There Are Reasons To Feel Uneasy About Shang Gong Group's (SHSE:600843) Returns On Capital
There Are Reasons To Feel Uneasy About Shang Gong Group's (SHSE:600843) Returns On Capital
0.026 = CN¥111m ÷ (CN¥6.5b - CN¥2.3b) To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Shang Gong Group (SHSE:600843), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多倍股，我们应该从业务中寻找哪些潜在趋势？理想情况下，一个企业应该展示两种趋势；首先是不断增长的资本雇用回报率（ROCE），其次是不断增加的资本雇用量。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是一个复利机器的特点。然而，经过调查上工集团（上海证券交易所：600843），我们认为其当前的趋势不符合多倍股的模式。
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 Shang Gong Group, this is the formula:
对于那些不知道的人，ROCE是衡量公司每年税前利润（回报）与业务中占用的资本的比例的一种指标。为了计算上工集团的这个指标，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。
0.026 = CN¥111m ÷ (CN¥6.5b - CN¥2.3b) (Based on the trailing twelve months to March 2024).
0.026 = 11100万人民币 ÷ （6500000000人民币 - 2.3亿人民币）（基于2024年3月的过去12个月数据）。
Therefore, Shang Gong Group has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.6%.
因此，上工集团的ROCE为2.6%。从长远来看，这是一种较低的回报率，并且低于机械行业平均水平5.6%。
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 Shang Gong Group's past further, check out this free graph covering Shang Gong Group's past earnings, revenue and cash flow.
虽然过去不能代表未来，但了解一个公司的历史表现是有帮助的，这就是为什么我们有以上的图表。如果您对上工b股的过去进一步调查感兴趣，请查看这个免费的图表，涵盖了上工b股过去的盈利、营业收入和现金流。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
When we looked at the ROCE trend at Shang Gong Group, we didn't gain much confidence. Around five years ago the returns on capital were 5.6%, but since then they've fallen to 2.6%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
当我们看到上工b股的ROCE趋势时，我们没有获得太多信心。大约五年前，资本回报率为5.6%，但此后下降至2.6%。然而，鉴于资本投入和营业收入均有增长，似乎该企业目前正追求增长，而短期回报则会受到影响。如果这些投资证明成功，对长期股票表现将非常有利。
On a side note, Shang Gong Group's current liabilities have increased over the last five years to 35% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 2.6%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
另外一方面，上工b股的流动负债在过去的五年中增加到总资产的35%，有效地扭曲了ROCE。如果没有这种增加，ROCE很可能会更低于2.6%。尽管比率目前并不太高，但值得关注，因为如果它变得特别高，企业可能面临一些新的风险因素。
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。
While returns have fallen for Shang Gong Group in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 10.0% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
虽然上工b股的回报最近有所下降，但我们很高兴看到销售额在增长，企业正在重新投资运营。这些趋势开始被投资者认可，因为该股票在过去的五年中为持有者带来了10.0%的收益。因此，我们建议进一步了解该股票，以确定它是否具有良好的投资潜力。
If you want to know some of the risks facing Shang Gong Group we've found 3 warning signs (2 make us uncomfortable!) that you should be aware of before investing here.
如果你想了解上工b股面临的风险，我们找到了3个警示信号（其中2个让我们感到不安！）在你投资之前你需要知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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