的平均回报率6.5%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-67c8b1a4542ca0381eb7395843580156-0-f4ade1dfb3103dcd703780e988dbbc15.png/big)
Above you can see how the current ROCE for China National Gold Group Gold JewelleryLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for China National Gold Group Gold JewelleryLtd .
如上图所示,您可以看到中国黄金集团黄金首饰股份有限公司目前的ROCE与其过去的资本回报率相比如何,但过去的数据只能提供有限的信息。如果您感兴趣,可以查看我们免费的分析师报告,了解对中国黄金集团黄金首饰股份有限公司的分析师预测。
What Can We Tell From China National Gold Group Gold JewelleryLtd's ROCE Trend?
我们可以从中国黄金集团黄金首饰股份有限公司的ROCE趋势中得出什么结论?
It's hard not to be impressed by China National Gold Group Gold JewelleryLtd's returns on capital. The company has consistently earned 20% for the last five years, and the capital employed within the business has risen 83% in that time. Now considering ROCE is an attractive 20%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If China National Gold Group Gold JewelleryLtd can keep this up, we'd be very optimistic about its future.
中国黄金集团黄金首饰股份有限公司的资本回报率让人印象深刻。公司在过去的五年中一直保持着20%的回报,同时业务中使用的资本在那段时间内增加了83%。现在考虑到ROCE是20%,这种组合实际上非常有吸引力,因为它意味着该公司能够持续地投入资金,并产生这样的高回报。如果中国黄金集团黄金首饰股份有限公司能够继续保持这种情况,我们将对其未来非常乐观。
Another thing to note, China National Gold Group Gold JewelleryLtd has a high ratio of current liabilities to total assets of 40%. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一个需要注意的问题是,中国黄金集团黄金首饰股份有限公司的流动负债占总资产的比例很高,达到40%。这会带来一些风险,因为该公司基本上是在非常依赖其供应商或其他短期债权人的情况下进行运营。理想情况下,我们希望看到这种情况能够减少,因为这将意味着负有风险的责任越来越少。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. Yet over the last three years the stock has declined 34%, so the decline might provide an opening. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
最终,该公司已经证明了它能够以高回报率再投资,这也是获得多倍收益率的标志。但在过去的三年中,该股票已经下跌了34%,因此,这种下跌可能会提供一个机会。这就是为什么我们认为,鉴于这个业务的吸引力,值得进一步研究该股票。
On a separate note, we've found 1 warning sign for China National Gold Group Gold JewelleryLtd you'll probably want to know about.
另外,我们发现了中国黄金集团黄金首饰股份有限公司的1个警告信号,您可能想要了解。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回报率是强劲表现的关键因素,因此请查看我们的免费股票列表,其中列出了盈利能力强、资产负债表坚实的股票。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈?关注内容?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈? 对内容感到担忧? 请直接与我们联系。 或者,发送电子邮件至editorial-team@simplywallst.com。