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Jiangxi Hongdu Aviation Industry (SHSE:600316) Is Looking To Continue Growing Its Returns On Capital

Jiangxi Hongdu Aviation Industry (SHSE:600316) Is Looking To Continue Growing Its Returns On Capital

洪都航空(SHSE:600316)正致力于持续提高资本回报率
Simply Wall St ·  2024/11/26 17:26

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. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Speaking of which, we noticed some great changes in Jiangxi Hongdu Aviation Industry's (SHSE:600316) returns on capital, so let's have a look.

如果您不确定该从哪里开始寻找下一个多倍增长股票,请留意一些关键趋势。其中,我们希望看到两点;首先,资本使用回报率(ROCE)增长,其次,公司资本使用量扩大。如果您看到这一点,通常意味着这是一家具有出色业务模式和许多有利可图的再投资机会的公司。说到这一点,我们注意到江西洪都航空工业(SHSE:600316)的资本回报率有一些良好的变化,让我们来看看。

Return On Capital Employed (ROCE): What Is It?

资本利用率(ROCE)是什么?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Jiangxi Hongdu Aviation Industry is:

对于那些不确定什么是ROCE的人,它衡量公司能够从其业务中使用的资本产生的税前利润金额。这个计算公式在江西洪都航空工业上是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.000056 = CN¥297k ÷ (CN¥15b - CN¥9.8b) (Based on the trailing twelve months to September 2024).

0.000056 = 29.7万人民币 ÷ (150亿人民币 - 9.8亿人民币)(基于截至2024年9月的过去十二个月)。

So, Jiangxi Hongdu Aviation Industry has an ROCE of 0.006%. Ultimately, that's a low return and it under-performs the Aerospace & Defense industry average of 4.4%.

因此,江西洪都航空工业的ROCE为0.006%。最终,这是一个低回报,低于航空和国防行业的平均水平4.4%。

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SHSE:600316 Return on Capital Employed November 26th 2024
SHSE:600316 资本回报率2024年11月26日

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 Jiangxi Hongdu Aviation Industry's past further, check out this free graph covering Jiangxi Hongdu Aviation Industry's past earnings, revenue and cash flow.

尽管过去并不代表未来,但了解公司的历史表现可能是有帮助的,这就是为什么我们有上面这张图。如果您对进一步调查江西洪都航空工业的历史感兴趣,请查看此免费图表,涵盖了江西洪都航空工业过去的收益、营业收入和现金流。

What Does the ROCE Trend For Jiangxi Hongdu Aviation Industry Tell Us?

江西洪都航空工业的ROCE趋势向我们传达了什么?

We're delighted to see that Jiangxi Hongdu Aviation Industry is reaping rewards from its investments and has now broken into profitability. While the business was unprofitable in the past, it's now turned things around and is earning 0.006% on its capital. Interestingly, the capital employed by the business has remained relatively flat, so these higher returns are either from prior investments paying off or increased efficiencies. With no noticeable increase in capital employed, it's worth knowing what the company plans on doing going forward in regards to reinvesting and growing the business. Because in the end, a business can only get so efficient.

我们很高兴看到江西洪都航空工业正在从其投资中获得回报,目前已经实现盈利。虽然该企业过去曾亏损,但现在已扭亏为盈,并在资本上获得了0.006%的收益。有趣的是,企业使用的资本保持相对稳定,因此这些更高的回报要么来自以前的投资,要么来自效率提高。在未有明显增加资本投入的情况下,了解公司在未来打算如何重新投资和发展业务很重要。因为到头来,一家企业的效率只能提高到一定程度。

For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 65% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.

尽管记录显示公司的流动负债在一段时间内有显著增加,所以我们会把ROCE增长的一部分归因于此。目前的流动负债已经占总资产的65%,因此公司现在更多地依赖供应商或短期债权人等的资金。鉴于这一相当高的比率,我们要提醒投资者,在某些企业中,流动负债达到这个水平可能会带来一些风险。

What We Can Learn From Jiangxi Hongdu Aviation Industry's ROCE

我们从江西洪都航空工业的ROCE中可以得出什么教训

In summary, we're delighted to see that Jiangxi Hongdu Aviation Industry has been able to increase efficiencies and earn higher rates of return on the same amount of capital. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

总之,我们很高兴看到江西洪都航空工业已经能够提高效率,并以同等的资本实现更高的回报率。而且股票在过去五年表现出色,这些趋势正被投资者所重视。话虽如此,我们仍认为这些有前途的基本面意味着公司值得进一步的尽职调查。

If you want to know some of the risks facing Jiangxi Hongdu Aviation Industry we've found 3 warning signs (1 is a bit concerning!) that you should be aware of before investing here.

如果您想了解洪都航空面临的一些风险,我们发现了3个警示迹象(其中1个有些令人担忧!)在投资之前,您应该意识到这些。

While Jiangxi Hongdu Aviation Industry may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

虽然洪都航空目前可能没有获得最高的回报,但我们已经整理了一份目前获得超过25%资本回报率的公司名单。在这里查看这份免费名单。

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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.

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