We Like These Underlying Return On Capital Trends At Changgao Electric Group (SZSE:002452)
We Like These Underlying Return On Capital Trends At Changgao Electric Group (SZSE:002452)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. Speaking of which, we noticed some great changes in Changgao Electric Group's (SZSE:002452) returns on capital, so let's have a look.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。說到這裏,我們注意到長高電氣集團(SZSE:002452)的資本回報率發生了一些重大變化,所以讓我們來看看吧。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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. To calculate this metric for Changgao Electric Group, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算長高電氣集團的這一指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.06 = CN¥153m ÷ (CN¥3.3b - CN¥700m) (Based on the trailing twelve months to September 2023).
0.06 = 1.53億元人民幣 ÷(33億元人民幣-7億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Changgao Electric Group has an ROCE of 6.0%. Even though it's in line with the industry average of 6.4%, it's still a low return by itself.
因此,長高電氣集團的投資回報率爲6.0%。儘管它與6.4%的行業平均水平一致,但其本身的回報率仍然很低。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240305/0-ac89cfd3ab40076c91e718d1538c1d43-0-c73d02f2ee3a9f7ec08502b7076433c4.png/big)
Above you can see how the current ROCE for Changgao Electric Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Changgao Electric Group .
上面你可以看到長高電氣集團當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您想了解分析師對未來的預測,則應查看我們爲長高電氣集團提供的免費分析師報告。
What Does the ROCE Trend For Changgao Electric Group Tell Us?
長高電氣集團的投資回報率趨勢告訴我們什麼?
The fact that Changgao Electric Group is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 6.0% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Changgao Electric Group is utilizing 62% more capital than it was five years ago. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
長高電氣集團現在從先前的投資中獲得了一些稅前利潤,這一事實非常令人鼓舞。該公司五年前出現虧損,但現在的收益爲6.0%,這真是令人眼花繚亂。毫不奇怪,像大多數試圖破產的公司一樣,長高電氣集團的資本使用量比五年前增加了62%。這可能表明,有很多機會在內部進行資本投資,並以更高的利率進行資本投資,這兩者都是多袋投資者的共同特徵。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 21%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.
在分析的另一部分中,我們注意到該公司的流動負債佔總資產的比率降至21%,這在很大程度上意味着該企業減少了對供應商或短期債權人爲其運營提供資金的依賴。因此,股東們會很高興回報的增長主要來自基礎業務表現。
In Conclusion...
總之...
In summary, it's great to see that Changgao Electric Group has managed to break into profitability and is continuing to reinvest in its business. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 43% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總而言之,很高興看到長高電氣集團成功實現盈利並繼續對其業務進行再投資。投資者似乎對未來有更多期望,因爲該股在過去五年中爲股東提供了43%的回報。話雖如此,我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for 002452 on our platform that is definitely worth checking out.
在ROCE的另一方面,我們必須考慮估值。這就是爲什麼我們在平台上免費提供了 002452 的內在價值估算值,絕對值得一試。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。