Changchun Engley Automobile IndustryLtd (SHSE:601279) May Have Issues Allocating Its Capital
Changchun Engley Automobile IndustryLtd (SHSE:601279) May Have Issues Allocating Its Capital
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. 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. Although, when we looked at Changchun Engley Automobile IndustryLtd (SHSE:601279), it didn't seem to tick all of these boxes.
如果你不確定尋找下一個多倍增長的起點在哪裏，有一些關鍵趨勢值得你關注。通常，我們需要注意到資本利用增長的趨勢。如果你看到了這一點，通常意味着這是一個擁有出色業務模式和豐富有利可圖再投資機會的公司。雖然當我們看着石家莊尚泰科技（SZSE:001301）時，它似乎沒有符合所有這些條件。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資本投資回報率是對公司在營運當中利用資本投資獲得的稅前收入的評估指標。質疑一下，我們來看看長春英力汽車工業股份有限公司（SHSE：601279），它似乎沒有全部滿足這些要點。它連續將其收益重投到業務中以獲得更高的回報。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Changchun Engley Automobile IndustryLtd is:
爲了澄清您是否不確定，ROCE是評估公司在業務投資的資本中獲得多少稅前收入的指標（以百分數表示）。Changchun Engley汽車工業股份有限公司的計算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.026 = CN¥148m ÷ (CN¥8.3b - CN¥2.6b) (Based on the trailing twelve months to March 2024).
0.026 = CN¥148m ÷（CN¥8.3b - CN¥2.6b）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Changchun Engley Automobile IndustryLtd has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Auto Components industry average of 6.9%.
因此，長春英力汽車工業股份有限公司的ROCE爲2.6％。這是一個較低的回報，低於汽車元件行業的平均水平6.9％。
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 Changchun Engley Automobile IndustryLtd's past further, check out this free graph covering Changchun Engley Automobile IndustryLtd's past earnings, revenue and cash flow.
雖然過去的情況無法代表未來，但了解公司的歷史表現可能會有所幫助，這就是爲什麼我們有以上的圖表。如果您有興趣進一步調查長春英力汽車工業股份有限公司的過去，可以查看這份免費的圖表，其中包括長春英力汽車工業股份有限公司的過去收益、營業收入和現金流。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
The trend of ROCE doesn't look fantastic because it's fallen from 9.7% five years ago, while the business's capital employed increased by 44%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Changchun Engley Automobile IndustryLtd might not have received a full period of earnings contribution from it.
ROCE的趨勢並不好，因爲在五年前ROCE從9.7％下降，而業務的資本投入增加了44％。然而，資本投入的一部分可能歸因於最近完成的資本募集，因此在觀察ROCE的下降時要牢記這一點。不太可能所有籌集的資金都已被投入使用，因此長春英力汽車工業股份有限公司可能還沒有從中獲得一段時間的收益貢獻。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
To conclude, we've found that Changchun Engley Automobile IndustryLtd is reinvesting in the business, but returns have been falling. Since the stock has declined 63% over the last three years, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總體而言，我們發現長春英力汽車工業股份有限公司正在重投業務，但回報率已在下降。由於該股票在過去三年中下跌了63％，投資者對這一趨勢的改善可能並不太樂觀。整體而言，我們對基本趨勢並不感到太有啓發性，認爲可能有更好的機會在其他地方找到多倍效益。
Changchun Engley Automobile IndustryLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
然而，長春英力汽車工業股份有限公司也存在一些風險。我們在投資分析中發現了2個警示信號，其中1個不應被忽視。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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