Capital Allocation Trends At Chongqing Shunbo AluminumLtd (SZSE:002996) Aren't Ideal
Capital Allocation Trends At Chongqing Shunbo AluminumLtd (SZSE:002996) Aren't Ideal
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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 Chongqing Shunbo AluminumLtd (SZSE:002996) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果想要识别出能够长期倍增价值的股票，我们应该寻找哪些趋势呢？通常，我们需要注意增长资本雇用回报率（ROCE）的趋势，以及与此同时，资本雇用基础的扩大。如果你看到这一点，通常意味着这是一家拥有出色业务模式和丰富利润再投资机会的公司。不过，在简短地审视数据后，我们不认为重庆顺博铝业股份有限公司（SZSE：002996）有成为多倍增长者的条件，但是让我们看看为什么。
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。
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. To calculate this metric for Chongqing Shunbo AluminumLtd, this is the formula:
对于那些不知道 ROCE 是什么的人，它是一个衡量公司年度税前利润（即其回报）与公司资本雇用的相对比的指标。要为重庆顺博铝业股份有限公司计算这一指标，可以使用以下公式:
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。
0.05 = CN¥223m ÷ (CN¥8.7b - CN¥4.2b) (Based on the trailing twelve months to March 2024).
0.05 = CN¥22300万 ÷ (CN¥87亿 - CN¥4.2b)（基于截至 2024 年 3 月的过去十二个月）。
So, Chongqing Shunbo AluminumLtd has an ROCE of 5.0%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.7%.
所以，重庆顺博铝业股份有限公司的 ROCE 为 5.0%。毕竟，这是一个相对较低的回报，并且低于贵金属和矿业行业平均水平 6.7%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Chongqing Shunbo AluminumLtd's ROCE against it's prior returns. If you'd like to look at how Chongqing Shunbo AluminumLtd has performed in the past in other metrics, you can view this free graph of Chongqing Shunbo AluminumLtd's past earnings, revenue and cash flow.
历史表现是研究股票的好出发点，所以在上面，您可以看到重庆顺博铝业股份有限公司的 ROCE 相对于其先前回报的表现。如果您想查看重庆顺博铝业股份有限公司在过去的其他指标方面的表现情况，可以查看此免费图表，其中包括过去的收益、营业收入和现金流量。
What Can We Tell From Chongqing Shunbo AluminumLtd's ROCE Trend?
重庆顺博铝业股份有限公司的 ROCE 趋势告诉我们什么？
We weren't thrilled with the trend because Chongqing Shunbo AluminumLtd's ROCE has reduced by 69% over the last five years, while the business employed 237% more capital. That being said, Chongqing Shunbo AluminumLtd raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Chongqing Shunbo AluminumLtd might not have received a full period of earnings contribution from it.
我们对这一趋势并不满意，因为在过去的五年中，重庆顺博铝业股份有限公司的 ROCE 下降了 69%，而企业资本雇用增加了 237%。也就是说，重庆顺博铝业股份有限公司在最新财报公布之前筹集了一些资本，这可能在一定程度上解释了资本雇用的增加。所有筹集的资金都没有被充分利用，因此重庆顺博铝业股份有限公司可能没有从中获得完整的收益贡献。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 49%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
谈到这一点时，我们注意到流动负债与总资产之比已经上升到 49%，这影响了 ROCE。如果流动负债没有增加那么多，ROCE 甚至可能更低。而且，流动负债的这些水平意味着，供应商或短期债权人实际上正在为企业的大部分资金提供资金，这可能会带来一些风险。
The Key Takeaway
重要提示
While returns have fallen for Chongqing Shunbo AluminumLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 60% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
虽然重庆顺博铝业股份有限公司的回报率最近有所下降，但我们很高兴看到其销售额在增长，并且企业正在重新投资其运营。然而，尽管有这些有希望的趋势，但股票在过去三年中下跌了 60%，因此聪明的投资者可能会在这里找到机会。因此，我们建议进一步研究该股，以了解业务的其他基本面。
One more thing: We've identified 5 warning signs with Chongqing Shunbo AluminumLtd (at least 3 which can't be ignored) , and understanding these would certainly be useful.
还有一件事：我们已经确定重庆顺博铝业股份有限公司存在 5 个预警信号（其中至少有 3 个是不可忽略的），了解这些信号肯定会很有用。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
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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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
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